Prince William REI July 2019

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  • 07/15/19 06:30PM - 08:30PM America/New_York
  • Group Study Room #3, 5049 Waterway Dr Montclair, Virginia 22026
  • Free

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Hello folks! After a hiatus for June, let's talk real estate investing again in July. Tentatively, our topic will be Finding Deals, but we'll be flexible to the needs of the group that shows up that evening. If there's anything in particular you'd like to discuss at this meeting, or any questions you'd like to see us focus on, post them down here!

Please note that we're in Group Study Room #3, which is next to the Room #4 we've used previously. As always, contained beverages are okay but regrettably snacks are prohibited in the study rooms. 

Our group strives to be inclusive to all people at all levels in their REI journey, from experienced old hand to those who have just stumbled upon us. Bring your curiosity, an open mind, and a willingness to share your experiences!

Hi Barb, I just came across this post. I'm very interested in getting connected with an REI group here in NoVA. I'm a new real estate investor - working on my first deal right now. I'll another 1-2 here in the next 6 months. Can you tell me more about your group? Thanks!

@Jordan Northrup that's excellent for you! I'm currently researching whether a house hack is the best way for me to get started, since I've decided to cool my jets on an out of state investment I was considering.

We've had two meetings so far, in April and May. We meet in a group study room at the Montclair Community Library for two hours on a Monday (usually the 3rd Monday of the month). Since we're limited to 2 hours by library rules, we do intros to get to know each other for the first 15 minutes while we get settled in. Then for about the next hour we'll have a group discussion about a particular topic. In April it was about experience level, everyone's goals, and what we all hoped to get out of the group. In May we chatted about how to analyze whether a property would be a good deal or not. Those of us present thought it would be good to back up a step and we tentatively decided that "strategies for finding deals" would be the topic for the next meeting (the July meeting). In the last bit of the meeting after the main discussion, usually people have other burning questions so we save time for those.

So far we've kept it free-form to suit the needs of whoever shows up. In the future it would be nice to have presentations on particular topics or deals that people have done. We also bounced around the idea of a "hot seat," where someone gets 20-30 minutes to briefly discuss their current dilemma and solicit advice from the group.

My main goals for this group are for it to be education-oriented, welcoming to all no matter where they are in their journey, and useful for networking. I'm a newbie and would love to see this group be a welcoming mix of folks from the new to the experienced. I want to create a rewarding experience for anyone and everyone who turns up. Maybe we won't know everything, but we'll put you in touch with someone who can help with what you're trying to learn about. Let me know if you have any questions! We'd love to have you join us in July.

Hi Barb, your group sounds really good.  I think I could certainly learn from the folks who attend and it's always good to network!

I'm curious as to the out of state investment you were considering.  I was working with an out of state turnkey group that sponsors the Biggerpockets podcast.  We had a house under contract until the inspection came back. What a mess.  I canceled the contract and moved on.  What was your deal?

@Jordan Northrup Absolutely! We're growing since we're just getting off the ground, and I'm looking forward to getting a cohort of regulars :)

I was looking down in Huntsville, AL since I have work connections down there. I let go of that thought (after visiting the area for 4 days and meeting with the PM I wanted to hire) in part because I got to the market about a year too late for my preferred budget but mostly, honestly, politics. I'm not particularly interested in alienating anyone or stirring up conflict, but I decided that I would rather keep my money closer to home.

I'd ultimately like to end up in Prince William County east of Rt 1 (as in, that would be one of my preferred ideal locations for my own long-term personal residence) on at least an acre, but at this point (only 1.5 years into working after foreeeever in grad school and with only one salary) I can't afford that by a long shot. So I'm looking down at much cheaper properties (<$200k) in Fredericksburg. I'm looking for something with 3 BR and not too far off 95. Ideally, I could still have a reasonable commute back up to Quantico and be able to rent out one of the bedrooms to lower my livings costs. In time, I could either sell that house after sprucing it up a bit to force some appreciation, or just hold onto it as a long term rental when I move into a more permanent place. The step after that, of course, it to take over the world...! Or at least, be happy with my life :)

I'm sorry about your inspection coming back terrible! Did you lose any money in that process? I'm familiar with the general idea of turnkeys but not so much the nuts-and-bolts. Glad you were able to recognize a problem property and get out, though. Good head on  your shoulders!

Hi Barb, you mentioned Quantico.  Do you work on base?  I've been on base here for number of years...been in the Marines since 2003. 

I didn't lose any money in that deal...that's what was so weird about it.  I used Rent-to-Retirement.  Have you heard of them?  They offer turnkey properties in 5-6 markets in the Midwest and south.  They buy trashed units, rehab them, place tenants, then sell to investors at slightly below market price.  On paper it sounds wonderful.  I put a house in Cincinnati under contract for $125k.  I was putting 20% down.  Property was valued at $130k.  So I would have had great equity to start.  R2R would manage the property for me for 8%.  After all expenses and savings (vacancy, repairs, mgmt.) it would cash flow $330 a month.  So I charged ahead.  R2R didn't collect any earnest money or anything.  We signed the contract and I ordered an inspection to be safe.  The inspection came back with all kinds of problems.  HVAC didn't work, water heater didn't work, electrical didn't work, railings were falling off the porch, the seals in all 11 windows were broken, some windows didn't even more, the garage door was broken, etc.  Just a mess. 

I called R2G to complain and they said "well, I guess our rehab team missed some things,  We'll fix them".  I'm like. "sure you will.... you were perfectly happy to let me buy a lemon and not say anything".  Their rehab team rehabbed the kitchen and bathrooms and painted the living area.  That was it.

Anyway, I just don't trust them.  At least I didn't lose any money!

So what type of investor are you? I'm more of a BRRRR guy. I want to eventually get into multi-family or commercial real estate.

Hey group! Just wanted to remind everyone about tomorrow's meetup. Let's come ready to talk about where we each our in our real estate investment goals so that we can bounce ideas around with each other. Bring your questions that you want to get the group's input on. I'll be sharing my story of putting my first offer (ever!) in on a house last week and ultimately didn't get it... but I'll be ready to talk about how much I learned by going through that process. Looking forward to seeing folks tomorrow night from 6:30-8:30 in Group Study Room #3.