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All Forum Posts by: Cassidy Burns

Cassidy Burns has started 234 posts and replied 764 times.

Post: new willing to learn investor in DC Area

Cassidy Burns
Posted
  • Investor
  • Washington, DC
  • Posts 818
  • Votes 447

@Jared M Pilarski welcome to BP!  

Post: condo rentals a good idea for beginner landlords?

Cassidy Burns
Posted
  • Investor
  • Washington, DC
  • Posts 818
  • Votes 447

I know that in Washington DC Condos have been historically great over the last 10 years.  Cash flow may not be as high but appreciation and principal pay down/equity build up is high due to the higher rents being collected.

IT ALL DEPENDS ON YOUR PERSONAL STRATEGY!

Good luck!

Post: Washington DC, Interested in Becoming a Real Estate Investor

Cassidy Burns
Posted
  • Investor
  • Washington, DC
  • Posts 818
  • Votes 447

Welcome to BP @Eugene Vorotnikov.  As always, @Russell Brazil is correct regarding the DC multifamily market, very competitive, low inventory, and even smaller returns.  However, if you create a great marketing campaign you can find opportunities that way.

Good luck!

Post: Overwhelmed with Bookkeeping. How to get organized/Back on Track

Cassidy Burns
Posted
  • Investor
  • Washington, DC
  • Posts 818
  • Votes 447

Good Morning BP,

As Tax Season approaches, and this being my first full year of real estate investing, I realize that the one task that I personally am absolutely am horrible at and hate doing is bookkeeping. I have tired google sheets, quickbooks, writing everything down but I just can't seem to find a good system that works for me and/or that I can easily and systematically implement. I have hired 2 VA's over the past 2-3 months to input data into quickbooks and they haven't panned out either.

Do you have suggestions on a low cost yet effective way to get this off of my plate/have everything in one place?  I know I could have my accountant do this but it is extremely expensive for the 11 properties that I currently have. I do however plan to purchase 20+ units this year but feel as if I should get this system in place before I get in over my head.  

Any online platforms/property management platforms that are efficient for this?

Any suggestions are greatly appreciated. 

Post: Would you decrease monthly rent in order to keep a great tenant?

Cassidy Burns
Posted
  • Investor
  • Washington, DC
  • Posts 818
  • Votes 447

@Bryan O. market rent for a 2 bed/1 bath is $600/month.  I had rent set for $625 and then she has 2 small kittens so it is $25/month per cat for the pet fees!

Post: Would you decrease monthly rent in order to keep a great tenant?

Cassidy Burns
Posted
  • Investor
  • Washington, DC
  • Posts 818
  • Votes 447

Hi Everyone thanks for the great advice.  I really appreciate it.

Post: Would you decrease monthly rent in order to keep a great tenant?

Cassidy Burns
Posted
  • Investor
  • Washington, DC
  • Posts 818
  • Votes 447

Good Morning BP,

I have a wonderful tenant who has been with me for 8 months now and just reached out to me yesterday that she has to move May 1 as the rent is a littler higher than she would like to be paying ($625 + 2x$25/pet Fee= $675 total)

The particular unit was a BRRR and has had a lot of very nice updates, I have refinanced, pulled all of my initial investment out, and is now INF% Cash on Cash and still has 30% Equity and is cash flowing $200/month after all PITI, expenses, cap expenditures, property management, etc.

The Question is, do I offer to reduce the rent to maybe $625/month in order to keep the tenant for a longer term lease?

Would love to hear your thoughts.

Post: Wholesaling in Northern Virginia

Cassidy Burns
Posted
  • Investor
  • Washington, DC
  • Posts 818
  • Votes 447

@Matthew Perez congrats on getting started.  The best advice I could possible give you is "conduct your business with integrity."  There are to many wholesalers in this area that really put a damper on the market and are making it harder for true investors to conduct business because they are giving real estate investors a bad name by doing the following:

1.) Getting properties under contract without disclosing they will assign 

2.) Marketing properties that they do not even have under contract

3.) Getting something under contract, not being able to assign the contract because it is really not a deal and then the seller is skeptical about future investors that are trying to pursue the property.

Good luck!

Post: Local or Distant? and Investing in Condo's

Cassidy Burns
Posted
  • Investor
  • Washington, DC
  • Posts 818
  • Votes 447

@Account Closed Condos in DC rent fairly easily, especially in more desirable areas in the NW and NE locations.  With 100k you are looking at having 20% down for around 400k but you will also have to cover closing costs.  I would highly recommend, if you do condos to stick with 2+ bedrooms as they are renting quicker than the 1 bedroom units.  

Seems that most individuals are wanting more affordable rent so they are getting roommates and splitting the rents.

For Instance: 

2 Bedroom in Eckington, NE is going for roughly $2,500/month.  A 1 Bedroom is going for $1,750-$2000.  Now individuals are splitting that $2,500/month= $1,250/each instead of paying the higher price for having their own place.

Now there is always a renter that will rent by themselves but just a little insight when you are searching. 

Good luck.

Post: Washington DC/Maryland Market

Cassidy Burns
Posted
  • Investor
  • Washington, DC
  • Posts 818
  • Votes 447

@Olivia Umoren welcome to BiggerPockets.  As Russell said, its all about quality of life and picking a location where you feel comfortable living.  There are plenty of pockets in DC where you can find good valued properties that will also drive healthy rents in the multifamily space.

Another way to "house hack" in the district if the multifamily space is to expensive for you is to purchase a single family house or condo with multiple bedrooms and rent out the rooms to friends/like minded individuals that you wouldn't mind living with. 

You could purchase a 4 bedroom home in Columbia Heights/Petworth and rent the rooms out for $1,200/each putting your monthly potential income at $3,600 and you still have a place to live.   This works for some!  Just a suggestion.

Good luck!