Northern VA Open Networking

EventChantilly, Virginia
Real Estate Events & Meetups
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Northern VA Open Networking

When:

Where:Ono Brewing Company, 4520 Daly Dr #102 Chantilly, Virginia 20151

Cost:Free

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Jin LimPro Member
Investor · Washington DC · Member since 2016 · 131 posts · 77 votes

Hello, everyone!

We had a good turnout last month at my NoVA Open Networking event! This event is for all investors, new and experienced, to come hang out and talk real estate.

I've noticed a there weren't as many meet ups happening in NoVA, so I've taken upon myself to try and host a meet up for other investors in the Northern Virginia area. The face-to-face meetings helps me stay focused on my own real estate investing goals and I hope this will become a regular thing!

The open networking style seemed to work so there will be no agenda again. Just come out, network, and have fun!

Last month we had two total strangers from Texas meet and both of them were looking to invest there. Last I heard, they're exchanging contact info for their team out in Austin. That's the power in these types of meet ups!

A number of folks that came out last month also wanted to learn more about how I manage to invest out of state using the BRRRR Strategy. Now I'm hosting a virtual event for them this weekend to talk about it!

Looking forward to creating more value for you everyone through these meet ups. I hope to see you there!

I'll also remember to bring name tags this time. hah

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Most Popular Reply

Paul Ellington
Leesburg, VA · Member since 2019 · 34 posts · 19 votes
4y

@Jin Lim

I don't need to 1031 the property as it was originally owner occupied before we turned it in to a rental and we have lived there 2 of the last 5 years so we can sell and clear all the proceeds without capital gains tax. That's the main reason we are selling now because if we held it another year then we wouldn't be able to sell without paying the taxes. We bought a SFH in Cleveland, Ohio and it's been a great property for the 11 months that we've owned it which is why we decided to sell the Tysons property while we can do so without capital gains taxes with the intention of buying a few more OOS properties that cash flow as opposed to hoping for appreciation on the Tysons condo.

@Daniel Muscarella @Matt Raleigh my last post didn't tag you both but I'm in Leesburg and would be happy to meet you both some time to talk real estate and OOS investing. 

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  • Wade Woo
    Real Estate Consultant · Manassas Park, VA · Member since 2019 · 74 posts · 19 votes
    4y

    OOS is the way to go!

    @Paul Ellington: How's the cash flow in Cleveland?  What are the median property values there?

    @Jin Lim: How's cash flow in KSMO and KSKS? What are the median property values there?

    I live in Manassas Park and work in Maryland during the week.  Would love to join the meetup if it's on a weekend.

    0Reply
  • Paul Ellington
    Leesburg, VA · Member since 2019 · 34 posts · 19 votes
    4y

    @Wade Woo

    I'm not sure about the greater Cleveland median price as each suburb of Cleveland has varying price ranges. My property is in Maple Heights about 15 minutes from downtown and I purchased it for 80k. I look for properties under 100k so I can acquire more properties with less capital. I know cash flow can have many different meanings depending on if you're accounting for CapEx and other projected expenses. I can tell you monthly rent is $1,345 plus $100 for utilities which usually only run 50-70 per month and my mortgage with PITI is 475/month. I pay 10% of collected rent to a property manager so at the end of the day without accounting for CapEx my "cash flow" is $600/month.

    0Reply
  • Nicholas MischPro Member
    Investor · Broadview Hts, OH · Member since 2016 · 310 posts · 280 votes
    4y
    Quote from @Paul Ellington:

    @Wade Woo

    I'm not sure about the greater Cleveland median price as each suburb of Cleveland has varying price ranges. My property is in Maple Heights about 15 minutes from downtown and I purchased it for 80k. I look for properties under 100k so I can acquire more properties with less capital. I know cash flow can have many different meanings depending on if you're accounting for CapEx and other projected expenses. I can tell you monthly rent is $1,345 plus $100 for utilities which usually only run 50-70 per month and my mortgage with PITI is 475/month. I pay 10% of collected rent to a property manager so at the end of the day without accounting for CapEx my "cash flow" is $600/month.

