All Forum Posts by: Miles Davis

@Crystal Smith Thanks for that lovely post. I actually busted out laughing at one of the comments above. I just recently purchased in Suitland (literally borderline DC) and so far soo good. Home prices are lower (compared to across the street in SE, which are double the price) as in $175k compared to the invisible border that separates DC & MD, where DC homes are high $280k (For the SAME property size/type!!!).

@Francys Crevier If you want to catch the wave, I'd def suggest buying in that area. A few things I would advise you look out for is....

- Find areas that many investors are going to (vacant lots of land - 'If I were an investor, what are the benefits of buying this lot of land')

- Neighborhoods where the homes are being renovated (bringing property values up)

- Anywhere next to a Metro is ideal (I just missed out on a great townhouse next to Capital Heights station. I'm sure you've notice what's happening to metro stations & DC becoming a public commuter city)

- Review market rates (Rents)

- Nothing beats driving around the area and checking for yourself (day & night)

- Read articles (Bisnow, Business Insider, Washington BizJournal)

Please let us know your journey and how things are going.

Just my 2 cents ;)

Hey Terry, Welcome. I'm also a pretty new RE Investor that just purchased a place in Suitland. Let us know about your journey and what your plans are.

Good Evening Fellow BiggerPockets members!

I know for fact I have a great opportunity ahead and would like to maximize its potential & find a great strategy to making this work. I'll provide the numbers below after telling you my situation.

So my mother & I are currently tenants in a (4-Unit) apartment building in Washington DC. Currently there are 3 Units occupied (1 vacant, 1 occupied by the owner, 1 by another tenant and 1 occupied by my family). We have been paying below market rent for a while due to the owner not fully completing renovations and updating the units. The building has a great structure (brick, as most of DC was built), hardwood floors, unfinished back porch (was to be converted into another room but never completed), but might be easier to partially gutt and replace pipes, wires & drywall. The landlord is defaulting on her loan and slowly but surely headed towards foreclosure soon. 

I'm aware tenants get first right to purchase but what options/strategies can we choose? I would love to help the owner with keeping the property but unaware of creative strategies to do so. I feel really bad the owner is going to foreclose and would hate for this property to slip thru our hands.

Here are the details/numbers:

4 Unit Multifamily Apartment Building in DC

Each Unit has a living room, 1 bathroom, kitchen, dining area, 1 bedroom with back porch that can be converted into a 2nd larger bedroom (1bed/1bath w/ convert-able porch)

Current owner has less than $80,000 remaining on loan

Market Rents in the neighborhood are about $1500 for a 2bed/1bath or $1100 for a 1bed/1bath

Tenants paying aprox $800-900 in rent (below market rent)

A similar property was recently sold for $360k, immediately gutted and rented to Section8 where I'm pretty sure they are getting market rents and should be able to pay down property rather quickly.

Please HELP!!

Hey BP members!! 

So I'm diving into these RE Investments and have covered soo much ground within the past few months. This is going to be my second time placing an offer on a property for sale. 

I've visited the building (noticed slightly negative signs that the selling broker wasn't serious or as involved), I liked the renovations and seems like a decent fit for a rental property. 

My only problem is, after submitting an offer that same day and questions about the seller financing they offered, we heard crickets from the broker. 

We thought, Oh maybe it's due to the holiday, we should give some time. We've emailed, text, emailed, called, left voicemails, spoke to her company reps, and even more emails. I've even reached out online & left a vmail.

Is there any advice on what to do next and how to play my cards right? Either she's shopping around or just not a good broker. I also feel bad for the owner. Also, how can I make my offers stronger and attractive? Plz let me know what you guys think and any tips/tricks for a investor  d[-_-]b

I found a property that I might be interested in. It's through the HomePath / Home Buying program thru Fannie Mae. Any advice before going thru this process? 

Thanks Richard, I have sooo many "Aunt Susies" pushing me to purchase, and have come to realize their 'ideas' most of the time aren't realistic... especially for someone just entering the market.  I have a few years experience with real estate but Bigger Pockets has put my mindset on a whole different level. 

Thanks for the links. This is only like my 3rd day discovering Bigger Pockets many resources. I was looking for any house hacking opportunities to start off. 

Thanks Guys (@Russell Brazil & @Dave Visaya ) I feel the love of this community already!

Working on becoming an investor in Real Estate within the DC Metropolitan area.