All Forum Posts by: Shayne Brescia

Hey @Marcela Correa!  We are in a similar situation with our most recent project.  It is located in Brightwood/Manor Park in the north of the city and has been on the market for a bit.  We had a contract last week but it fell through.  As DC has been extremely hot, I think we are currently in a lull.  It will be interesting to see what comes as the stock market balances back out and potential interest rate hikes late this year or next year.  I think that the DC market is going to also go through a slight price correction.  

In that neighborhood I would do a quality rehab, but don't go over the top.  People in DC are starting to go more and more towards minimalist and don't require high end renovations with the matching price point.  I think a nice renovation with a couple items that make you stand out (master closet, entertainment centric kitchen) would be beneficial.  

I would shoot for a $900k exit sale, but I am not an expert in that area.  

I have also found that including neighbors homes that you have purchased and the price works well.  It is generally always referenced by the sellers from my callbacks.

In the current DC market, sellers have become extremely turned off by "WE ARE INVESTORS AND CAN BUY YOUR HOUSE IN CASH TOMORROW!!!!!"  The stigma associated with investors is very high right now.  

So I stick with "Hi I am a local small business located out of (preferable close by) and I would like to speak to you about buying your property at 555 Street, Washington DC"

-Shayne

Hey @Frantzces Lys!  Would love to meet up with you to discuss.  We have experience with new construction and run an extremely ethical operation.  We have financing locked down for projects like this in DC.  Let me know if you want to meet up to discuss!

Thanks for the kind words everyone!  Flippers in DC have been getting a lot of flak lately... some of it justified.  A lot of developers just like to cover up issues and claim they didn't know if they get caught.  We like to go the extra steps to make sure that things are done right, up to code, with all permits pulled.  This might cost more but it causes less potential headaches in the future!

Hey everyone!  Wanted to show our recent project that just completed in Washington DC.  I met my partner @Account Closed here on BiggerPockets and this is the result!  It wasn't smooth by any means but it worked out!  Now we just need to get the right buyer!

Here are the before pictures:

http://www.bresciabuys.com/peabody-street-rehab/

And After! (Redfin link)

https://www.redfin.com/DC/Washington/434-Peabody-S...

All comments and questions are welcomed!

-Shayne

Welcome to BP Teddy!  The DMV is a great market for many different strategies.  Having a law background is an amazing asset and value add for any investors team.  

We are always in the market to expand our network and see how we can help each other.  Feel free to shoot me a message if you are looking to link up!

-Shayne

Welcome Sarah! There are a ton of investors from the DC/MD/VA area on here. Most of them are extremely busy (myself included) and love when new motivated investors can add value. I met my mentor in BiggerPockets and he took me in because I lived in DC (he's in VA) and I dove head first in to start adding value to his operations. I had some cash, and I started immediately finding us flips through marketing and networking.

Start thinking of ways you know you can contribute.  Marketing, writing, social media, networking... these are all things that can add value to any team.

Feel free to reach out to me if you need anything!  Always in the market for some new team members!

One of the better things in the DC Market is tenants are used to getting approached with "Buy outs" when certain situations occur (selling property for example).  A good tactic that I have seen work is getting a third party to approach the tenant and offer the buy out.  That third party may or may not be interested in buying the property, but it's best for the buy out to be somebody that isn't the owner.

Thanks Kate!