Newbie in Ashburn Va

8 Replies

Hello BP!

I'm a newbie looking for my first duplex in the Charles town WV area. So far I've got  pre-approved by the bank for 230k. I've spoken with Mr. Blood at Blackwell realty ( also my property manager) and I'm currently looking for a duplex that cash flows. 

I done have two questions. 1 do I need a lawyer? 2 do I need a accountant?

Finally, I'm educating myself. I've listened to 20+pb podcasts, 50+ Jason Hartman podcasts, and read 5+ books on REI. I'm really looking forward to my first deal!!!

Welcome to BP. I do not see why you would need a lawyer unless you are partnering and creating an LLC. As it relates to an accountant, I would recommend one that does your taxes yearly to make sure you file with your investment property accurately. Until that time you do not need an accountant Hope this helps

Hi Bobby,

Welcome to BP! I'm here in Charles Town and always keeping my eye out for properties. Care to share anything more about what you're looking for? If I see anything that fits your criteria I could pass it your way.

Regarding your two specific questions about an attorney and an accountant, it is my general advice that you always work with business professionals when conducting business. You don't "need" them, but I certainly recommend them. They can help you stay out of trouble you didn't know existed, and also stay focused on the aspects if your business that actually interest you.

From the title of your post I see you are located in Ashburn. What made you choose Charles Town WV for your next purchase?

  -Josh

Hi @Bobby Scurlock ,

Welcome to BiggerPockets!

You might need an attorney if your transaction requires one for the closing. You may only require an escrow and title company to do your transaction in your state.

An accountant is not required for the closing, but you may need an accountant has a tax advisor when it comes to your financial affairs and how that property will affect your taxes, etc.

Great to see your educating yourself! It's my first rule of successful real estate investing.  You may also be interested in our new Podcast on iTunes ("Passive Real Estate Investing").

What made you choose Charles town? What are the numbers like on this particular duplex?

Continued success!

@Bobby Scurlock

Welcome. Check out Amanda Han she is a real estate CPA active on BP.

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul 

@Joshua Beall thanks for the reply. I choose Charles Town because the price are reasonable and they most at least meet the 1% rule. I'm looking for a duplex, between 130k-160k, doesn't need a lot of work, cash flows 100-200 dollars after all expenses are paid (including vacancies, and repairs). 


@Marco Santarelli thanks for the advice. I haven't chosen a property yet. I'm meeting with my realtor next week to discuss possibilities in my area. I will definitely post the details on the one I like best on BP for advise. 

Welcome to BP.  

Are you looking for a strictly investment duplex or will you be living in it?

I think getting your taxes prepared by a CPA with Real Estate tax experience would be a good idea for at least the first year.  If you plan to build a real estate investment portfolio, the CPA will be an important part of your team.  You also will likely need a Real Estate lawyer at some point, so getting some recommendations early would be a good idea.

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