All Forum Posts by: Adam Teshome

The gentleman who recommend Ashburn and to rent a room is on point. Use your 3-5% down primary residence financing as much as possible and rent out an extra room. 2-4 units in DC are amazing but majority have been converted to condos or the competition is too much (I own 2, bought in 2010/2012). DC also has horrible tenant laws so I’m no longer fooling with that mess. Virginia is great. Loudon county is where all the jobs are moving and where I would buy if I was young and single.

I am 44 and killing myself for not buying more properties in DC after I purchased my first 4 unit in 2010. Buy something that you can house hack (roommate). Then every year keep buying another place. Even if you are cash flow negative by a few hundred dollars, over 10 years the appreciation will far surpass your negative cash flow and rents will catch up eventually. Work on increasing your income/career instead of fantasizing about quitting your job. More money you make more cushion for real estate. Good luck!!

Thanks for the reply Jonathan! You are right, we probably could do better at presenting exactly what we are looking for. Any suggestions on how to do that? Is it as simple as preparing a powerpoint and send to brokers? Appreciate the wisdom... 

Thanks for the reply @Jonathan R McLaughlin, my partner has contacted multiple brokers and they just give him the same response of "I have too many buyers and not enough deals"... We dont have much experience except for few quads that we already own so maybe we need to partner with another person who has larger multi-family experience..

Hello BP Family! Looking for my next move. I took advantage of low rates and refinanced a couple of my investment properties leaving a lump some of around $250k. I was trying to move into a larger multifamily but the market is next to impossible without experience and connections. Brokers want nothing to do with us. Should I transition to buying cheaper Midwest duplexes and go after cash flow or sit on the cash and wait for the market frenzy to slow down. I’m worried that if I go the duplex route I will not have enough capital to chase larger multifamily. Any suggestions?

Appreciate everyone’s insight. Great feedback!

Try to foster relationships with veteran associations, battered women groups, etc.. Also check out this site socialserv.com that caters to housing association needs. SocialServe.com has helped my PM find more than a few section 8 tenants. Be careful though, screening IS VERY IMPORTANT. Some will be way more of a headache than others. Good luck..

Thanks Brad. I need to start demanding more out of them. They need to manage my building and I need to manage them. Is it normal to task them to get multiple quotes? There is nothing in the management agreement relating to soliciting 3rd party quotes.

Is it a conflict of interest if my PM company only provides quotes from their in house team? I am worried that I am paying too much for turnover/major repairs without collecting multiple quotes...

Does anyone have any recommendations/referrals for someone to install mini split ductless AC in Washington DC? Thanks In advance!