All Forum Posts by: Quin Weidner

Hey @Jay Shirodkar,

I'm currently tied up abroad, but analyzing and planning to be ready to hit the ground running when I get back to Charlottesville.

Don't wait, David. The earlier you start, the better.

I'm a student myself at UVA and I'll buy a multi-family in the area as soon as I move back to the states.

Just think further outside Charlottesville- the market is really bloated. Unless you can find a good deal, or add value, most of the prices are beyond what makes sense for rent.

You're in the right place to learn though- good luck!

That's true.

Rent demand in Charlottesville is huge.

Many of the closer properties never go vacant, and the student rental season is in OCTOBER for the NEXT YEAR.

I just signed for an apartment this Spring, but if I want to keep it for the 2017-2018 school year, I have to sign THIS MONTH.

Of course, that's just the student market- the lower income areas further east are different.

Hey thanks @Chris Lounsbury

I grew up in Fishersville and know that area pretty well. I just recently had lunch with the Staunton city manager- are you aware of the upcoming projects at the 81/64 intersection?

I totally agree with both of you though- Charlottesville is in a bad spot. None of the deals make sense.

However, I need to rent in or around Cville until I graduate, and thought it would be much better to house hack while I'm there.

I'd hate to have to commute to school, but it might be a much better option.

thanks again guys!

Hey Charlie-

I'm in the same boat- 2nd year student though.

There are a few of Charlottesville investors on Bigger Pockets (not nearly as many as a real city, but a few).

I'd recommend reaching out to Jim Klapmust, or going to the Charlottesville local real estate meetup. They meet at least twice a week I think.

Anyway, good luck, and let me know if you find anything! I'll be doing exactly what you're doing as soon as I get back from Spain.

Thanks so much, @Aaron Howell!

The multi-family you bought- do you rent it to students?

Hey Mike,

I don't have the experience or knowledge to reposition.

What I'm looking for now is something that I can learn as I go with. I don't need a ton of cash flow, just something that will break even that I can learn from.

Just trying to take that first leap so I have some perspective for the next deal.

Exactly the ones.

Why?

Hi all,

I found a condo directly across the street from a metro stop. The owner wants to get out, and I can get an AWESOME deal on it.

Problem is, a big reason he wants out is the condo association sucks. Whoever sold it to them sold off their parking spots, and mismanaged the association- which drove all the values down.

While they were evaluated at 130ish, the last one sold for 40k. I could probably get him down to a max of 30k. and rent is 1200-1300 over there. (fees are pretty big though)

The numbers seem great- but I'm terrified of the condo association. I've heard (and what I really need to do is get a lawyer to help out) that I can be partly liable for any major changes to the condo- beyond my monthly fees. 

Does anyone have experience with condos, constructive horror stories welcome!

thanks,

Quin

@James W. I did not make an offer- the cap rate was kind of low, even though I had a hard time making a comparison.

I was planning on finding a partner. If that didn't work out, I'd go commercial loan.

I also thought maybe my first property shouldn't be 1 million :P