Newbie - interested in Northern VA and NW Florida areas

Great Falls, VA · Member since 2016 · 6 posts · 1 vote

I just joined the community (there goes the neighborhood!) and am interested in learning about small multifamily unit investing in Northern Virginia and NW Florida/South Alabama. I'm also interested in learning about investment properties that can be leased through websites such as VRBO.com and Homeaway.com. I have lots to learn, but am excited to start!

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Chris SeveneyBusiness Member

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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes

10y

@Anthony Black Welcome to the site. as @Russell Brazil who is a local realtor and resident expert will say, MF in Northern Virginia are far and between. If there is one that comes on the market, it is gone in seconds. The supply of multifamily in the NOVA is extremely limited.

I cannot help you on VRBO or home away, but if you have questions pertaining to renovation, construction etc. I am more than happy to lend a helping hand

@Anthony Black

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Eva Karnaukh
Investor · Chantilly, VA · Member since 2016 · 29 posts · 8 votes
10y
Welcome to BP!
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Chris SeveneyBusiness Member
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Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
10y
@Anthony Black Welcome to the site. as @Russell Brazil who is a local realtor and resident expert will say, MF in Northern Virginia are far and between. If there is one that comes on the market, it is gone in seconds. The supply of multifamily in the NOVA is extremely limited.
I cannot help you on VRBO or home away, but if you have questions pertaining to renovation, construction etc. I am more than happy to lend a helping hand
@Anthony Black
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Rodwell Smith
Involved In Real Estate · Washington, Washington D.C. · Member since 2011 · 4 posts · 0 votes
10y
The cycle for Multi-Family properties will change shortly. Sellers are controlling now from getting quick relief with the low interest rates. I see the lack-of-inventory here in DC as well but you will get some opportunities by the time you tour FL and AL & back. :)
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Andrew Michael
Lender · Frederick/ Falls Church DC, Maryland & Virginia · Member since 2014 · 794 posts · 612 votes
10y
I would second what @Chris Seveney has said. Especially starting out you may want to consider some of the more rural areas of VA and MD for your first multifamily however I do not want to deter you trying in the DC area if that is your goal.
I actually acquired my biggest multi through a FSBO internet key word alert AND got him to carry the note so anything is possible.
Anyway welcome to the site and happy investing!
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Anthony Black
OP
Great Falls, VA · Member since 2016 · 6 posts · 1 vote
10y
Hey, thanks for the welcome everyone! You are right @Andrew Michael, I definitely would be looking in more rural parts of Northern VA for multifamily and don't really expect much to be honest. I think I will likely have more luck in Florabama. Nova has an abundance of town homes which also interest me. Anybody have advice about learning the in's and outs of acquiring town homes in the area at a good price and managing them as rentals?
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Anthony Black
OP
Great Falls, VA · Member since 2016 · 6 posts · 1 vote
10y
Are town homes good investments now?
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Andrew Michael
Lender · Frederick/ Falls Church DC, Maryland & Virginia · Member since 2014 · 794 posts · 612 votes
10y
Depends, personally my biggest turnoff with town homes is the associated HOA and fee's. Make sure to factor in those extra costs if they apply. To answer your question, apartments, condos, town homes, sfh, etc are all good investments if the numbers work. I think to start SFH and Multis are the most straightforward type of investments but it all depends on your strategy and focus.
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Russell BrazilBusiness Member
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Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
10y
Originally posted by @Chris Seveney:

