All Forum Posts by: Yasmeen Neal

2) Should I do a HELOC (some banks won't do this on investment property ),cash out refi, or some other means. To use the equity.
I have a 3bdrm/3bth rental property with the following

$219k value || $60k remaining on mortgage || Rent: $1850 || Mortgage pmt: $955

TIA for your insights

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Jacksonville, Florida

Quote from @Nicholas L.:

@Marcos De la Cruz

hello. i don't have experience with them personally and can't speak to their inventory.

but in general, nothing 'cash flows' right now for the first few years - not in any market.

i would do your own underwriting and estimate conservatively.

hope this helps

To do our own underwriting we need to go through the process of being an underwriter correct?

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Will this be a Virtual event?

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Jacksonville, Florida

Did you ever find an experienced CPA in Orlando?

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Hello i have a property I’d like to sell on my own. I’ve bought and sold a few properties and this last time I was more savvy/ knowledgeable than the RE team- even as far as reading the contract. I’d like to hear from anyone whose’s has a positive / negative experience with selling your property on your own and/using a flat-rate listing agent. Thanks

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Washington, DC

Thanks so much for input! Decided to not invest in multi-family in the DMV area.

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Ok BP family I’m wondering if the experienced buyers would consider buy a home in this scenario.

2003 townhome in Woodbridge, VA. The property inspection recommends a structural engineer primarily due to the master bedroom door scrapping the floor and the floor near the door not being level. The inspector is not an expert on these things so I don't want to be overly reliant on his report. He's not certain the issues are related but recommends an expert to come in and check it out.

Hopefully there are contractors on here who have experience with this…could this be simple settling of the home and of no concerns major concerns or is this a major concern. This is my 3rd inspection on homes I’ve put in offers so it’s becoming costly doing these inspections. It’s a big investment so I want to definitely have my due diligence on each home I’m considering.

I can renegotiate the price or simply back out.

thoughts, comments and suggestions are appreciated!!

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I have a 2006 SFH in FL that I've self-managed in FL. I screen applicants based on set criteria for debt-to-income ratio/credit score, apartments.com is a great tool to manage applications, background checks (the applicants pay for both through the site), i have a google number specifically for the property. Over the years I've developed relationships with contractors to call when there is an issue with the home. It's a 2006 home so no crazy unexpected issues. Simple maintenance stuff. If you screen the tenants well that's the key to reducing the amount of time spent managing the property.

1 Vote

Cleveland, Ohio

Hello, looking to connect and network with other investors in NOVA. Is the meetup still active?

thanks!

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Quote from @Russell Brazil:

Quote from @Bryan Mitchell:

Quote from @Russell Brazil:

Quote from @Bryan Mitchell:

@Yasmeen Neal, you can contact @Russell Brazil, but it’s not a great market for MF.

Thanks for the tag Bryan.

Hey Yasmeen, development trends go much deeper than even the large wards...and even deeper than the neighborhoods. 1 part of a neighborhood can be dramatically different from the other end.

Multifamily though is actually a shrinking asset class. The number of them that exists continues to shrink as they get carved up into condos. Low supply leads to pretty much a continued upward price trend pretty much regardless of neighborhood.

There is a ton of nuance though in the the multifamily sector in DC. Rent control, who is exempt and when, what the rent is for market or section 8, financing guidelines are different whether its 2 or a 3/4 unit. Feel free to reach oit with any questions.

Russell, I can’t remember his name but the British Expat who appeared on BP Podcast has carved a living out of the section 8 niche here in DC. He seems to be doing extremely well with some of the countries lowest turnover rates I’ve ever heard of. So maybe multi family in the DC area it’s not the best, but there may still also be a rental opportunities for invests like @Yasmeen Neal

Joe Asamoah. He's one of my good friends. He utilizes a section 8 strategy with high end rentals to keep tenants for 10+ years. His strategy does involve large sums of up front capital that a begining investor doesn't typically have access to initially though.

He is typically buying a property that needs a full rehab in a high end location at say $600-800k, dropping $200-225k into the renovation, then doing a cash out refinance and placing section 8 tenants into the property and collecting $5500-6000 a month in rent on the unit.

He's got a great strategy, it just requires tons of capital since we are talking high priced properties and outlr renovation costs here are so high. Hes been in the game over 30 years, and his capital/equity has built up over that time.

But even utilizing a normal buy and hold strategy here, my vacancy rate has averaged 2% over the last 13 years. (That's buying in general high demand locations in our metro)

The insight from everyone is appreciated. The price range of 850k-990k is the range I’m comfortable with and there are a few available (for now) in that price range. It will be a VAloan so the DP + closing costs should not exceed 50k. @Russell Brazil And @Bryan Mitchell thanks

1 Vote

All Forum Posts by: Yasmeen Neal

Yasmeen Neal has started 4 posts and replied 11 times.

Post: Quotation for those who grew from one home to many

Post: Anyone have experience with Rent To Retirement?

Post: Jacksonville FL and Surrounding Area Real Estate Investor Meetup

Post: Orlando, Florida CPA

Post: For Sale By Owner Experience

Post: Multi-Family - 4-plex - DC area

Post: 2003 Townhouse- Settling/foundation issue

Post: Self-managing a property long-distance - any suggestions?

Post: Starting in Woodbridge VA

Post: Multi-Family - 4-plex - DC area