Take a Tour of 1305 Potomac House

Ever wondered what it would be like to live in the Potomac House? Tour the building with me today.
 

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Today I’m going to take you on a tour of the Potomac House in Georgetown. The Potomac House is a great place to live and there are a lot of things to cover, so here is a quick rundown of everything you need to know: 

1. A closed loop security system covers the entire building. However, you should still be careful when letting people in. 
2. The Potomac house features regular trash and recycling services. Cardboard boxes must be broken down and put in recycling. 
3. All residents get three keys: the key to the front door, your unit key, and your mailbox key. 


The Potomac House is a great place to live.
 
4. The foyer has designated mailboxes and an area for incoming packages. 
5. There are fire extinguishers and fire alarms on every level. The lower level also has sprinklers in case of an emergency. 
6. The setup is very similar in all units. 
7. Each unit comes with a radiator and window A/C unit. You have to wash the filters for the A/C unit. The radiator heat is a management paid expense. 
8. When you move in, management will make sure that none of the drains are clogged.
9. The kitchens come with gas stoves and a garbage disposal. There is a garbage disposal below the sink, as well as a red reset button on the bottom of the disposal. 
10.  Every unit has a fire extinguisher in the kitchen. 
11. The fuse box is also in the kitchen. Emergency information is all located on the front of the fuse box. 
12. All work requests can be done directly through the website portal that you will receive upon becoming a resident. 

That is just a brief overview of all this amazing building has to offer. To get the full experience, make sure you check out the above video. 

If you are interested in living at the Potomac House or if you have any other real estate questions for me, please don’t hesitate to give me a call or send me an email. I would be happy to help you!

A New Listing Tailor-Made for Investors

I have a new listing at 2006 10th street that’s ideal if you’re looking to invest in multi-family properties.
 

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I’m pleased to be able to show you one of my new listings located at 2006 10th Street, right on the corner of 10th and U and less than a block from the Metro. Check out the video above for an in-depth, guided video tour of the entire interior. 

This listing is ready for investors.

This property is a three-unit apartment building listed for $1.3 million. The three units consist of a 2-bedroom, 2-bath penthouse with a spectacular rooftop, a main-level 1-bedroom, 1.5-bath multi-use unit that you can convert into commercial space based on zoning, and a lower-level 1-bedroom studio. 

The building was built in 2015, so it’s turnkey and ready for investors. If you’re interested in investing in multi-family properties or have any questions regarding this listing, don’t hesitate to reach out to me. I’d be happy to speak with you.

Why Now Is a Fantastic Time to Invest in Rental Property

Right now is a great time to be an investor. You have a chance to build some long-term wealth in this inflationary market.
 

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Today I’m in front of a great listing that just sold in Ledroit Park. It’s a two-unit property with three bedrooms and 2.5 bathrooms on the upper level and two bedrooms and two bathrooms on the lower level. This type of unit is fantastic for an investor or someone who wanted to live in one unit and rent out the other. 

I’ve got a three-unit property that will hit the market in U Street Corridor that would be perfect for an investor as well. 

Right now there’s a great opportunity to get rental income.

Right now there’s a great opportunity to get rental income. We’re in an inflationary market and rent prices tend to correspond with that inflation. Picking up something in that two- to four-unit range for a great 30-year fixed rate will create a really nice long-term wealth building opportunity.

If you would like to talk more about opportunities in the marketplace or you would like some information on our three-unit listing that will hit the market soon, feel free to give me a call or shoot me an email. I look forward to hearing from you! 

What Are the Tax Benefits of Owning a Home?

Owning a home comes with some major advantages when it comes to your taxes.
 

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Owning a home comes with many benefits, especially when it comes to your taxes. It’s especially true for anyone thinking about buying their first home. 

Let me start by saying that I’m not a tax professional, but I’ve sold my fair share of homes, and I’m pretty proficient in this area.

The biggest tax advantage of homeownership is tax and interest deductions.

For starters, when you sell your principal residence, you can claim up to $250,000 tax-free as a single person. Married couples can claim up to $500,000 tax-free. This is a huge bonus that allows you to take advantage of appreciation over time. 

However, the biggest advantage is mortgage interest and real estate tax deductions. Say you owned a $600,000 property that you put down 20% on with a 4.25% interest rate. You’d pay $20,244 in interest the first year, which you can write off against your income. If you’re in the 33% tax bracket, the actual savings amounts to $6,680, or $556 a month. That’s an advantage you don’t get as a renter.

If you’re an investor interested in taking advantage of the 1031 exchange before it’s gone, I’d love to sit down and speak with you about the potential tax benefits you could utilize. 

If you have any other questions about the tax benefits of owning a home or you’re thinking about buying your first home here in the D.C. area, give me call or send me an email. I’m here to help.

How to Beat Out Your Competition in the D.C. Market

The Washington D.C. area is firmly in a seller’s market, and here’s how homebuyers can get ahead by making their offers on a home more attractive.
 

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We’re definitely in a seller’s market in the Washington D.C. area right now, making writing a competitive offer more important than ever when buying a home.

Price is obviously very important in an offer, but you can only go so high and still have the price make sense. There are a few other ways to make your offer compelling outside of price alone.

