All Forum Posts by: Ika Sargeant

Looking to replace a washer and dryer for a rental and looking for brands that are both reliable(long life span with little repair issues) and not too expensive. 

Just pulled some numbers yesterday for our Washington DC market. I looked Montgomery, Fairfax and Loudoun counties. The prices are holding steady mostly because the sellers who are holding off putting their homes on the market and as a result creating this supply shortage. The demand is still pretty strong. I do think real estate lags and we might not have immediate impact. Watch what May, June and July tell us. 

@Amy Zhang This area does not have a lot of multi family. You have places like Baltimore, Hagerstown that have lots of these multi family but very tough areas. Otherwise you have to keep your ear to the ground for what pops up. I have seen duplex, quads in places like Frederick MD, Winchester VA and other places.

@Michael Maltese I use the excel spreadsheet because it allows me to visually see items on the spreadsheet but I have also started using Tenant Cloud. I like it a lot too.

@Matthew Daniel Langner Hi from a neighbor(Botswana) I assume your property is in the US. My question would be; are you using a real estate agent? Since you are new to real estate, its extremely helpful to have someone who can ask the right question for you and if you are new you may not know what questions to ask. In most states the agent is paid by the seller, so why not take the freebie. I am sure you have lenders and you have to determined your best course for your property. This is if you are not buying cash. The only thing I would also add is make sure your numbers cover all the buying costs. People tend to underestimate costs and over estimate how much a property will sell or rent for. Otherwise I can not say much because you have said  little about what you are buying.

@Russell Brazil very true that demand is the best predictor of good properties. The only trouble is that most these areas in our market are out of reach for the average investor. 

@Arthur Voskanyan FHA loans are intended to help people buying homes and who have difficulty raising the money for a down deposit. I am sure your lender would ask if this is your primary residence and you likely said yes. Many people get around this by staying for a year in that residence. If you rent it out after you buy it, Your actions would be illegal. I am sure some people find it exciting to cheat the system but if you are going to be a long term investor do you want this illegal activity associated with your business. Illegal and unethical behavior might be successful short term goal but it's never really worth it long term.

@Ben Petersen A buyer can offer whatever they think the property is worth to them. You can contact the seller’ agent and feel them up. You can work yourself into their head. The right approach helps and may soften the seller. Sellers also know this is the start of a negotiation. But yes the wrong approach can anger some sellers and would not want to deal with you.

@Bianca Nunes You can break up this area into 2: 1. Inside the beltway or hugging the beltway and these are areas that have a lot of value. They are likely to rebound quicker from a market decline and see more appreciation than other areas. Of course the prices are high and very hard to cash flow. 2. Areas outside the beltway but close enough that they offer great value. You might find a SFH in area 2. For example I like Woodbridge area and Fredericksburg. I also pay attention to HOA/condo fees, taxes as this could kill your cash flow. I would consider properties that are in poor shape but not so bad that you will have to go into a full rehab especially when starting out. Yes it will take a bit of work but I think you can find something especially if this market changes.

@Ben Pielstick you are right, for now it appears like things are holding up but when things settle the impact is likely to be very bad. I think the larger point that is not been made now is; this economic hold is going to be a good 6 months up to the point we have a vaccine. Some things will restart soon but companies that depend on serving large crowds are going to have to lay off people for a longer time because they can not go back. I am afraid the economic picture is not going to be pretty and all that is still working itself into real estate. So yes I am on hold!!