Category Archives: DC Real Estate Investing

Video – May 2016 WREIA Topic – Creativity

DC Real Estate Investing

I hear this a lot these days:

“I can’t seem to find any deals.”

For many of you it means that you are not opening your mind and using the creative side of your brain to put deals together.   Maybe you only know one or two ways to buy a property.  There are dozens of ways to structure a purchase. The odds are one of them is good fit IF you are targeting the right people.

If you knew more  – the odds are pretty good you could do more and get more done.

I just posted a video on Youtube with some more details about the WREIA meeting this Monday night.    It has a few more details about the topic of Creativity in Real Estate.

As I mention in the video, our meeting on Monday will go a lot further than just how to structure a purchase.

You might even be surprised at how much you are leaving on the table each and every month.

One last thing – Have you done any creative deals lately? Would you like to share your creativity with our members?

In fact – let’s open this up a bit and get the juices flowing…..

It doesn’t even have to be lately.  If you are experienced and want to share one of the things you did earlier in your career that might help someone today – LET’S HEAR ABOUT IT!

Did you get stuck on a deal and find a creative way to break through and get it accomplished?

Did you need more money, or time to finish a project and come up with a creative idea on how to fund it or speed up the process?

If you would like to share your creative side with our members on Monday – Just let me know.

Let’s talk about it before Monday night by phone or email?  You can reach me at profitableproperty@gmail.com or 301-881-5541

We try to make this a big part of our meetings.  In fact –  Sharing resources and Networking are two of the pillars of our WREIA group.

Come on out and join us.

Save a few dollars and reserve your seat early.  Then, come join us at WREIA on May 18th. It will be a great way to continue the spring season, get you motivated, and get some momentum for the rest of 2016.
*********
Reserve your seat for the fifth 2016 WREIA meeting here.
*********
Make this year a great year for your business!
John Peterson
301-881-5541
Washington REIA Network, President
Profitable Property, Founder

Creative Deal Making

DC Real Estate Investing
Re: Creative Deal Making
Creative ideas in real estate are a little like Art.  You know it when you see it.
Sometimes you love it, and sometimes you hate it.
And EVERYONE has an opinion.
idea
Some of my favorite deals over the last 20 years have been join ventures with other investors.  The easy part is getting everyone to agree on how to split the profits.  The harder part is agreeing to who will do the actual work.
Renovation is a longer process than most people think.  A LOT of work goes into renovation if it’s done the right way.  We certainly don’t flip houses in 30 minutes like they do on TV.
Everyone has different skills that they bring to the table.  More importantly though is the KNOWLEDGE you bring to the deal.
You certainly don’t want me working on your heat pump.  However, a heat pump technician may find themselves in homes every week that have obvious and major deferred maintenance at every turn.  That same tech may give the owner the bad news that they whole system needs to be replaced.  Maybe the owner says something like “You can’t do anything to put a band-aid on it? I just want to sell it.
 “I know somebody who might buy the house like this – even if the heat pump doesn’t work.”  If the owner shows any interest, the technician will pass on my name.
He found the deal, sure, but he also has something else to contribute.  Knowledge and connections when it comes to HVAC systems.
I love doing joint venture deals with professional tradespeople. They come across a lot of deals, and when they put me in front of a possible seller they know I have knowledge on how to put a deal together.   They also know I will use them to make the repairs or upgrades if I buy the house – bonus!
There is an old joke that has been around for years about a furnace repair person, or some of you may have heard it with an auto mechanic.  It goes something like this:
There’s a hotel owner in Baltimore, MD whose furnace went out in the middle of the winter.  His guests are starting to complain about the cold rooms.  He called the repairman who came over and went down into the basement. He carefully measured a certain distance down the duct work, then he opened his toolbox, pulled out a HUGE hammer and lightly tapped smacked the side of the duct until he liked the sound.
He marks it with an X.
Then he leaned back and WALLOPED the duct work.
Dust goes everywhere and white material falls to the ground. The repairman takes out a little broom and dustpan and cleans up the mess.
“Try it now.”
To the hotel owner’s amazement, the furnace came on.
The joke goes on to say that later that day the furnace repairman sent a bill for $10,000. The hotel operator who had watched the entire thing was naturally upset.
“I want an itemized bill!”
The bill came back the next day:

