All Forum Posts by: Tanya S.

Hi Marybeth and others in the DC area,

Some DC investors are getting together next week for a meetup in Columbia Heights.

You can follow this thread for more info: http://www.biggerpockets.com/forums/55/topics/75564-new-member-from-washington-dc

Hope to see you there!

Jerry Kisasonak I haven't ever used debit card, because once your tenants set up their bank info (account number, routing number, etc), you never need to think about it again. I would email the company directly and see if what you want to do can be done. When I had a question, they were very responsive.

I like it too. Looks fun and different (in a good way) and will be something that people will remember. all things you want. Good luck!

Jerry, I have used Docusign for all my contracts (short sales are the exception) and an electronic form of rent collection for my properties. I honestly can't even imagine doing it any other way!

For rent collection, I use www.erentpayment.com. They charge $3 per transaction and give you a couple of different ways to collect. Given the high quality of tenants where I am, I just ask them to go in and set up their banking info on their own. I never see the info, nor do I need it. Then on the first of the month ( or next weekday) they take the $ from the tenant's account. You get it in your account about 3 to 5 days after that, so the electronic "check" has time to clear the bank.

I love it, as I have enough paper to deal with and don't need any checks cluttering up my house!

I think you will be equally pleased. 2013 is so much better than 1999 ;)

Jeff, I think others have already answered your question for you, but I'll add one additional item for you to consider.

A HUD investigator won't even need to visit your house to determine that you are not living there. As someone who worked on fraud cases for the US government while overseas, I can tell you that a simple Lexis Nexis search of your property's address will bring up anything and everything that has ever been recorded at that address.

What might that include? Well, your tenant's vehicle registration, their registered address for voting purposes, any requests to the post office to hold mail or forward to the address from their prior residence, etc. Any type of action with the government will be gathered in one easy place for the inspector to see. And it takes all of two seconds to type that information into a database and get some results. (I actually tried it on myself - scary what Info they can gather in one spot...down to the mortgage amount I owe on property!)

Given that you are on a real estate investment site like BP, I would imagine that this property is probably the tip of the iceberg, and you have the intention of purchasing more. Do you really want to jeopardize all that just to make one lousy deal without even putting out any effort?

My guess is, probably not. Do the work my friend, and the deals will follow.

Wow! amazing kitchen indeed. I can't believe you could envision all that from what you originally were given to work with. beautiful!

Sean - There are cash flowing properties in the DC metro area, though not always in the places you might expect. I do plan on attending the meetup in Columbia Heights and am happy to share my experiences.

interestingly enough, during my meeting today at the bank, the loan officer mentioned he has a client who is on his 26th loan with them for a rental property in the DC area! says the guy's wife keeps finding new ones that she likes so he can't say no. Wsh I had that problem!!!

Thanks Russell, will PM you.

Just met with my first local bank, which was recommended by another investor. They do portfolio loans, but starting from loan #5, not #11. And no conventional 30 yrs, just 5 yr ARM.

Had a great chat with the loan officer about trends he's seeing locally (40% of his customers are investors and they're increasing). For those in DC worried about the automatic cuts affecting the local market... he says he hasn't seen any fallout. business is brisk and even increasing from his standpoint.

Ashley,

Another thought to consider - how hot is your market? I ask because if it's anything like mine (DC is on fire!), which lender you choose for financing might make a difference between getting a contract on a hot property or losing out. Particularly in multiple offer situations, which are becoming increasingly common these days, sellers can afford to be picky about the type of financing you are using.

A good real estate agent will be familiar with what kinds of strategies work in these types of situations and which lenders can quickly close on deals in your market. Make sure you spend the time to hire a good one! It can really make a big difference.

Thanks Jon. I was thinking it was going to be much more complicated than you describe, given all the new lending restrictions. I will shop around and report back to BP with my experiences. If others have anything further to add, please share!