    Wow! $600 cash flow is amazing in the Cleveland area! My criteria is $400 per door for single family rentals. 
    0Reply
  • Nick Shri
    Rental Property Investor · VA · Member since 2020 · 218 posts · 133 votes
    4y
    Quote from @Paul Ellington:

    @Wade Woo

    I'm not sure about the greater Cleveland median price as each suburb of Cleveland has varying price ranges. My property is in Maple Heights about 15 minutes from downtown and I purchased it for 80k. I look for properties under 100k so I can acquire more properties with less capital. I know cash flow can have many different meanings depending on if you're accounting for CapEx and other projected expenses. I can tell you monthly rent is $1,345 plus $100 for utilities which usually only run 50-70 per month and my mortgage with PITI is 475/month. I pay 10% of collected rent to a property manager so at the end of the day without accounting for CapEx my "cash flow" is $600/month.

    Great numbers there Paul.
    I have a duplex in CLE and I CF $600 without accounting for CapEx

    Your rent is also pretty solid in Maple Heights. Did you assume the PoS violations during purchase or did you get PoS violation free property? I let go at sub-70k property because the Seller was a douchebag, claimed to provide violation free property but never did anything, just trying to figure out an approach on my end for future purchases.

    0Reply
  • Paul Ellington
    Leesburg, VA · Member since 2019 · 34 posts · 19 votes
    4y

    Hey @Nick Shri

    Where is your duplex in CLE? I was really fortunate in finding this property. The previous owner bought it off roofstock and was selling most of his portfolio for whatever reason. The property was PoS violation free and tenant occupied when I bought it. My property management took over and once the lease expired raised the rent and is now over market value! 

    0Reply
  • Nick Shri
    Rental Property Investor · VA · Member since 2020 · 218 posts · 133 votes
    4y
    Quote from @Paul Ellington:

    Hey @Nick Shri

    Where is your duplex in CLE? I was really fortunate in finding this property. The previous owner bought it off roofstock and was selling most of his portfolio for whatever reason. The property was PoS violation free and tenant occupied when I bought it. My property management took over and once the lease expired raised the rent and is now over market value! 

    44111 
    0Reply
  • Jin LimPro Member
    OP
    Investor · Washington DC · Member since 2016 · 131 posts · 77 votes
    4y

    WOOP WOOP! We got a good conversation going! Now let's take this to an in-person event.

    How do you guys feel about the Merrifield/Mosaic District area? I was thinking of renting a space at Caboose Commons. It's more centrally located for the folks in the DC area, which was the feedback I received from my previous meet-ups.

    Does Feb 17 work for you guys?

    0Reply
  • Matt Raleigh
    New to Real Estate · Ashburn, VA · Member since 2022 · 9 posts · 4 votes
    4y

    @Matthew Ridgeway    @Benjamin Sampson   @Paul Ellington    @Daniel Muscarella

    Okay so the five of us definitely have to chat at Jin's meeting at least! Jin, February 17th does work for me assuming it's the evening. Unpredictable day job, but I'll probably be able to make it.


    And for you all that I tagged, maybe we can do something hyper-local, too, since we are all newbies (excepting Paul), OOS-leaning, and I believe 2 or 3 are Leesburg, 1 of you is Chantilly, and I am Ashburn. I'll wait to see if you are coming to Jin's main thing and then we've gotta connect :)

    0Reply
  • Matthew Ridgeway
    Member since 2021 · 2 posts · 1 vote
    4y

    @Matt Raleigh Matt, absolutely. I’m in Round Hill and Leesburg/Sterling area is too easy. I’m wide open early March. My goal is to have 1-2 homes by end of year. I’m eyeing NC markets or Lynchburg area. Ultimate goal would be multi family and 10Xing! 

    Unfortunately, I’ll be out of town for work on the 17th @Jin Lim! If that date holds, it’s all good. I’ll catch y’all on the next one. 

