All Forum Posts by: Ross Dannenberg

Thanks, I joined.

I'd be interested as well.  I work in DC, live in Arlington.  Either location sounds good.

We used an attorney, but DC courts are very pro-tenant.  The court repeatedly delayed hearings (to give the tenant more time to move out on his own), and then when we finally got our judgment for possession, the judge stayed the judgment until Dec. 1--ostensibly, to again give the tenant time to move out, but in reality knowing that winter would set in and evictions happen much slower over winter due to weather.  The judge also made us file a written motion for a particular hearing, regardless of DC code (i.e., DC law) actually stating that a written motion is not required for the particular type of hearing we requested, and then scheduled the hearing 4 weeks out.  When all was said and done, it took us NINE MONTHS to evict someone in DC, finally ending with the US Marshal's service evicting the guy, who hadn't paid rent in almost 3 years by the time he was evicted.

Investment Info:

Single-family residence buy & hold investment in Washington.

Purchase price: $415,000
Cash invested: $90,000

Bought REO needing full rehab. Now renting it out.

What made you interested in investing in this type of deal?

Bought REO at discount. There was meat on the bone

How did you find this deal and how did you negotiate it?

Hubzu.com

How did you finance this deal?

Self financed

How did you add value to the deal?

Bought from REO at discount. Self managed full rehab

What was the outcome?

Renting it out at a premium due to new renovation

Lessons learned? Challenges?

Rehab always takes longer than expected. Need to manage contractor very closely

Investment Info:

Single-family residence fix & flip investment in Washington.

Purchase price: $130,000
Cash invested: $55,000
Sale price: $255,000

Bought distressed unit with holdover tenant. Had to evict then full rehab.

What made you interested in investing in this type of deal?

Wanted first hand experience

How did you find this deal and how did you negotiate it?

Found on Zillow. Self negotiated.

How did you finance this deal?

NA

How did you add value to the deal?

Was willing to go through eviction process in DC. It’s not for the faint of heart.

What was the outcome?

Good experience And made some profit in the process.

Lessons learned? Challenges?

Eviction always takes longer in DC.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

NA

Hey folks.  Just getting started in this.  I welcome thoughts/opps for a new investor