1. Settlement date: Make sure the settlement date corresponds with what works best for the seller. If the house is vacant, a 30-day deadline is very important. If the home seller is looking for a home, you should consider giving them 60 days plus post-settlement occupancy. You need to be open to the needs of the seller in those situations.
2. Contingencies: The standard contingencies are an appraisal contingency, a financing contingency, and a home inspection contingency. I’m currently seeing offers with no contingencies at all, but as a homebuyer, it’s important to write an offer you’re comfortable with. It’s also important to have a conversation with your real estate agent to understand the implication of this. Once you do, it’s important to write an offer that will be a winning offer, whether that means waiving your home inspection contingency but doing a pre-inspection before the offer deadline so you know of any adverse conditions with the property and you’re comfortable moving forward without that inspection in place. You can also speak with your lender before making an offer to make sure you’re fully approved.
3. Creative things to make your offer stand out: This could include paying the seller’s transfer taxes or things like that to give them a higher net without impacting the price of the home.


You can only go so high on offer price and have it make sense.

These are all successful techniques that I’m currently implementing to help buyers get into the home they want. If you have any questions or you’re looking to sell a home in the Washington D.C. market, give me a call or send me an email. I’d be happy to help.

D.C. Market Update: Spring 2017

What's going on in the D.C. market as we transition from winter to spring? I've got an update for you today.
 

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I wanted to bring you an update on the Washington D.C. market as we transition from the winter market to the spring market.

We've got a lot of pent-up demand from people looking to buy a home who held off on their purchase since the election. Whether it was for economic or political reasons, people wanted to know what would happen. We're seeing this segment of buyers hitting the market, which already had low inventory.

From 2016 to 2017, the average sale price in D.C. has increased 11.1%.

This has had an impact on the market in that the average days on market here in D.C. is down nearly 5%. In Montgomery County, the average number of days on market is down 15% and in Arlington County, it's down 19.7%. This has an immediate impact on the price of these properties because they're ending up in multiple offer situations.

From 2016 to 2017, the average sale price in D.C. has increased 11.1% year over year. That number is up 6.8% in Montgomery County and up 3.4% in Arlington County. This means that if you're looking to buy a home, you need to work with a competent real estate agent and be prepared to write a competitive offer. If you're looking to sell your home, now is a terrific time to maximize your return by working with a professional who will stage your property the right way, market it efficiently, and negotiate on your behalf. Make sure your agent knows your area well.

If you have any questions about the D.C. market or you're looking to buy or sell a home at this time, give me a call or send me an email. I'd be happy to help!

Tips for Properly Preparing for the Spring Market

Understanding how to properly prepare yourself to enter the market is key. Here are a few tips for buyers and sellers to ensure a successful purchase or sale.
 

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Many people don’t understand how important it is to prepare before entering the market. Most of them end up playing catch-up. Using these tips will help ensure a successful market experience whether you are a buyer or seller.

The spring market is going to be very busy. Low inventory combined with rising interest rates are pushing both buyers and sellers onto the market.

As a buyer, follow these tips to ensure a successful purchas

1. Get fully approved for a loan by your lender. Make sure you get an actual approval letter. This will show the seller that you are highly qualified and serious about the purchase, putting you ahead of the pack.
2. Meet with your agent and make sure they know what your criteria are heading into the market. If a property hits the market on a Thursday, you’ll want to know about it and know the course of action to take in order to create an offer and make it competitive.
3. Understand the contingencies of your offer. Make sure you’re covered if there is some sort of financial contingency or a contingency involving an appraisal. Your agent will be able to help you understand any contingencies.


Don’t make the mistake of rushing onto the market.

As a seller, follow these tips to ensure a smooth home sale.

1. Meet with your listing agent at least a month in advance. This allows your agent to set your active date and make sure everyone is on the same page. From there you can get your pre-inspection to find out what potential red flags could harm your sale. Fix those issues before you list, and ask your agent what you can do to maximize your profit.
2. Start a successful marketing campaign before you list. Your agent should have professional photos taken and create a virtual tour of your home in order to get your home marketed correctly before it goes on the market. This allows you to make a splash on the market when your home goes active.

If you have any other questions, feel free to reach out to me with a phone call or an email. I look forward to hearing from you!

Have You Considered Investing in Real Estate?

Have you ever considered investing in real estate outside of your primary residence? It's time to stop sitting on the fence and really dig into the possibility in 2017.
 

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We've seen that a lot of people have a New Year's resolution to finally make an investment in real estate.

Adding a property as an investment only is a great way to diversify your portfolio, whether it's a small condo, a townhouse, a single-family home, a multi-family property, or anything else. If it's something you've considered, I encourage you to reach out to me. It can be a scary process.

I'm here to tell you that you can, in fact, find the right property and you can go through the process pain-free. I do it myself, and I constantly work with investors to find really great deals that they can use as long-term builders of wealth. Just recently, a client of mine closed on a six-unit apartment building. The property yielded a 17% IRR (internal rate of return), an 8.9% year one cash-on-cash return, and a 7.69% cap rate.

I do it myself, and I constantly work with investors to find really great deals.

Now, you might not yet understand what some of those terms mean, and that's what I'm here for. This example is a very solid investment, particularly in the Washington D.C. market.

This is something most people should look for, especially if you're primarily invested in stocks or bonds. I know this market extremely well and I know which neighborhoods that are transitioning that present an appreciation potential, and most importantly, what rents are doing in and around the city.

At the very least, ask a real estate professional like myself about it. I'd be more than happy to give you a free real estate investment consultation.

How We Went Above and Beyond to Get Lynn's Property Sold

“The results that we got were fantastic! Better than expected and better than the expectation that he set. He started working with us with the goal of selling our unit within 30 days and I think we had an offer inside of a week so it was really great for us! Surpassed our expectations. This was after another real estate agent had been listing the condo for months without any results! So, we were very pleased. He really went above and beyond and he really helped us out!”