All Forum Posts by: Jenn Kinchen

Looking for strategy tips: I'm a Realtor and found a house I'm interested in personally buying. Unlikely I'd qualify for a loan or in time to put in an offer.  Thinking of asking the Listing agent if owners would do seller financing. If I do this but not through my brokerage I would then get no commission? Or would it be better to go the normal route? I am also thinking of offering that they pay no commission at all to me (which would be approx $15k savings to them) to sweeten the offer. I don't know that anyone in this market would ever pick a seller financing deal over a regular offer in this market otherwise? They are sure to get multiple offers on the house

Keep an eye on the bed to bath ratio too. Renting any rooms that have shared baths greatly increases the challenge, otherwise you'll need to adjust and lower the rental prices accordingly. Also, tough to find neighborhoods that can accommodate enough parking spaces/areas if you have a bunch of individual renters. It can be done though if you search long and hard. I house hack in Reston. Since co-vid its gotten tougher because I've noticed some rental rates dropping. I would not necessarily say the condos at town center are your competition so I would not worry too much about that. If the rooms are a lower price point, thats a different kind of renter than the one that can afford and is going to choose a private luxury rental at a higher price point and with a lot of additional fees at RTC.Happy to help- I'm a Reston Realtor too.

Reston is a great area to invest and rapidly expanding and developing. Easy to get renters as well due to demand. Its still going to be hard to cash flow unless you house hack or use other creative strategies. I'm a local Reston native and a real estate agent if you need some help with your search, feel free to reach out.

I need SubTo advice on what to offer bc I am not sure and cannot afford to make a big mistake :) The owner is motivated to get rid of the property but wants me to come up with "walk away" money offer on top of me taking over the payments.

ARV estimate: $350-360k

Mortgage balance is $340k

Monthly mortgage payments are $1,780 (4.25% interest rate)

I estimated that with taxes, insurance, HOA, total monthly payment is probably $2,126

The home is being rented, bringing in $2,400/mo (so approx $274/mo cashflow),

no immediate repairs required, however, its would take at least around $20k to bring it up to the ARV, retail value

Thoughts? Proceed to SubTo? Offer any cash or is this a No Go?

Thanks in advance!

How much are the very good skip tracers on avg?

Looking for serious Cashbuyer investors in Northern VA area to add to my list as I start up my wholesaling business. Please message me with your full name and email if you'd like to be added. Thanks!

Hi Ryan,

Were you able to find out alternatives? I am also interested in finding out options. Thank you!

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You should also factor in the time of year. Certain times of year its much easier to rent out than others. I've found that November and December, around holiday times can be the most difficult. Also, winter season in general (in VA) tends to be more difficult than renting in spring and summer months for me.

I'm interested in getting my first MFU (and my first out-of-state property) and have heard good things about Buffalo area. I am not familiar with the area though and no connections there. Interested in getting suggestions from the group on how to really dig into this further. Thank you!