All Forum Posts by: Nancy Moustafa

Hey everyone! I bought my first property a few years ago, but life (and COVID) put my real estate plans on hold. Now, I’m back and excited to start growing my portfolio for long-term investment. I’m especially interested in learning from those with experience in more expensive housing markets and from people who used really estate as a way to invest for their kids' colleges. Looking forward to connecting, sharing ideas, and soaking up as much knowledge as possible!

@Uche Njoku they would have if the owner had accepted my offer, but he didn't. The houses where on the market for many months and then he took down the listing (properties never sold).

@Jennifer Pauyo newbie investor in the DMV area! Just bought my first unit in September. I'm living in for 12 months to satisfy loan conditions and then renting it out when I get the next unit. We don't have MF in Northern Virginia (very rare) so I started off with a condo. Nice to meet you, ladies!

 Thanks so much, John! That's very helpful information!

Has anyone here converted a half bath to a full bath? The basement is finished and already has a bedroom and laundry room, but the bathroom is only a half bath (no idea why anyone would do that). I'm already looking at the cost to add a kitchenette, so how much more to convert the 1/2 bath to a full? I appreciate your help!

 Thank you, Eddy! I'll message you privately.

Thanks, Justin! Yes, looking to live in it for 12-18 months and then rent the primary house. It's got more upgrades (significantly more) and would therefore rent for $1600-1800/mo.

Thank you for your reply! That's a good point about seeing money aside. I'm looking in Stafford, VA and will be using an FHA loan so only putting 3.5% down. Because I never saw duplexes in this area, I assumed I'd "househack" buy renting out the basement of whatever SFH I could get in Stafford/Fredericksburg for around $200k. Then I saw this deal for $330k and two houses, I figured I could increase my budget because I can rent a SFH out for more than a basement... But I'm nervous about all the added costs since upkeep would be more expensive for a SFH (or 2 in this case since I'd be living in one as well).

The seller rented the 2nd house for $1200/mo but I'd add a washer/dryer and ask for $1300-$1450. Total mortgage (including taxes, insurance, etc) would be $2150. 

I'm looking to buy two SFHs on one plot of land about an hour out of Washington DC. I'll love in one unit and rent the other. The rental is a 2br 1ba with a large den than can be a 3rd bedroom. The mortgage is a lot for me to pay on my own so getting it is dependent on having the second unit rented out. 

Would you make your first investment a property you couldn't afford to pay for on your own? I'm nervous because this deal means I'll become a landlord overnight and I have no experience. I'd love to hear your advice. Living in the DC area means I can barely afford any home up closer to DC, hence looking at hour out. And finding a duplex is almost impossible up here so I feel I shouldn't let the opportunity pass...but at what cost?

Thanks in advance!

Also, if anyone invests in the DC area, feel free to connect. I'm looking to make some local real estate friends.

-Nancy