All Forum Posts by: Young Moon

Not a bad option if you are ok holding the note until it is fiully paid off, but if you want to cash out at some point and the condo does not easily allow for traditional financing or refinancing, the buyer may not be able to cash you out.

Thanks Chase!  Very helpful info. I have been to Richmond a few times (used to work at Capital One for about 10 years).  Wouldn't mind investing there. Will definitely reach out the next time I am there so we can meet. 

Thanks Russell - appreciate the insight.  It is frustrating that there is so little multi-family up here.

Hi - I am an investor in Northern Virginia and own a number of properties here.  I am looking to expand into multi-family but have found that there are not a lot of opportunities to purchase that type of asset in this area.  So I have decided to look further out in places like Richmond or even the Virginia Beach area.  Does anyone out there have expertise in the multi-family space out there?  Or are there other areas in Virginia worth considering?  I am looking to purchase in the $2 million range and expect to hire a property manager for the property.  Thanks!

Hi Tae - I rehab in the NoVA area.  Message me and I can give you my contact info.

Best,

Young

John - as to your question about converting a primary to a rental, why not sell the primary and capture the gains tax free?  If you are married, this means you could capture 500k in gains and not pay any taxes on that.  You could then use the proceeds to either buy a similar property to rent out (which would be essentially the same as just converting your primary to a rental, but with a better tax situation) or do with that money as you wish, including paying down any existing properties (which could help you help with your cash flow, if you pay a property or two off).  Only drawback are the closing costs, but if your capital gains are significant, could be worth it.  I am not an accountant, so please don't take this as tax advice, but this could be something worth looking into.

Congrats - tough to find good multi-families in Northern Virginia.  Well done!

Hi -Sabrina  I have also been trying to learn more about this.  Seems like an illiquid market and that means opportunity.  I googled it and it seems like there are some places that auction LP shares in the secondary market, but I haven't seen anything other than the auction framework or going through an investment company.  Just curious - have you learned anything more about this since your post?

Does anyone know a good settlement company who knows investor deals in Northern Virginia?  Preferably near Fairfax?

Thanks!