@Anthony Black Welcome to the site. as @Russell Brazil who is a local realtor and resident expert will say, MF in Northern Virginia are far and between. If there is one that comes on the market, it is gone in seconds. The supply of multifamily in the NOVA is extremely limited.
I cannot help you on VRBO or home away, but if you have questions pertaining to renovation, construction etc. I am more than happy to lend a helping hand
@Anthony Black
Yup Chris can read my mind. Small multifamily (2-4 units) is pretty much non existent in NoVa. Some can of course be found in DC, specifically in Trinidad, Brentwood and that general vicinity of the city....but the highest and best use of those properties is to be converted into condos, which they are and which further exasperates the shortage of MFHs. You can find some in Takoma Park MD, but their very restrictive rent control almost guarantees you a loss on the properties.
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Danielle Fattizzi
Wholesaler · Saint Augustine, FL · Member since 2016 · 328 posts · 98 votes
10y
Welcome @Anthony Black! I am located in NW Florida so let me know if you need anything!
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Carson Sweezy
Rental Property Investor · Fairfax, VA · Member since 2014 · 328 posts · 101 votes
10y
Welcome Anthony Black you've come to the right site for learning and focusing your goals. checkout the local meetups too!
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Anthony Black
OP
Great Falls, VA · Member since 2016 · 6 posts · 1 vote
10y
I've got sooooo many questions (I could keep this thread going for years with all of them!). My initial questions are:
1) Where are good places to look for small MF deals in NW Florida/Lower Alabama? I've seen some on Zillow...
2) Is there a standard way to evaluate these deals (spreadsheet, formulas, etc)?
3) What % money down is typically required?
I assume a lot of small MF properties have mom&pop owners...if so, how do you verify the info they give you if their record keeping is poor/non-existent?
I GREATLY appreciate any insight!
Tony
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Candace A.
Auburn, AL · Member since 2016 · 20 posts · 5 votes
10y
@Anthony Black _ I am actually putting my personal house on VRBO because of the football madness in my town. There is a bit a of a oil problem that is causing headaches in the beaches in Alabama and the florida panhandle. But if you have any questions about VRBO, send me a PM and I'll try to answer to the best of my ability.
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Ronald McKinney
Pensacola, FL · Member since 2014 · 4 posts · 0 votes
10y
@Anthony Black - Welcome to the family. I am an realtor/wholesaler based in Pensacola FL. I'm wholesaling commercial and looking at residential now as well. I know the area here and will help anyway I can. Send me your specs and I'll let you know what I find!
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William Allen
Investor / Wholesaler · Nashville, TN · Member since 2014 · 1k+ posts · 667 votes
10y
@Ronald McKinney If you have any commercial deals in our area to wholesale send them my way.
@Anthony Black I am a wholesaler and flipper in Escambia and Santa Rosa counties (NW Florida) and we do some work in Mobile and Baldwin Counties of Alabama but not much. If you need anything or are interested in this area feel free to reach out to me and send a PM or email.
Welcome to BP!
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Ronald McKinney
Pensacola, FL · Member since 2014 · 4 posts · 0 votes
10y
@William Allen - emailing you now. I have my first commercial in the works and am looking for quality buyers.
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Ayodeji Kuponiyi
Investor · King of Prussia, PA · Member since 2014 · 1k+ posts · 339 votes
10y
@Anthony Black welcome to BP! Best/first thing to do is get educated. Read read read! Read books on investing in real estate, listen to the podcasts, attend webinars and stay active on the forums while connecting with other investors in your area and pick a niche. Best of luck!
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Jerry Limber
Investor · Sterling, VA · Member since 2014 · 26 posts · 32 votes
10y
Hey Anthony Black , welcome to the community! I live in Sterling myself and am in the middle of purchasing my second AirBnB investment property in Florida. If you want to get together for lunch sometime and talk real estate, let me know! Hi Carson Sweezy , is there a particular meet up in NOVA that you recommend? Jerry
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Paul Timmins
Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
10y
@Anthony Black
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
Paul
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Eva Karnaukh
Investor · Chantilly, VA · Member since 2016 · 29 posts · 8 votes
10y
Hey Jerry Limber ! There are a ton of meet ups in our area, and I could not attend all of them, but some are pretty shady and others are trying to trick you into something. Carson Sweezy can you suggest any? Who else is local to this DC Virginia or Maryland area can recommend a good club to join
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Kevin Taylor
Gwynn Oak, MD · Member since 2016 · 4 posts · 8 votes
10y
@Eva Karnaukh, One thing that I would do if I were you is go to the National REIA Website and check for REIA's that are associated with them. That might lead you in the right direction. I'm in the Baltimore area with a lot of REIA's and groups and there is only one in the Baltimore area that is affiliated with the NATIONAL REIA and includes the benefits of the NATIONAL REIA. From what I see, Traction REIA is in your area and I've heard a lot of good things about Traction in Maryland. I wish they were closer to where I live.
This might help...
http://nationalreia.org/find-a-reia/ Look for a chapter within the range of the City that you type into the search box.
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