All Forum Posts by: Ika Sargeant

@Tiffany L. I have been looking at Richmond market for an AirB&B. Is there anyway I can join in the meet up virtually. Would love to hear the response from the people who are in the short term rentals on how much they make monthly and expenses. Just share average expenses and revenue.

@Howard Spector there is no way a 5bedroom single home rents for $1400/month in Fairfax county. Depending on the city- rent will be around 3500/month. Rough estimation here. The second point I have is rather a question; are you targeting just people with section 8 coupons. I can not comment on the amounts but I have seen families with vouchers more than $3500. Anyway Nova is a bit difficult to cash flow right away after you buy even when you put down 20%. I am looking to buy a home too but my revenue model is a little bit different and I was hoping for a higher cash flow. I focused on Annandale and Falls Church but my numbers come back looking terrible. Anyway good luck.

@G. Gooden I agree with the person who is saying these are not make or break issues, thankfully. This is why its important to treat the seller doing a rent back like you would treat a tenant. Get a security deposit when you both sign the agreement and do a walkthrough. Which you did. I would say get the stuff fixed and enjoy your new house. 

@Lee Lim Those cities have gone through solid appreciation in the last couple of years. They are also high cost areas. I would be happy to talk to you about buying.

@Aj Parikh It sounds like overall you did well because like you said this was a cosmetic flip. You probably learned many valuable lessons from this deal. On the other hand I am not surprised because I see these so called discounted properties by wholesalers and the first things that surprises me all the time is how the ARV is overinflated. I think the difficulty is always to predict what the market will be when you sell may be after 3-6 months but it is important to track the market you are flipping in so your values are accurate. Another point I would make here is people forget even when the market is hot; you might have segments of that market that are not so hot. As for repair costs; the demand has been strong and so everything went up. I think most of us are finding out the costs surpass all estimates. This is a long way of saying congrats!!!

@Rachel Odumu I will send you some contact tomorrow.

@Rachel Odumu for closing costs may be estimate around 3%. You can get a more accurate picture if you have additional information that is specific to the property but for now just estimate. Unfortunately the contractors have been quoting those very insane prices. Demand was very strong. 

@sreenivisa Munnangi I am in northern Virginia and please feel to connect with me directly. I would be happy to help.

I just pulled single 3bed/2bath homes renting 2800-3500 in Arlington VA. One thing I am seeing is the days on the market for rentals has come down to close to 20 days.

@Tyler Clark I think most people who work in real estate or similar profession are required to take Fair housing classes. So when we work with individuals we make them aware of the rules. But every now and then you hear of large companies that violate the laws for one reason or another. But some things seem mundane like those love letters that buyers used to write. If you do take a step back you realize the letters were really a dog whistle even though on the surface they appeared pretty innocent.