All Forum Posts by: Nicholas L.

@Account Closed then it probably won't be possible to get $800 per month net cash flow, since you'll likely need to finance anything you buy.  You could try house hacking a single family home in a suburb / exurb.  Ashburn is pretty expensive, you might need to go further out (if you can, of course)

@Account Closed depends - how much cash do you have?  The more you finance, the lower the cashflow.

@Karl Dela Cruz have one of your parents co-sign the mortgage with you.  Then, once you have a W2 job and the value of the property has increased, refinance them off.

@Andrea Chester once the renovations are complete, will you be re-listing it as a rental?  Or doing something else with it?  If you're going to be re-listing it, it seems like a shame to lose your perfect tenants.  Is there a way to complete the renovations without them leaving entirely?  Maybe there are only short periods when they need to be out of the property, for example.

@Kristen Shook it's great that you have been presented with this opportunity.  But, I don't see the risk being worth the reward.  We don't have a lot of the details, but it seems odd that just $5K would be needed.  There are a lot of ways to get $5K that aren't this.

@Laura Keels is there a lease?  Is the tenant paying?

@EJ Horstman is holding it going to impact your ability to borrow? You said you'd be "investing with less capital in CA" - what about your DTI?

@Kenneth Cheston I just type your name in the comment box with an '@' before it and it comes up in blue.

I used to live in the DC area, I have one rental in Arlington that I used to live in (so was not purchased as a rental). It basically breaks even every month, but I don't plan on selling it and it will cash flow once it's paid off. I also have two rentals in CT. I live in Pittsburgh now, and am hoping to BRRRR 1-2 properties in 2021. It's tough to find deals right now with listing prices where they are.

@Kenneth Cheston got it.  Good diligence on your part.  Will this be your first rental?  Do you own or rent a primary?

@Kenneth Cheston I would get some actual rental comps, $2000 seems high if your purchase price is only $200K.