All Forum Posts by: Kiara Colon
Kiara Colon has started 10 posts and replied 36 times.
Post: Uneasy feeling about applicant
- Investor
- Washington, DC
- Posts 41
- Votes 23
I would not under any circumstance let that person become a tenant of mine. They are circumventing the people and processes that you've set in place before a lease is even signed, so it would be an indicator to me that they will do the same once they become a tenant. Being impatient is one thing, but not using the agent for information is another. I'd skip their application (if they even submitted one) altogether, and find someone else. Good luck!
Post: What Phase are you in on the SMARTER way to invest in Real Estate?
- Investor
- Washington, DC
- Posts 41
- Votes 23
I'm still in the acquisition phase, as I only have one 4-unit property in my RE portfolio (besides my primary residence). However, i'm rehab/rent for the property that I own as well.
Post: Small multifamily unit in DC
- Investor
- Washington, DC
- Posts 41
- Votes 23
Quote from @Bob S.:
Quote from @Kiara Colon:
Investment Info:
Small multi-family (2-4 units) buy & hold investment in North Little Rock.
Purchase price: $810,000
Cash invested: $20,000
4-unit complex, purchased with VA loan, owner operated and maanged.
What made you interested in investing in this type of deal?
Getting into small multifamily investments to one day become an owner of commercial property.
How did you find this deal and how did you negotiate it?
I found it through CREXI, and didn’t negotiate much since my realtor did the negotiations for me
How did you finance this deal?
VA Loan
How did you add value to the deal?
Cash investments; repainting, refinishing floors, upgrading appliances to stainless steel.
What was the outcome?
Happier tenants and increased rents for more income.
Lessons learned? Challenges?
Finance the rehab costs
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Residential Mortgage Company (RMC), DC.
The payment is $4700/mo, with rent currently $4740/mo, projected to increase to $5200/mo by October 2023.
Post: Paying down additional principal each month
- Investor
- Washington, DC
- Posts 41
- Votes 23
Quote from @Billy Mcavoy:
I’m a first time home buyer and looking for some advice. I purchased a condo in December 2020 (in DC) and currently live in my unit. I’m moving to NYC in mid May and will be renting out my DC condo around June 1st. I have a good interest rate (2.75% rate) and have been paying an additional $250 down on principle each month. At this rate it’s estimated that I’ll pay off my loan 10 years early saving ~$31k in interest payments.
If I stop paying additional $250/month on my principal my cash flow will be more or less break even on month. However, if I pay down $250 extra on principal each month I’ll have negative cash flows but I’ll build equity in the property faster and avoid paying more interest in long run. What’s the general guidance when considering additional monthly payments on principal? Am I doing the right thing or should I forgo paying extra down on principle each month?
I glanced at some of the responses, but i'm of a different mindset. I'd continue to put the money towards the mortgage on the condo, take out a second loan (if possible), and buy another property with the money. In DC, cashflow is not the name of the game, but equity is. And the housing shortage in DC attracts more people to the condo market. So I wouldn't stress too much about the money "lost," so long as you can afford to float that expense.
Lastly, if you can slowly, but surely, increase the rent $50 - 100/mo over the course of the next few years, you'll very likely make up that $250. Just my two cents.
Post: Investors in Southeast area
- Investor
- Washington, DC
- Posts 41
- Votes 23
Quote from @Joshua Boshnack:
Quote from @Sara C.:
Any connections for those investing in D neighborhoods in Southeast area such as congress heights. Are there any groups or property managers. I am interested in meeting others who are in this area.
SE DC is a little bit of a niche market in DC and the DMV as a whole. We should talk though. I'm doing business there all the time.
Let me know if you're open to making more connections. There are definitely ways to make money in SE, and i'm actively trying to pursue new opportunities.
Post: Small multifamily unit in DC
- Investor
- Washington, DC
- Posts 41
- Votes 23
Investment Info:
Small multi-family (2-4 units) buy & hold investment in North Little Rock.
Purchase price: $810,000
Cash invested: $20,000
4-unit complex, purchased with VA loan, owner operated and maanged.
What made you interested in investing in this type of deal?
Getting into small multifamily investments to one day become an owner of commercial property.
How did you find this deal and how did you negotiate it?
I found it through CREXI, and didn’t negotiate much since my realtor did the negotiations for me
How did you finance this deal?
VA Loan
How did you add value to the deal?
Cash investments; repainting, refinishing floors, upgrading appliances to stainless steel.
What was the outcome?
Happier tenants and increased rents for more income.
Lessons learned? Challenges?
Finance the rehab costs
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Residential Mortgage Company (RMC), DC.