All Forum Posts by: Naveen Kumar

@Russell Brazil - what do you think of the Hagerstown area? Looks like it cashflows well. Is it easy to place a tenant there?

Looking for recommendations on an investor friendly CPA, or tax accountant in the Northern Virginia area? Someone who understands the real estate nuances when it comes to taxes. 

I'd like to start putting things in order, the right way.

thanks

Or, you can pay down principal on the primary property, refinance to lower your monthly payments, and take a HELOC on the equity you have built in the condo to buy your next property.

Looking for recommendations on an investor friendly attorney in the Northern Viginia area? I'd like to start putting things in order, the right way.

thanks

Naveen

@Will Gaston  - I would do the following:

a. Look for a lender that will do a commercial loan for more than 75% LTV on the land.

b. Ask the seller to carry a note on a lower valuation. 

Remember - the numbers have to make sense - don't bank on appreciation or equity in that market.

@Will Gaston

 I would suggest you at least get it inspected and see what the worst case number would be and then reassess.

I would reevaluate numbers - if you bring in $8900 per month, and have to allocate the recommended 50% in expenses, and $3300 in PITI, you are bringing in $1150 with so many properties to deal with.

Looks like a sweet deal. Here are a few things I would strive to do to make it even better:

1. Get the properties appraised

2. Get the repair cost estimates from at least 3 contractors to make sure you know what you are not getting 'destroyed on maintenance'

3. Factor in the repair cost, and make an offer. It will totally depend on the seller's motivation to sell.

4. Line up a lender so you can refinance in 6 months

5. Put HML and cash to buy the property for the 'right' price

6. FIx the property, and then refinance, pulling as much money out as possible.

Keep use posted.

@Stephanie Medellin - thats very encouraging to hear. Can you share some details on such programs?

Blacksburg seems to be another town with potential - not sure about the party angle though :)

I was thinking of renting out to UVa students to maintain a positive cashflow. Is that not a recommended option?