All Forum Posts by: Jamal Atwell

Well thanks everyone for the very far contrasting insights. I guess I kinda learned that the 2% was a very strict rule of thumb that isn't a clear cut buy/dont buy signal. I have however learned that you need to account for vacancies/repair in your budget costs or you could end up underwater and the property is not really cash flowing. I guess as long as those expenses are covered it could be a good investment.

@Cedric Brown I'm actually going to my first REIA on the 26th. It's a TractionREIA. It's $20 ticket and I'm going with a friend of mine looking to invest as well. Feel free to go! It's in Tysons Corner.

It seems like it's impossible to find places that rent following the guidelines of the 2% rules.  If a property that's $200,000 should rent for around $4000/mo to cash flew that seems quite extreme. Or is it just that the DC area doesn't have properties like these...

@Cedric Brown Welcome Cedric. I am 23 and also live in Arlington (by PCity mall). Well welcome to the group! Maybe I will see you around!

@DeAunte Hawkins There is actually one coming up on the 26th in Tysons Corner. It's a TranctionREIA meeting and $20 ticket. This will be my first REIA and I will attend this first one to see how it is before I decide to subscribe for a year.

You can find more info on the event at the link...

http://tractionreia.com/th_event/traction-reia-tysons-monthly-meeting-june14/

Seems like I've heard that quite a bit. Maybe I'll avoid that one.

@DeAunte Hawkins Welcome DeAunte. I'm in the area as well (Arlington, VA) and looking to attend some REIA's as well. I'll see you around!

@Vanna H.  I too am curious about DCREIA. Seems it could be solid information but it seems very sales pitch like. Anyone have experience with DCREIA?

I just found out about the idea of Piggyback loans and did a little research in them. Are they worth it to buy a rental property? Or should you just take out the single loan with a lower downpayment and pay the PMI. Any advice would be greatly appreciated!

Thanks

@Huy N.  Fortunately it's someone I've known for about 10 years so we trust each other very well. I kinda wanted something there just for extra measure. Although I know I have no intentions of taking his money it seems if there was something simple as a contract I could sign then why not.