All Forum Posts by: Gregory Cudzilo

That would be great! Thanks Adrienne!

Eric, thanks for the reply! Some good things to think about for sure...I appreciate it.

My significant other and I live in Northern Virginia, but we plan to buy land (15-20 ish acres) in eastern WV. We plan to build a cabin and use the property for a weekend/outdoor getaway (hiking, climbing, shooting, kayaking, ect)

I've never bought just land before, and have only bought one house thus far. Are there any key things I need to know or should look out for when buying land? Anything different or key questions to ask during the process? Thanks!

@Joe Facenda Thank you for the help/information! 

@Joe Facenda Using my little investment knowledge and math skills, I roughly checked the numbers based on what 1,000sqft 2 bed/2baths rent for in that area currently. It would likely negative cash flow by $200-300 a month, UNLESS we could get $2,100 a month, which is unikely given the average in that area currently is about 1,700-1,800 ish. 

Is there a downside to refinancing then deciding to sell anyway?

@Joe Facenda Thanks for your insight..that is really a helpful post and gives me a lot to think about. I need to explore the idea of looking at other, less expensive markets such as Fredricksburg, Winchester, ect. I did a quick look at some of the recently sold condos in her building (Same sq foot and # of bed/baths) and they've sold for about 15-20k more than what she paid for hers back in 2015 so it might make sense to sell now and use that extra cash for a place in a better cash flowing area like you suggested. We shall see....

I will definitely do that..thanks!

Thanks Joaquin and Mary for the insight...I appreciate it! It's good to hear people not slam condos as rentals in Alexandria. I will have to take a look at the numbers again  as it might be the better move to hold on and rent.

Thanks for the great response Andres! I'm not familiar with what a pro forma spreadsheet is...I'll google it.

I also like your thoughts on purchasing in the hopes of it increasing in value down the road...makes sense.

Awesome...thank you for the responses! My significant other owns a condo in Alexandria near the NOVA hospital and she is moving into my house this summer. Even though the HOA fee is pretty high, we're considering holding on to her condo and renting it out, using that as our starter for investing. I've read a few articles on here describing the difficulties of condo renting, but selling it now with Amazon rolling into town in a few years just seems like the wrong move. I appreciate the responses and advice so far.