All Forum Posts by: Joaquin Camarasa

Hey Matthew, 

I househack in Springfield VA and I believe is the best way to go. It is a great strategy to off set as much as possible from your mortgage payments while getting appreciation over the years, that's how it usually works in our area.

You can also purchase a condo that will typically be cashflow neutral after two or three years from purchase time. It depends on the level of management you'd like to do. 

It is very challenging to invest in our market. The most common strategy is to househack to reduce expenses as much as you can while you live in it. Eventually you can rent it out in the future when rents have matched or are superior to your monthly mortgage payment. Sometimes with condos valued below 200k you can break even. In addition to that currently sellers are still not accepting the new reality of the market and negotiations take significantly longer than usual. 

Adding to the above ensure to read the condo docs in detail to avoid rental restrictions. Some condo communities only allow a certain % of units to be rented at the same time. 

Adding to the above it should be rented in under 30 days.

Hey Tommy, 

It depends on how the townhome looks and where exactly is but that price point should be right on target. Townhomes in Burke - Springfield - South Alexandria go for around $2400 - $2900. A little northern and also close to the beltway Annandale, Fairfax, etc they are closer to $3000 or in the low $3000. Best way is to see the rented comps in the same community. Hope it helps.

It could mean no permits were pulled for that bathroom and is not registered on the county. At least, that's my guess. Some appraisers will still count it if they find it adds value to the property while others will go by the book. 

I see two options.

1. If you have experience with a similar property in the area. You then know the layout and can estimate the max labor and materials cost. 

2. If you don't have experience with a similar property. Assume the worse, if the numbers makes sense on the worse case scenario, go for it. 

Interest rates, mortgage applications, inflation and unemployment rate.

I'd focus on looking who is your competition for both options renting and selling. It is a fact there are less qualified buyers out there but if you are one of the top options you'll achieve your goal.

Are other properties close by similar to yours priced lower?

What are the recent sales in the last month? how much? Are they nicer than your properties?

The data should give you the answer.

Hey Amanda, 

I am based in Northern Virginia. My question would be what is the structure set up you have with your family members and what an ideal investment would work for all of you. Make sure to be very specific with all the family members on % and risk appetite for each of them.

If you are able to share what you have in mind now, we can probably help you to get closer to your goal, analyze how realistic it is as well as the risk involved.