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All Forum Posts by: Sara N.

Sara N. has started 5 posts and replied 58 times.

Post: I need advice on my next move!

Sara N.Posted
  • Investor
  • Washington, DC
  • Posts 60
  • Votes 26

@Alvaro Arango --I agree with your thinking & strategy. You move out & find a cheaper place to live in. As long as you rent out your place & the $$ covers all the mortgage, fees, etc. & you at least break (even if not make $100 extra or so), you're on track to saving $$. Find a tenant that will ideally stay long term & who is easy going (if they ask too many Q.s & want to start changing things in the unit that sounds like a demanding tenant). 

As for saving $$ & just renting a cheaper place vs. buying another property soon, I'd say go out and rent a cheaper place & pay off your other debts. Right now the DC market is way, way too competitive, and priced way too high even before the bubble/bust. Thus, as a RE investor you're not going to buy when it's peek price. Sure some neighborhoods like Shaw or Dupont Circle the prices will never really go down much even if the market crashes, but as an investor, you're looking for deals & upcoming areas, not necesssary places that's already over-valued. (I'd disagree that Pethworth prices has always sustained & will always go up--another neighborhood that I think is overrated.) Good luck!

How about Baltimore? I have a colleague that invests there. Though stick to the nicer part like Fells Point where you can hopefully rent to professionals. Or else College Park MD since you'll always have an abundant of college students/grads/professionals. Though again, I'd be careful with selecting the tenants--wouldn't want to deal w/a frat house.

Post: Pay off Mortgage or buy Rental Property?

Sara N.Posted
  • Investor
  • Washington, DC
  • Posts 60
  • Votes 26

@Christopher Mitchell --congrats on your 1st purchase of your townhouse! I assume you got a good mortgage rate for this property, espec. since it's your primary residence.  As a small RE investor w/just a few rentals myself, here's my advice: Unless that int. rate for your townhouse is so high, take that 50K and buy another property!  Like everywhere else, it's probably a competitive market in FL so it may make sense to look for a fixer upper, fix it up a little to make it nicer (so you can charge more), and find quality tenants who won't give you headaches. Make sure the monthly rent $$ is enough to cover the mortgage, ins., taxes, etc. and after that you still have a few extra hundred $$ to cover maintenance, pay extra into the principles, etc. (For markets like DC where RE is very pricey, bigger pocket rules of what % should be enough to make a profit for each rental doesn't make sense.)  Good luck! : )

Post: Web sites to advertise a house for Rent

Sara N.Posted
  • Investor
  • Washington, DC
  • Posts 60
  • Votes 26

in addition to Craigslist, these are also free. I think hotpads or zillow reposts to other sites automatically. 

https://hotpads.com/

https://www.zillow.com

https://www.apartments.com

Post: AirBnB in Washington DC greater area (Virginia)

Sara N.Posted
  • Investor
  • Washington, DC
  • Posts 60
  • Votes 26

Agreed w/everyone--make sure you check the HOA laws regarding leasing short term. Regardless, the location Landmark & Shirlington are NOT near (walkable) to ANY metro--so you are very unlikely going to get tourists who will unlikely have a car and mainly want to get into DC easily. Sure there are buses to and from these areas but they are not convenient. Ideally buy a place walkable to a metro--you will have a much easy time time renting it out, whether short term or long term renting.

Post: Washington, DC Success Story - SFH, Vacation rental

Sara N.Posted
  • Investor
  • Washington, DC
  • Posts 60
  • Votes 26

@Chris Mylan  --Congrats on making it into the DC market--a most competitive market at the moment. And Wow only $15K to renovate the entire house--impressive! We looked at a house in Columbia Heights a few yrs ago and it needed way too much work inside and out so we never went fwd. But that is awesome if you can do some of it yourself. And very smart w/renting out the other rooms and doing Airbnb for the unit downstairs. Definitely having a 2 unit is the way to go though extremely hard to come by and competitive. Anymore plans to buy more anytime soon? For us, we feel it's just way too competitive right now w/the bidding wars, we're going to just sit it out.

Post: Lease Assignment Fee

Sara N.Posted
  • Investor
  • Washington, DC
  • Posts 60
  • Votes 26

@Bryan Hight --see another post, from CA but maybe a start

https://www.biggerpockets.com/forums/61/topics/133043-lease-option-assignments

@John S. I don't think it should matter how/what you advertise it--if it looks like a 1 bedroom w/door, closet inside, etc. it obviously looks like a 1 bedroom & the tenant would pay as agreed in the lease agreement they'll sign with you.  good luck!

Hopefully you will never have to reach the point where you will have to formally evict a tenant and go through that process legally. To my knowledge/a friend went through this--if that is the case, you will have to get your unit fully legal 1st (while the tenant are still living there) which includes inspection/Certif. of Occup, Business license; and after this is done you can formally move fwd. with eviction process. So if your unit now has been converted into a 1 bedroom (w/out the legal permits from DC govt.) this may be a further issue in getting the CofO.  I'm not trying to put a damper on your concerns, but like I say if it ever gets to this point. But hopefully you'll never have to. Sometimes, it's just getting the bad tenant out, even if it means a month or 2 loss of rent--vs. going through the legal process & trying to win the case--what 1-2 months rent? Lots of people rent their places here in DC w/out any legal permit from DC and have never had problems like this so I wouldn't be too concerned about this. Advertise it as a 1 bedroom, pick a tenant who is  seems more laid back (no lawyers!) and hopefully you'll never have any problems like evicting them. Good luck!

John S.

Post: Landlording in Washington, DC

Sara N.Posted
  • Investor
  • Washington, DC
  • Posts 60
  • Votes 26

@Joshua Smith  --forget Columbia Heights--it's way too hot and now too expensive as an investor. See my recommendations above where location is still good, still developing and you can get a deal.