All Forum Posts by: Nick Thomas

I've been speaking to quite a few great minds here on BP about my predicament. I'm moving to Woodbridge, VA June 13th which is in the expensive NOVA market. I have a place to stay till September 15th. Afterwards I have two choices, pay 1.6k per month in rent or purchase my first property most likely with an FHA loan. Even with FHA though I don't know that I can fund the downpayment and still have capital to fix any unexpected issues that come with ownership. I feel buying would be cheaper than renting and would help me gain equity if I sell or cashflow if I rent it.

Here is a location I've really been thinking of making an offer on if experienced people don't caution against.

http://www.trulia.com/property/3069322370-16708-Georgetown-Rd-Woodbridge-VA-22191

Please let me know your thoughts.  If it is a deal I'm not worried about someone taking it,  I just want to learn and I think showing what I'm looking at is key to getting good advice.  Thanks in advance! 

I've been running into this predicament just moving to the northern Virginia area. 

For myself this may allow me to actually make a purchase in the NOVA area. 20% would never happen for me.

Nice to see some NOVA investors. Moving to Woodbridge in 1 week.  Looking to connect with investors,  agents,  and people in need of contractors. 

Omar, you make all new investors wish they lived in Nevada!

Nice to see others just starting out in NOVA. Feel free to connect I'd you're looking for deals or contractors. (I've connected with some good ones in NOVA)

Just spoke with the president of elevationbuild. He said currently they're only licensed for the state of VA.

From looking at the pictures there appears to be lots of work to be done. How long are you anticipating the rehab to take before you start taking renter applications? Very interested to see what you're able to turn this into. Thanks for the update!

I was thinking rental would work due to it being a duplex. So 470 in expenses subtracted from about 1000 in payments if both units are rented.

I'm moving to NOVA in June. Problem I've had with my online research and with driving around the Woodbridge,  Manassas, and Occoquan areas is that the pricing is so high compared to down here so deals don't jump out at me as easily. And I've only found one boarded up property so far.