All Forum Posts by: Scott Berman

Thanks Russell.  I think even if I'm only breaking even, or not quite but close to breaking even, I'll save a lot of money as I'm building equity in the house and I won't have my monthly rent of $1000.  So technically breaking even would be falling $1000 short of my monthly mortgage payments but in that case what do people do to make money on rental property investments with very little money down?

I am looking to buy my first real estate property in Reston VA (I work in Mclean) as a sort of house hacking opportunity. I am looking into 3 or 4 bedroom homes where I will live in one bedroom (probably the basement) and rent out the other rooms. I am able to qualify for a VHDA loan which will allow me to put very little money down, but unfortunately the monthly mortgage will probably be around $2700 for a $400k investment.

I've been browsing the rental comps for similar houses in the area and they seem to be around $2200 so if I rented out the entire house I wouldn't break even.  I was wondering if anyone knows if more or less money can be made by renting out individual rooms, either in general or in this area in particular.  I am currently renting a room in a large family-owned house in where the family is renting out like 5 bedrooms at ~$1000 per so I imagine more money can be made, but I'm having trouble finding any comps and was hoping someone could shed some light on this.  Thanks!

-Scott

@John Pierce Thanks for the reply John!  The houses I am looking into are not section 8, however, I will be wary of the 4 bedrooms thing, that's a good point to look out for.  Do you the demographics of renters there then?  I was thinking I might be able to rent to college students.  I will probably focus on some of the 3 bedroom 2 bathroom households in that case.

Can you say anything about the area in particular?  Would you advise for or against investing in real estate in North Highland Park?

Hi there,

I am looking into buying my first property just north of Richmond in North Highland Park.  I was wondering if anyone knows about the area.  I've read some articles that its sort of up and coming or gentrifying and that it might be a good place to get some value.  I would be purchasing a 3 or 4 bedroom home for around $100,000 and renting it out for a few years.  I really just need to know about the neighborhood around there as I know very little about the area.  Thanks!

-Scott B