Realtor 路 Leesburg, VA 路 Member since 2019 路 56 posts 路 30 votes
I live in Loudoun County in Northern VA, avg price point is ~500k for a SFH and I am starting to drive for dollars.
Just curious for those that do/have done this:
- how do you approach this practice in areas where there aren't really any borded-up properties or "visibly distressed" properties?
- my investing strategy is buy/hold and BRRRR which I think works in this market because I'm making more long-term plays.
- have you found a deal/deals in a high priced market and can share the details?
FYI I'm a new investor so I'm still in the planning phase. I am still researching and part of that is coming to BP and masterminding with others. My goal is to get my first property in 2021.
I'd strongly recommend getting outside of northern VA.... VA itself has a lot to offer! Find military bases, as it essentially locks down a transient population. Check out the Tri-cities, which is south of Richmond, Hampton roads, Roanoke or I've been hearing some things about Blackstone VA!
Real Estate Agent 路 Reston, VA 路 Member since 2020 路 84 posts 路 53 votes
5y
@Leo Watts
What do you look for driving though? I see you said older homes that have had the same owner for a long time but you can find all that online. When you are driving around are there any tell tale signs that I should be looking for? Sorry for asking your criteria when I'm also in NoVa (I'm not trying to swoop in on deals,, just looking for knowledge lol). I look through records for owed taxes and things like that, but I always kinda wrote off physically driving around mclean, Langley, oakton ect. areas looking for homes. Any insight would be much appreciated 馃檹
Real Estate Agent 路 Washington, DC 路 Member since 2017 路 109 posts 路 93 votes
5y
@James Webber
If someone has remodeled recently that鈥檚 bad. No freshly painted doors. No expensive landscaping. Shutter paint colors circa 1970. Ideally no signs of kids (swing set) etc as they are normally more settled. You look for the old house that money hasn鈥檛 been invested in lately. Older roofs with leaves piling up.
Real Estate Agent 路 Reston, VA 路 Member since 2020 路 84 posts 路 53 votes
5y
@Leo Watts
That is interesting, I never thought of it that way. Badically in an upscale neighborhoods, it is more about which houses aren't updated or "extra" taken care of. This is gonna change the way I think about D4D. Thank you for the tips! I've only been on BP for a couple weeks but this community is awesome.
Chantilly, VA 路 Member since 2019 路 29 posts 路 7 votes
5y
We were working with a realtor to find our next home. She said people here are putting in offers +40K over asking with no contingencies. Crazy. We wound up signing a contract for a new construction TH 3 miles away from our current TH. We refi'd out of my VA loan in October and are moving to the new place around July. This one will be converted into our first rental. It will cashflow somewhere around 400/mo if I self manage. We have lived here 10 years and it appreciated about 150K. It may not be glorious when it comes to returns, but the neighborhood and location are fantastic.
I don't see D4D working here in the South Riding area, but there are older neighborhoods nestled nearby if you know where to look. Just a couple miles east, you can find an older neighborhood that is still priced in an affordable (for this area) range. Check out the neighborhood where Cub Run Road is. We were checking out a house there before we went with our new/future TH in the Prosperity Plains development.
Centerville and Sterling also have pretty solid value and haven't blown up as fast as surrounding areas. A lot more older construction there. Woodbridge, more specifically, the Lakeridge area are a lot more affordable and have some great neighborhoods.
I am just a regular dude, not a real estate professional, but I have been looking to find investments for years. Finally going to start this summer. I know it is not stellar returns, but this is just how I am going to begin. Good luck on your journey!