I've followed your blog on and off for several months and like your approach. I'm interested in buying a multi-unit property in N. Arlington where I can be an owner occupant. Do you or one of your associates have experience in this type of investment purchase? I have met with my lender and know my financial parameters and would like to find someone creative in helping me find a property where the numbers will work (rental income numbers are critical). I'm open to unofficial duplexes where extra units may not be listed under multi-family listings.
Thanks for your time and look forward to speaking with you.
Thanks for emailing me.
I have to tell you that my first instinct is that if I helped you, I'd likely end up talking you out of it.... And talking me out of a commission. But oh well, you have friends right?
As for multi family, I own a part of a 400 unit multifamily apartment complex in Richmond, so I know more than a thing or two. As for smaller duplexes, I haven't don't that, but the math should still apply.
The problem is that a ton of people, I mean even a guy at the pool today, wants to dabble in real estate investing. Dabbling doesn't work in my opinion.
Also the financials probably aren't there, and may never be. For the most part in Northern Arlington, any place you buy won't cover the mortgage. So with a monthly loss, you then are just speculating on the market rebounding .
Many, maybe not you, have a plan to live for free and let a tenant pay all, part or most of their mortgage. But it isn't that easy.
Sure you might do ok in 7 years, but it isn't a no brainer investment.
Do you have a particular place in mind? Did you try searching for Arlington duplex on franklymls.com ?
- Frank Borges LL0SA Broker Owner FranklyRealty.com