 

Hitting with the hammer………..$5

KNOWING where to hit with the hammer…..$9,995
——————-   $10,000
Many people across our area are essentially “one trick ponies”.   They can make cash offers, but don’t know where to go when the deal is rejected.  For many people they simply move onto the next cash offer.
Eventually they find someone.  Maybe it was the 159th cash offer.
What they don’t realize is that they passed up dozens of other opportunities to get a deal done if they would have asked more questions or dove deeper into the situation.
Knowledge.  It’s the difference between cold hotel guests and those warmly snuggled in bed.
Knowledge is also the difference between a successful investor and those left scratching their heads wondering why they keep facing so much daily rejection.
At our May 16th WREIA meeting we will be talking about how to put together Creative Deals. It’s a great topic that I am going to break down into easy steps. If you implement just a few of these changes you may see a giant leap forward in your 2016 results.
May 16th is a great opportunity for you to ask a few questions like:
  • What do I do when the seller rejects my cash offer?
  • How, and where do I find partners that are open to creative deals?
  • Why would anyone not take a full price cash offer?
  • What mistakes do you see people making with creative offers?
  • How and when does a real estate agent get paid on “no money down” creative deals?
Save a few dollars and reserve your seat early.  Then, come join us at WREIA on May 18th. It will be a great way to start the spring season, get you motivated, and get some momentum for the rest of 2016.
*********
Reserve your seat for the fifth 2016 WREIA meeting here.
*********
Make this year a great year for your business!
John Peterson
301-881-5541
Washington REIA Network, President
Profitable Property, Founder

Burned-out Barry vs. Successful Sally – A Tale of Two Real Estate Investors

DC Real Estate Investing
Re: Barry and Sally
It amazes just how much people will jump around looking for “solutions” when they get into a new business. 

My advice for anyone getting into any new business is to focus on a target market.

Your market is NEVER everyone.

In our business of real estate investing, here are two examples of the first few months for many first time “investors”.

confused_accountant.jpg

Let’s call our first guy Burned Out Barry.  He is happily married and makes a good income. He works a sales job that gives him a crazy travel schedule every month. He realizes he needs to find another source of income or he will have to work until “he is 90 years old”.  Since he has a flexible schedule he will “give real estate a try”.

Month 1. I’m going to be an investor like these people on TV. It’s easy!
Month 2. I need a better agent to help me find deals.
Month 3. This is hard. I need to take a class. Online. While I’m traveling.
Month 4. Wholesaling! Quick money sounds great! I need cashflow.  That’s the ticket!

Month 5. People hate me. I’m a bottom feeder with no friends. Even my third agent won’t call me back.

Month 6. I’m no quitter!  I should focus on Commercial Deals instead. If I am only going to do a few deals, they might as well be BIG!……and on, and on, and on it goes. All year.

Until Barry burns out. He never really does anything and eventually moves on because houses were too expensive and that stuff on TV “doesn’t work in my city.”

ON THE FLIP SIDE – let’s take a look at Successful Sally.

women_many_chatting.jpg
Sally went through a divorce three years ago. Even after a few hiccups to her credit score she is financially and emotionally back on track. She is looking to retire in her mid-50s and wants a few rentals to help supplement her retirement income. She really wants to travel as well.

Month 1. Sally decides she wants to help other women who are going through a divorce. She is going to make offers to buy their homes, but as a backup plan, will also offer to list their homes if they want to go the retail route.

Month 2. Sally completes her Realtor class and is hired by a local company that is “investor friendly” to their agents.

Month 3. Sally buys a list of local people whose name appears in the local courthouse for divorce. She starts her first mailing.

Months 4-12 Sally buys updated lists and continues her mailing. