All Forum Posts by: Tony Sepassi

I'm Reston too. Have a condo in RTC. I have looked at Ballston but they are to expensive. DC market I have been looking at for over a year, I have a feeling if the stock market crashes which I know it may end of the year or early next year it will effect the housing market in the DC area, specially the developers that have been building.. I could be wrong though..

Thanks for the info David.

I went over thet tax sales in Washington DC from 2013 and I noticed three bidders they seemed to be going on a shopping spree.

My guess is once they buy all the properties they just wait for the interest to kick in at 1.5% and if the owner reclaims the property they still make money on the interest and if they don't after 6 months then they start the foreclosure process. Either way it seems the bidders are in a win win situtation.

I will check into it.

Thank you.

I been reading this thread and I was wondering the auctions you guys are talking about are they tax sales auction? I thought if you win the bid you get a cert saying you paid the taxes but the actual owner still has times to pay the taxes and take the property back., that's the case in Washington DC. You do get 1.5% a month until the owner pays the taxes and the extra cost that you had to pay at the auction.

Maybe I'm missing something, are there states that once you won the bid the property is completely yours if you outbid everyone in the tax sale?

I do recall one condo building being developed, they marketing to sell the condos but it seems they weren't getting the buyers they wanted and within a year I saw the same building being marketed for rentals.

You may also have mold issue too, either you will see it or have to pay $$$ for someone to come in and detect it..

I seen some nice property selling for cheaps but it is in SE, not sure if they will be easily rented out. Maybe I'm wrong

I would like to get some ideas what you guys are looking for and where you think will be the upcoming markets/

I noticed in DC there are so many condos being built but is the demand there? I think the newer condos will be built but if the developers can not sell them they will try to rent them out and the older condos the owners will want to sell but they will have to sell at a lower price since now they are competing with the newer condos..

I want to find fixer uppers in the DMV but I never worked on one so I wouldn't mind finding a partner that knows how to work with them.

Renters insurance has nothing to do with it but it is the law in my state that they need to have one. Now if his stuff was damaged then he would have been SOL...

I doubt the insurance company will cancel me. I have 5 more properties with them so they know if they cancel me , I will take my business elsewhere.

Thanks to everyone for the advises. I guess I was being harsh on the tenant, I guess by now he has been educated. :-)