All Forum Posts by: Jessica Swingle

I agree.

It's all about your team members. Who you know locally & who you trust. And, of course, your ability to analyze the deal.

Typically, I don't visit a property before making an offer because I have the tools and resources to analyze it (including estimating repair costs) remotely. That said, I have access to local data and a general understanding of neighborhoods, renovation trends and costs for my area. I would be much less confident analyzing or managing a deal outside my market without the help of reliable, trustworthy experts in those areas.

Hi Kris,

Generally speaking, it is very difficult to find rent-to-value numbers like that in Northern Virginia (Fairfax County). Instead of your $2,600 for 160K, ours are about the opposite...you'd be looking at $1,600 in rent for a $260,000 property. Which is why many investors in our area are at break-even or slightly negative cash flow (assuming 20% down, market rate, 30 yr term).

Of course, it depends on where in NoVA you are buying (every neighborhood varies slightly) and what kind of deal you can get, but the market here is very competitive and inventory is low. It really comes down to where you are sourcing your deals. In any case, a deal with numbers similar to yours is rare.

I would agree with others that is always a lot to learn in this business. That said, rock on! Successful entrepreneurs are resourceful and know how to take advantage of opportunity. There are plenty of people who have financial resources who DON'T take the initiative to create something from them.

I certainly didn't start out with any advantages, but I don't believe your availability to funds and access to a growing market as a young person limits my potential in any way. Just means I have to work harder to find cash & deals:). In the end, we all come to this business with strengths and weaknesses. The whole point is to maximize your strengths, which is what you've done. There will be plenty of time for you to overcome challenges and grow as a real estate entrepreneur. Stay humble, stay hungry, keep moving. Celebrate your successes and reach out for help when you need it.

Best of luck.

Jessica

I didn't realize you are active duty. That's great.

Dave was Army with the Ranger Battalion at Ft. Benning for 8 years. We decided 8 deployments were enough(!) and he went the private contractor route, which is what brought us to NoVA. We are thankful for the military experience, but I gotta say, getting out was one of best decision we've made. It's nice to have him home. For good.

@John Rubino You rock.

Hi BP Friends,

Can anyone recommend a reputable Property Management company for SFH/TH in NoVA?

Thank you,

Jessica

Hi Raquel.

Welcome to BP.

My focus is Northern Virginia, but many investors I work with tackle the tri-state area (VA, MD & DC).

Have you looked into CAZA Meetup (located in Reston, VA) or Baltimore REIA? I've made excellent contacts through those local groups over the years and several investors there (including Rob & Mark who lead CAZA) rehab & invest in DC.

Are you interested in Northern Virginia as well?

Jessica.

Welcome Olia.

@Alison M. is right - there is a large network of investors here on BP. I'm always amazed at the wealth of knowledge and experience that is shared on a daily basis.

I also recommend attending the local meet-ups. It's a fantastic way to meet like-minded (and successful) people in our area.

I focus on wholesaling & selling in Northern Virginia. I'm still constantly learning myself, but would be happy to help any way I can.

Cheers.

Hi Everybody.

There was interest in this topic from others, so I thought I'd share an update...

After much research, debate, and conversations with OH attorneys, here is a message I received from a successful note broker that I think sums it up well:

"To summarize, a few states have specific laws related to referring seller financed notes to investors but most don't. In some instances brokers will look at getting a license that is close (i.e. real estate broker or mortgage broker) even when it is not required. Of course you are not selling real estate or originating loans so it can also cause confusion. Until states decide to specifically regulate (like California which has its pros and cons) this will continue to be a grey area that we encourage you to discuss with your legal counsel in your state."

Ohio is in that grey area and I currently do not have the full experience requirements needed for a Mortgage Broker's License in that state (which would clearly afford me the most protection as a broker). I think there is still a lot of confusion over who the players are and what the rules are...at least that's the general consensus I'm getting from the people I've spoken to about it. At the end of the day, I've decided it's not worth the risk to broker without a license and will not be moving forward with establishing a note broker business at this time.

I'm still very interested interested in buying notes and the note business in general, however, with fuzzy guidelines and new regulations, I'm not willing to take the risk to broker in Ohio. I will continue to utilize my real estate license and concentrate on my property business.

Hope this helps.

@David Beard @Darrin Carey

@Christina R.

I discuss both scenarios upfront. For example, if it's a "pretty" property and vacant, I tell them they will likely net more by listing it even if they have to pay Realtor fees (unless they have to sell immediately for some reason). However, if there are tenants in place (they don't want to disturb) or if it's so beat up it's un-financable, I tell them it's going to sell to an investor anyway. It really depends on a lot of factors as to which solution I recommend, but I always have the "list vs. buy" conversation and explain the differences between the two.

I 2nd what @Stephanie Dupuis suggests.

Frank's books are awesome.

The BP Repair book is fantastic as well.