All Forum Posts by: Greg W.

Hard to make the numbers work on SF or MF in NOVA. Also hard to find MF in NOVA at all. You should look at further out areas such as the ones mentioned above or a different market. 

Here's an example of a NOVA duplex. $895,000 with gross rent of $4,200/mo. 

https://www.redfin.com/VA/Alexandria/215-E-Bellefo...

I see a total of four MF listed in NOVA currently.

check out Amica insurance. Very happy with them and prices are hard to beat. 

I might be interested in the property. Is it in Alexandria?

You are going to want to verify expenses, so ask for utility bill, sewer bill, trash, electric. 

Verify rents are being collected. Copies of checks or better yet, their bank statements showing the deposits (they can redact their other transactions).

Verify security deposits have been collected and the amounts. Have tenants sign a statement acknowledging said security deposit. 

Who owns appliances? If it's common to bring your own in that area! Make sure you know who owns them and get it in writing from tenants, yes or no, theirs or not. 

Good luck!

Check out Amica Insurance. Hard to beat their prices. We have our personal residence and investment properties with them. 

http://www.amica.com/en.html

For the most part, credit unions are a very good choice for personal banking but not quite as good for business banking. Business banking typically isn't their bread and butter. Still, it may be worth checking them out because you may want to move your personal accounts to them.

Try looking at small local banks, like the ones your drive by near your house but don't pay attention to. These typically are business-friendly without all the junk fees. They typically only have a couple of branches. 

My townhome association is looking for a handyman/contractor to do some small repair work. Any recommendations?

Here's what's needed:

• Concrete work needed is 3 slabs that surround the steps and 3 slabs/sidewalk to extend around the mailboxes. The current concrete is not big enough. I do need to contact the homeowner for permission. It's a single family home. The previous homeowner wanted the Association to move the entire box that we didn't put there.
• Caulking around the stoops on the front steps to each unit. It could be a possible 68 units. We will know more when we do our spring walk around the first week of May. The slabs/sidewalks pull away from the front steps at the bottom and if not caulked water gets in and creates more damage. The old caulk is coming out at some units.

It's time to sell your dogs, increase operational efficiency (increase rents, decrease expenses) and bank the cash for the next opportunity, whenever that may be. Hopefully not too long.

I'm also having a lot of trouble finding anything that will cash flow; MF, townhouse or SFH. Not a lot of inventory in the lower price ranges for a solid year now. I have seen some, infrequently, on the MLS that would significant work but that's not something I'm comfortable doing from long distance.