    1Reply
  • Trevor Petrellese
    Member since 2019 · 1 post · 0 votes
    4y

    Hi all - relative newcomer to REI but also planning on doing my first deal this year. I'd love to join and connect if there's room for more folks!

    0Reply
  • Paul Ellington
    Leesburg, VA · Member since 2019 · 34 posts · 19 votes
    4y

    @Matt Raleigh I’d love a hyper local meet up as I have a 6 month old at home and don’t have a ton of time freedom right now. @Jin Lim I can’t make it this Thursday but would love to meet everyone in this thread at a future meet up!

    0Reply
  • Nick Shri
    Rental Property Investor · VA · Member since 2020 · 218 posts · 133 votes
    4y

    If you all are unaware, there is another NoVA/DC meetup that happens monthly - the group also started off BiggerPockets. Mostly the group has been meeting at Tysons mall food court (by AMC theater). If you all want to join that group let me know and I will point you all towards it. We have a solid WhatsApp group going to communicate events, as well as Facebook page. Group comprises house hackers (mostly), few investors like me (own 1 or 2 rental properties OOS, OOTown), few flippers, realtors.

    I like the idea of a focused small group idea as well that has been floated here.

    0Reply
  • Jin LimPro Member
    OP
    Investor · Washington DC · Member since 2016 · 131 posts · 77 votes
    4y

    @Matt Raleigh @Matthew Ridgeway @Benjamin Sampson @Paul Ellington @Daniel Muscarella @Trevor Petrellese @Nick Shri

    Sounds like there's a solid presence out in the Tysons area already! I'm down to keeping my location in Chantilly, VA, and keeping it hyperlocal and focused on OOS. Actually makes it easier for me since I live in Chantilly as well. haha

    2Reply
  • Jin LimPro Member
    OP
    Investor · Washington DC · Member since 2016 · 131 posts · 77 votes
    4y

    Hey everyone

    New event for February 2022 has been posted here:

    https://www.biggerpockets.com/...

    0Reply
  • Daniel Muscarella
    New to Real Estate · Member since 2022 · 23 posts · 5 votes
    4y

    I believe I will be able to attend the event on the 17th.  I hope to see everyone there!

    0Reply
  • Daniel Muscarella
    New to Real Estate · Member since 2022 · 23 posts · 5 votes
    4y
    Quote from @Matt Raleigh:

    @Matthew Ridgeway    @Benjamin Sampson   @Paul Ellington    @Daniel Muscarella

    Okay so the five of us definitely have to chat at Jin's meeting at least! Jin, February 17th does work for me assuming it's the evening. Unpredictable day job, but I'll probably be able to make it.


    And for you all that I tagged, maybe we can do something hyper-local, too, since we are all newbies (excepting Paul), OOS-leaning, and I believe 2 or 3 are Leesburg, 1 of you is Chantilly, and I am Ashburn. I'll wait to see if you are coming to Jin's main thing and then we've gotta connect :)

    Ill be at the event! I'm looking forward to meeting up with everyone. 
    0Reply
  • Matt Raleigh
    New to Real Estate · Ashburn, VA · Member since 2022 · 9 posts · 4 votes
    4y

    Ok @Jin Lim I'll stick with your events for now, trying like heck to wall my evening off from work. I hope I get to this one and see you all soon.

    0Reply
  • Justin Dyer
    Chantilly, VA · Member since 2019 · 29 posts · 7 votes
    4y

    I will swing by and talk REI! I also attend the Tyson's-based meetups.

    0Reply
  • Jin LimPro Member
    OP
    Investor · Washington DC · Member since 2016 · 131 posts · 77 votes
    4y

    @Justin Dyer Looking forward to seeing you there!

    0Reply
  • Justin Dyer
    Chantilly, VA · Member since 2019 · 29 posts · 7 votes
    4y

    Had a blast @Jin Lim; thanks for hosting. Met some awesome people last night.

    0Reply
  • Jin LimPro Member
    OP
    Investor · Washington DC · Member since 2016 · 131 posts · 77 votes
    4y

    @Justin Dyer Thanks for coming out!! Glad it was a good time.

    0Reply
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