All Forum Posts by: Vasa G.

I agree with you @M Marie M. yes, definitly lets get in touch.

Hello,

I have couple of basement refinishing projects that I need to work on ( including  underpinning ) so I will need a full set of drawings ( structural, MEP plans )  to get permits. Do you have anyone that you recommend. 

Thank you

A lot of good advices already here like @Shayne Brescia and @Account Closed and others... I can give you a local tip insight, some of decent owners in DC have big families so even if you get in the touch with the daughter there is a big chance that she cant make any decisions, without including rest of the family...

I have learn this hard way, as I have lost really good deal, similar story...great potential property,  I have actually met decent owner son in person as he was still living in the building, and after long talk with him  ...  I have include all of his wishes on my offer and traditional financing with 30% downpayment.... but later I have found out that he doesn't make final decision by himself... all other family members where included so they went with same amount offer but with cash funding... ( and to make things worse I could close that deal with cash as well, but his son was... regular financing is fine with me... ) Lesson learned.

Good luck

Hi Nikki,

I agree that Alexandria is great area to live, and it has foreclosures , but I dont think you will find any foreclosures in Old Town VA as that is a old school establish neighborhood , similar to Georgetown in DC. Mostly renovation projects....but speaking in general , DC and its surrounding areas are very competitive market when it comes to investing, so to start I would make sure that you can offer cash financing so you can compete with other investors. And the more time you spend here, you will get better sense of the market too.

If I can predict any future oscillation of the market I would be next Warren Buffet ;) , but as long as you have fixed rate on your property and decent cash reserve, you are going to be fine. Good luck and keep  me posted on what have you decided, maybe I can learn something new about your new rental area too. Cheers!

 I have actually heard that I can take almost a year to evict in DC, depending on the situation.. so yes @Damien Hall let us know how it goes..

As someone who manage/repair his own and clients properties here in DC , I can tell you that your cashflow is not great if you focus only on your cashflow, but that is reality for most of DC market as home prices are high,  but you have very low mortgage rate ( read free money ), also your rental property attracts best tenants = easy to manage, small vacancy rate..also it is probably all brick home, with small yard so it is low maintenance. where roof and AC are the biggest expenses, and you already paid for HVAC.( I dont know why did you pay $5K for HVAC if you have America Shied Insurance...) Also you are cashing on steady appreciation in DC market as @Mark Holencik  already did calculation for you.

When you get those cheaper suburban houses, you will probably have bigger cashflow, but also higher maintenance cost, probably lower income tenants, and I dont know about appreciation as I dont know that market. So depending on what are your plans/goal make sure to include other factors in your analysis when getting your new rental and not just cash flow numbers.

I would go with ELOC as @Damien Hall said and test your new area first, and if you are doing well and making more money , then dump DC property, but until then I would keep it and enjoy easy appreciation in your DC house.

Hope that helps.

When you owe more that 4 properties in DC you are automatically in rent control , so that means that what ever rent rolls are on  current leases, those are the numbers you have to use for your cash flow. So if the building is already occupied, you are stuck with the rent income that is building currently producing... If you get 5 unit property and you occupy one of the units, then you would be able to remove rent control from the building.

I am reading this thread and that is exacly what I am thinking too, did you receive any answer to this question yet?

Hi Linval,

Thank you for your response, I have went thru that info, and it was great source of information to get familiar. I am hoping to get more detail info for DC area as every state is different. 

All the Best,