All Forum Posts by: Adrienne Green

Hi @Scott Dongjin Lee! Welcome to the wealth building world of real estate investing.

Overall, solid plan. Use the suggestions here to make it even better. You've been given a lot of great advice on this thread.

One thing I'd emphasize to you is a key reason REI is such a great tool is leverage: you put as little into a house as possible, especially with the current low interest rates, in order to get leveraged returns. I don't want to hear you talk about 15 year mortgages or making extra payments on the principal! You keep that cash for more investments, and enjoy your leveraged returns!

My only other tip is don't let analysis paralysis keep you from taking action: you understand the fundamentals, take action when you find a good deal.

Hi @Marcus Coates! I've had a lot of HVACs replaced, and MICADI Remodeling has offered the best price combined with good service: micadiremodeling.com. Carlos can usually get out there pretty quickly to get you an estimate, and the job is often done within a week.  

If you'd prefer to go with an HVAC company, I'd recommend www.hvac-unlimited.com. Ned Wentworth there is a great guy, and will take good care of you.

@Evan C. that sounds like a great deal! You bring up the key factors most people are looking for in an out of town investment: area knowledge so they're comfortable it's a good deal, support network to maintain the property, and good returns! It sounds like you'll get a great return, so good for you!

In response to your thoughts on the Northern Virginia market, I think it's ideal for buy and hold due to the appreciation. Some people do well with fix and flips, but the cost of contractors (and housing!) in the area means those who are doing it have set up systems that make it work: insider deals on distressed properties, or buying foreclosures on the courthouse steps with cash, etc.  The capital requirements to buy in to the NOVA market do keep a lot of people on the sidelines, I'm glad you found a market you like with more approachable price points!

Hi @Evan C.. I see you're investing out of state, a popular route for Northern Virginians!  Where in NC did you decide to invest? What made you choose that area?

Hi @Phil W. great to meet another Leesburg investor here! Your properties must be cashflowing nicely if you've bought all at pre-2013 prices. What types of properties do you have, and how are they doing?

I'd also be interested in what deals you're seeing in Herndon/Reston. I just had a client put in an offer on an Herndon house that was all original to the 1970's, no updates. There were 13 offers in all, so no deal was to be had there! Based on ARV and repair costs, the winning offer would have to be someone who's okay with losing money or is doing all the repairs themselves in order to break even. So please share details on what you're seeing, I'd like to see it, too.

Hi @Cameron Mac! You're in the right place- there's a lot to learn here on BP, and a lot of great people to connect with. I'm a buy and hold investor with rentals in Leesburg VA and out of state. I look forward to seeing how I can help you!

Hi @Gilda VanderHeyden!  Yes, it's a hot market and things are selling quickly. But what is the underlying cause? It's because housing demand is vastly outnumbering supply in Northern Virginia due to our growing population. That is projected to continue for a very long time. 

I think the question is what is the better investment: the house you own, or selling and taking the proceeds and putting them in another investment? That could be another real estate investment, the stock market, etc.

Personally, I have 5 investment properties in Northern Virginia, and I'm not selling them right now. They are cash flowing, and I believe the market will continue to appreciate.

@Muoki Musau I'm heading down to Chattanooga TN, which is experiencing great growth and appreciation, but is still at more approachable price points versus Northern Virginia. A part of the plan is to setup a system that makes it easy and profitable for out of state investors to buy in to the market there! I'll be sure to keep you in the loop on opportunities!

Hey @Muoki Musau! Great questions, and I'm curious to see what insights people may share. Coming from a Northern Virginia mindset, I didn't really understand "driving for dollars" until I recently visited a less expensive area, where it was possible to drive around and see properties that were notably distressed. I'm curious how people do it in a profitable manner in NOVA. There are some that are visibly distressed here, but they are so few and far between...

@Aj Parikh smart call speaking to others who're experienced in the area. There's nothing that beats local knowledge!