All Forum Posts by: Ahmad Aram

Everything @Alecia Loveless mentions above is spot on. I would also advise that you speak to the condo HOA regarding renting the unit. My first rental property I purchase well over 20 years ago was a condo. After about 3 years of renting out the property, the HOA decided that they would no longer allow the units to be used as a rental property.

Many of the units were rentals at that time. I had to hire an attorney but it was a lost cause. I ended up having to sell the property.

Just a word of caution. Feel free to reach out for the long version of the story!

Great Advice from both of you no doubt. I knew I was in the right place :) I will keep this in mind as my search continues Victor. Currently lining up all my ducks to make sure I can take the plunge

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Quote from @Alecia Loveless:

@Ahmad Aram It can be harder to purchase homes using an LLC as opposed to your personal name. Depending on how many you anticipate buying and how quickly may provide insight into whether or not you want the added hassle of finding loans with an LLC. It is also my understanding that many lenders still require a personal guarantee for properties held in an LLC. I don't believe this is the case for DSCR loans.

One thing I will caution against is over renovating a condo. Just because you buy something for $350K and renovate it and put money into it doesn't necessarily mean that you will be able to get a much higher value on a BRRRR strategy if none of the other units in your development or area will comp out.

There are plenty of dated condos in my town that cost between $275-350K which could easily use $100K worth of renovation. If someone wanted to live there for years and years it might make sense for them personally but given that nothing else in the association is selling for more than $350K it would be futile.

I had friends some years ago that in a condo put in high end appliances, it was a chef and his wife, so think $20,000 stove, sub zero refrigerator and top end dish washer. Granite countertops before they were standard. They put in beautiful hardwood floors and high quality finishes throughout. They decided to sell and wanted $50,000 more than comparable units. It took them 4 years to sell and they had to lower their price to what other units were getting and finally just took a bath on the cost of their upgrades.

Just be careful with your budget and do t over renovate for the comps.

All Great Advice! I appreciate the time you took to explain all of this. I was thinking to keep it minimal. Update Kitchen countertops or "old" tiling work. To just update it. If done correctly keeping it well under 30k. But like you said all based on the intent of living in it or primarily moving it to a rental. The area I am in/looking is only growing from what recent news is saying. The plans that are coming out are promising.

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Quote from @Jared McFadden:

Quote from @Ahmad Aram:

Welcome to BP. Car guy as well. More of a Euro lover. But def respect a classic build!

Thank you, I'm also a Euro lover! I'm interested to hear what you have!

Currently in a 23’ M4 Competition Xdrive. Came from a 17’ AMG C63 which I do miss but M cars are built different haha! Miss that roar of the V8

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Cleveland, Ohio

Hi Everyone! I am in the NOVA/DC Area and am wanting to start/build a rental portfolio. I am a licensed Real Estate Agent in VA so the process of finding the homes/purchasing is not what concerns me. It's more so learning the in's and out's of doing things on the investment side. And all the tools that are out there.

Ive got close to 100k cash that I can use towards a down payment on a 1br,1b condo(which seems reasonable and easier to rent near me). And already have a LLC set up for my Real Estate Sales business. Some questions I have are

- Should I create another LLC to be purchasing these homes?

- My Lender suggests I live in the home for a year or so to benefit from the lower interest. This I am not opposed to as the properties I am looking at are very close to where I rent currently.

- Are there any tools out there that could potentially project what the property could rent for? I have MLS access and have been crosschecking the numbers that sites like Rentcast.io provide and they seem pretty darn accurate. MLS is obviously more in depth but for a rough number Rentcast seems to be great?

- Condo prices I am thinking are in the 350k and below range. Thinking a BRRRR strategy? They are mostly older condo buildings so they could def use some remodeling to increase the value. For sake of region I am in the Tysons|Mclean area.

Any advice is obviously appreciated and looking forward to hearing from you all :) Thanks!!

2 Votes

Welcome to BP. Car guy as well. More of a Euro lover. But def respect a classic build!

1 Vote

Cleveland, Ohio

Hi All! Just a brief introductory post about myself. My name is Ahmad, And I am a newer Real Estate Agent here in VA(NOVA) who is also wanting to dabble into REI. I am very interested in meeting/conversing with some like minded folks who may be able to offer some advice on where to get started on this journey!!

Some bullets about myself. Without getting too into the nitty gritty! lol

- Coming from a software background I have a huge thirst for knowledge and learning how things work inside and out. And super analytical and borderline over thinker. Hoping these qualities can help me in the long run! And allow me to educate those I interact with

- I want to be able to help others with my knowledge of investing and just general buying and selling of real estate to reach their goals. Whether this be buying their dream home. Second, Third, Etc. Home, Or just wanting to learn more about Real Estate as a whole.

- Huge car buff who loves to go to the local meets and interact with other car enthusiasts. And drool over the exotics in the area(hehe). Trying to do this more to get my name out there no doubt!

Super excited to hear from everyone and start lurking through the forums!!

1 Vote

Fairfax, Virginia

All Forum Posts by: Ahmad Aram

Ahmad Aram has started 3 posts and replied 16 times.

Post: Looking to Purchase First Property/Investment

Post: Looking to Purchase First Property/Investment

Post: The car guy Realtor®

Post: Looking to Purchase First Property/Investment

Post: The car guy Realtor®

Post: Hello Everyone! Newer Agent in NOVA(VA)