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Close friends just bought there for 1.4 - it’s always funny MD vs VA and which way people go
Home Buying & Real Estate Thread
- Thread in 'General' Thread starter Started by TYE_The Time Traveler,
- Start date
Close friends just bought there for 1.4 - it’s always funny MD vs VA and which way people go
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U givin me the simplest answers/insight possible lol thanks anyway though.
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I mean what are you trying to hear exactly? Real estate isn't really rocket science. Arlington is probably one of the more well to do areas on the whole east coast. Also pretty transient so people always coming and going looking for rentals.
I don't know what your financials look like and I'm not a mortgage lender. Talk to a lender and see what that mortgage would be looking like. Make sure that incoming $8k is legit. See if that money you'd be making per month is worth your investment.
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Not a ton of multi-units here. A lot of investors are buying up multiple rowhomes/townhouses and then placing Section 8 tenants in there for guaranteed money. Could also buy in some of the more expensive neighborhoods, but beware that a lot of newer apartment buildings have popped up in the last couple years and is making it tougher for the rowhome landlords in those neighborhoods.
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This wasn't necessary bro
plus my response was directed at dude who was just hitting me with one word responses, not you.I know this isn't rocket science. Hop off your pedestal for a min. I simply asked would the listing I showed be a good investment in the long/short term and/or both.
Simple, or what I felt was simple, insight was all I was looking for. Be easy.
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Lol i'm talking in general. Not coming at you. Calm down.This wasn't necessary bro
I know this isn't rocket science. Hop off your pedestal for a min. I simply asked would the listing I showed be a good investment in the long/short term and/or both.
Simple, or what I felt was simple, insight was all I was looking for. Be easy.
Here to help.
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I'm calm. Thanks for your help.
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I responded with how I could help man - how can I help? I said I was in a meeting lol
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lol I'm good bro. Thanks though.
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Bet- good looks on the listing you should cop
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Maybe check out 204 N Barton St too.
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Based off the experience you all have, what are some things to look for when deciding what to buy and what not to buy?
I know the basics, like price and location, but outside of that, I feel I'd be hoping in a blender with a bunch of different ingredients that I'm not too aware of.
I wanna make money, or more money I should say, but do it the smart way, with minimal L's.
I know the basics, like price and location, but outside of that, I feel I'd be hoping in a blender with a bunch of different ingredients that I'm not too aware of.
I wanna make money, or more money I should say, but do it the smart way, with minimal L's.
Think about who you envision renting your place. For instance, I have a couple units near big colleges so for those, how close is public transit, walkability, are there nearby restaurants or bars, etc. Whereas for my places in the suburbs, I envision more families so are there parks nearby, how safe is it to walk, are the streets well lit, and things like that.
Also don’t forget about other costs like for instance HOAs, extra taxes, and things like that that will factor into your bottom line.
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Thanks for dropping some knowledge on the VA market. Had no idea. Had me shocked initially looking at the prices.
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Also consider the clientele. You have high ranking military officers (O-6s and up) with family constantly rotating in and out. Their housing allowance is absurd combined with guaranteed occupancy. We haven’t even touched on contractors and other high paying private firms.
Probably one of the safest markets to rent out if you have the capital to buy.
sneakaprince
Supporter
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Sorry bro been traveling today with the family.sneakaprince you seem like a cat who about your business and know what you're talking about. What would stop you from hoping on this? I've been eying but reluctant to hop out there.
I need a multifamily under my belt though. ASAP.
https://www.zillow.com/homedetails/1221-N-Utah-St-Arlington-VA-22201/12074853_zpid/
I think it's a solid crib obviously very dependent on the market.
The plus' are you cash flow immediately. However your mortgage after dropping 340k is still 7500. Yes you will make money but repairs can eat that up quickly.
However in markets like this you're playing the long game it's gonna continue to appreciate. It looks like it last sold for 800k (pre the market crash, 2007). That was likely the previous high so it's not only recovered during the last decade but it's also appreciated in a major way. This could easily be a 2M crib depending on how the next decade goes.
Check the comps for sure to make sure you aren't getting got in regards to asking price but all things considered there not many other easy ways to turn 340 into roughly 700 (down payment cost plus estimated appreciation over next decade) in the next decade without actively putting in work.
It really depends on your financial situation. Don't forget 2M is just my guestimate could be more could be less but history shows that this spot has done well and I'd assume the same for the area around it.
Happy holidays as well fam. Sorry so late again. Had to fly to AZ today so my time all ****** up.
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Who y’all use for lending?
Big banks? Credit unions? Private lenders? Or who ever your trusted mortgage broker find for y’all…
I’m about to run a risk with chase for this mortgage…
Any info is welcomed
Big banks? Credit unions? Private lenders? Or who ever your trusted mortgage broker find for y’all…
I’m about to run a risk with chase for this mortgage…
Any info is welcomed
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I used chase, no real issues so far.
solewoman
Staff member
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Go for it if you could afford it.
I need a multifamily under my belt though. ASAP.
https://www.zillow.com/homedetails/1221-N-Utah-St-Arlington-VA-22201/12074853_zpid/
Multi units are rare in the dc area without it being like se or ne. Especially for VA. Like someone else said there’s a lot of contractors coming in and that live around here. Also, there are a few alternative school locations near there. I did my masters program at an alt location for GW in that area. But I think Mason and one other school has a location also.
With a multi unit I’d envision a lot of temporary housing tenants to occupy a multi unit like that. So think of metro access, are bars and restaurants in walking distance, how’s the neighborhood at night, what’s the neighborhood going to look like in 5-10 years, etc
I’d be careful with Baltimore if you don’t really know the area nor willing to get to know it.The prices look attractive but that’s for a reason. That’s why shyd me away from purchasing there.
Good luck. Spot looks beautiful. Someone else made a good point on the maintenance. With that many units in a building from 1920s something is bound to go wrong, so definitely maintain that emergency fund for repairs. This for sure would be a long term hold before you see your moneys worth that you put down but I would go for it. If it’s your first non family investment property just do your research and go for it. Housing is still on fire so it may be good for you to go through the motions.
Because I doubt it will sell at asking.
That’s going rate.
You’re not going to get officers with families in a multi unit like that tho. The lower officers yes like the O3s and below because that’s not far from the pentagon.
Yup and anytime looking to rent near military advertise on their sites and look up bah by the zip and don’t charge anything less lol.
Merry Christmas all!
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US Bank
sneakaprince
Supporter
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Same US Bank. Although I've also got a good relationship with a local bank too
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Mortgage broker but I still think it pays to shop around for 30 days once they take a hard pull
solewoman
Staff member
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If y’all in the dmv I know a dope mortgage lender. Shoe head too
