All Forum Posts by: Account Closed

@Deanna McCormick@Deanna McCormick 

DISCLAIMER: This is not legal advice and should not be construed as such.  

The statute you referenced may not be applicable. If the landlord owns fewer than 4 properties, and if he used a common law lease, then he may not be subject to the Virginia Residential Landlord Tenant Act and the statute may not apply. If that is the case, whatever is written in the lease would govern, unless a judge says otherwise.

@Ahsan Lake You can comfortably find what you are looking for within about 1-1:30 hour commute from Tysons. PM me if you'd like.

@David Cornett Like others already said, the three areas you mentioned still have some deals, but are at the point where they are getting too expensive for the ratios that you are looking for. You may also want to look into Front Royal & Strasburg. @Ben McMahon works in those areas and knows them well.

Welcome to BP, Matthew and Jenna. 

BP has plenty of material to get you started. And, of course, the Millionaire Real Estate Investor that @Andrew Michael  mentioned is solid.

You are in a good area for real estate investing (not NoVA, but surrounding areas closer to you). There are other parts of the country where you may get better returns, but unless you are a seasoned investor, or have capital, you are better off staying close to home, especially considering that there are plenty of opportunities with good returns.

In the past, I have invested in Northern Virginia and Florida, and am currently looking to invest in Raleigh and Martinsburg. My strategy is buy & hold. I have been loosely involved in fix-n-flip (more like fix-hold-flip), but have not done any wholesaling. 

I would recommend that you read up on all strategies and decide which one you think is better for you. Then, focus on that one, at least in the beginning. In real estate, a big chunk of one's education comes from doing rather than reading so, the more you do one thing, the more you learn and improve.

Good luck and feel free to reach out if I can be of any help.

@Stacy Weng I prefer buy & hold. I have not done any flips, just a few renovations on properties I owned. I like areas that are in proximity to strong employment centers, so anything within 30-45 min from Winchester is good to me. I have seen several properties that, condition-wise, seemed like good candidates for fix-n-flip, but I did not do the research to see if they make sense financially. I think one of the reasons I have not pursued fix-n-flips is that I have never found a reliable crew (although I have not actively searched for one).

As far as checking on the progress, McLean to Winchester is about 1-1.5 hour drive. To me, that's not a big deal; I could leave McLean on a weekday at 5pm and be there by 6:30pm (with traffic). Of course, whether that is not a big deal or not, is relative to a person's other obligations!

@Jay B. I am a broker, and when I buy property outside my area, I hire a broker and expect to have a signed buyer broker agreement. It protects me as much, or more, as it protects the agent.

@Eva Karnaukh I spoke to several banks/credit unions over the past 3 weeks that would do HELOC on investment properties. It seems that the standard terms are 75% LTV, 5.00-5.50% rate.

@Stacy Weng Welcome to BP. I will second @Ben McMahon 's suggestion. Shenandoah Valley has plenty of opportunities. I have investment property in Winchester and am always looking to acquire more within 30 miles from there. A few years ago I lived in Winchester, and I still go there regularly, so I am happy to share what I've observed.

Try dwell finance. They lend based in cash flow / DSCR primary.