All Forum Posts by: Andrew Syrios

If you pull the kitchen out it really isn't an ADU at all and should be part of the other unit. You could just continue to rent it out assuming the city's not involved and assume it's grandfathered in. Lots of people do this kind of thing. But it's probably worth getting it permitted assuming it appears to be done right. That will help a lot with resale and refinance values.

I would also ask if you bought this through a real estate agent and if so, what the seller disclosed. If they didn't tell you the ADU wasn't permitted that should be actionable and I would talk to an attorney.

It depends. If it's a wholesale deal or there's some competition, then usually not because time is of the essence (and often wholesalers provide inspection reports). If it was on the MLS or is in disrepair and no one else is bidding on the property (say an off market motivated seller) then yes sometimes. With big properties like apartments, usually they'll at least get specific inspections (i.e. roof, pest and dry rot, phase one, etc.)

But when a flipper becomes quite experienced they often feel comfortable enough doing the inspection themselves too, which is another factor. For new investors I would definitely lean toward getting an inspection if that doesn't kill the deal. 

Sure, the two strategies are compatible. Basically it would just be getting a really good deal on a house hack and then refinancing when you're ready to move out and buying the next house hack

Welcome to BiggerPockets Cody and best of luck investing!

 Yeah, thus the "if you are single" qualifier. That strategy wouldn't fly with just about every wife that exists now or in the history of the world

Quote from @Ken M.:

Quote from @Andrew Syrios:

Quote from @Ken M.:

Quote from @Andrew Syrios:

Quote from @Ken M.:

Feb 21 2025

This is just a marker to see if Federal Layoffs actually affect the real estate in the D.C. Area

Redfin lists 1,463 New Listings In D.C. Area Last Week from Manassas Park to Bowie (why those points? Because that's what fits on my screen) ;-) There is no regard to type of listing and new construction is not included

Redfin lists 5,888 Total Listings In D.C. Area Last Week from Manassas Park to Bowie (why those points? Because that's what fits on my screen) ;-) There is no regard to type of listing and new construction is not included

And here is the price distribution

We'd need some point of comparison on an annual basis. You don't even have the numbers from the week before so there's no reason to think these are abnormal. And I think it should be pointed out that number of federal layoffs in percentage terms compared to the total employed is still quite low. 

The first post IS the Point of Comparison.
AS I wrote

"This is just a marker to see if Federal Layoffs actually affect the real estate in the D.C. Area"

I want to start with a baseline of existing at the beginning Feb 21 2025 and compare to 1 year from now - Feb 21 2026.

 Why not compare to one year ago or look at the multiyear trend?

Layoffs were just announced. It hasn't been long enough to see how those that are ordered back to the office or are laid off will react.

The question is "what is the change in real numbers of government employees in D.C. as a result of decisions made by the administration in 2025". Housing inventory is a by-product, while interesting, it is not the salient part of the focus.

We won't know until next January, but it's interesting to watch and see if promises to reduce the government are kept.

Well I think the question is what effect will those layoffs have on the housing market in DC. Effects on housing (to some degree) will be a byproduct of those layoffs, sure, but the entire point of this thread is about the effects those layoffs will have on housing. And the best way to do that now is to compare present listings to those at the same time in the last few years.

Welcome to BP Brandon and good luck investing!

They used to talk about the 2% rule, which was basically a ruse to get you to buy in the absolutely worst part of town where you got 2% on paper and only on paper. I torn that thing to shreds a long time back: https://www.biggerpockets.com/blog/2015-05-06-2rule-die-horr...

The 1% rule used to mostly work as a "pre-filter rule of thumb" as you say. But these days, even the 1% rule is often unrealistic and pushes you toward terrible areas. 

Quote from @Jay Hinrichs:

Quote from @Andrew Syrios:

Quote from @Ken M.:

Feb 21 2025

This is just a marker to see if Federal Layoffs actually affect the real estate in the D.C. Area

Redfin lists 1,463 New Listings In D.C. Area Last Week from Manassas Park to Bowie (why those points? Because that's what fits on my screen) ;-) There is no regard to type of listing and new construction is not included

Redfin lists 5,888 Total Listings In D.C. Area Last Week from Manassas Park to Bowie (why those points? Because that's what fits on my screen) ;-) There is no regard to type of listing and new construction is not included

And here is the price distribution

We'd need some point of comparison on an annual basis. You don't even have the numbers from the week before so there's no reason to think these are abnormal. And I think it should be pointed out that number of federal layoffs in percentage terms compared to the total employed is still quite low. 

Everyone in this Industry at least who sells RE to Homeowners NOT investors knows the cycles and right now the cycle is MORE LISTINGS period nationwide.. then come about Nov.. people slow way down B/C of the holidays and in other markets winter is slow because weather is so snotty.. In those markets sales are perking up now when inventory gets listed and as I said stays consistent to the end of OCT or so..  Investors they are on a different time clock. 

I don't know about that... I think I can make some pretty interesting trends with one data point

Quote from @Ken M.:

Quote from @Andrew Syrios:

Quote from @Ken M.:

Feb 21 2025

This is just a marker to see if Federal Layoffs actually affect the real estate in the D.C. Area

Redfin lists 1,463 New Listings In D.C. Area Last Week from Manassas Park to Bowie (why those points? Because that's what fits on my screen) ;-) There is no regard to type of listing and new construction is not included

Redfin lists 5,888 Total Listings In D.C. Area Last Week from Manassas Park to Bowie (why those points? Because that's what fits on my screen) ;-) There is no regard to type of listing and new construction is not included

And here is the price distribution

We'd need some point of comparison on an annual basis. You don't even have the numbers from the week before so there's no reason to think these are abnormal. And I think it should be pointed out that number of federal layoffs in percentage terms compared to the total employed is still quite low. 

The first post IS the Point of Comparison.
AS I wrote

"This is just a marker to see if Federal Layoffs actually affect the real estate in the D.C. Area"

I want to start with a baseline of existing at the beginning Feb 21 2025 and compare to 1 year from now - Feb 21 2026.

 Why not compare to one year ago or look at the multiyear trend?