All Forum Posts by: Brandon Wagner

Just a thought here, but could you just buy an owner occupant loan in Charlotte instead.  I'd think that would solve your problem, depending how long you plan on working there.

I have a contact for a good investor agent in the area.  I'll reach out.

Generally with repairs, I reach out to at least 3 companies.  If you can find a local company with a smaller staff and less overhead, they are usually the cheapest.  If it seems too cheap, it's for a reason, stay away.  

Also always check out their online profile/reviews.  Ask anyone you know if they have a good referral.  Especially agents in your area.  They always know people.

Congrats, and best of luck!

Another option you might want to consider is doing a lease/option contract.  Giving them the option to buy the property in the future, after making some payments.  Usually higher payments, than what they are already paying for rent.  You can even put some of those increased payments towards their purchase price to help them out.  Doesn't get you to your ultimate goal of selling the property soon to reinvest, but just another option for you to think about.

Sorry to hear about your loss.  Kudos to you for pushing forward, and not just freezing.  

Just a suggestion here, but sounds like you might be looking for a solution that doesn't involve much work.  You may want to consider private lending.  It might be an easier way to break into the market with less experience.  The lenders will usually do all of the underwriting for you, they just want the cash.  I'd be happy to help connect you with some people I know if this interests you.  Just send me a private message.

I know an investor friendly agent in the area.  I'll DM you.  He will know a lot of the other contacts you're looking for.

Hey Tom, I'm also investing in the area.  It's definitely getting harder and harder though.  there is a decent amount of networking events in the area.  Hopefully I'll even see you at one.  Would love to connect and talk real estate with you.

Welcome to the Real Estate investment world!  It is a great place to be.  I'm also investing in the Northern Virginia area.  The best advice I can give is to start with a primary residence.  That's the cheapest and most efficient way to get started.  Cash flowing in Northern Virginia, is going to be very difficult to do without house hacking.  I personally look at it from the perspective of I may not be making more money, but I can at least save money on my housing expense, which in the end is the exact same thing.  I also recommend starting to network in the area.  You clearly have already started by making this post, so you're on the right track.  

@Dev Paul you might actually be surprised like I was when i just looked. There arent a lot of options but there are townhomes in the area around loudoun county. Sterling, Manassas & leesburg. Also look a bit more west as well. Places like Berryville or even West VA. All of these are within 45 minutes or less of Loudoun. Good luck in the search!

If you want to keep scaling rapidly I wouldn't recommend having all the debt and only half of the income/upside.  Just take down the deal yourself.  If you need their income to get you into the game sooner and gain experience it'd be worth it in my opinion.

If you both are 50/50 in terms of money in I would say all rent/income is split 50/50. If you sell after 2 years you could argue that any appreciation would have been taxed if you didn't live there so I could see an argument to you getting slightly more of that then 50/50 but it's probably a negligible difference in the end.  If you both want to partner together for a long time I wouldn't be too gready.  Have your partner get the next loan to even it out.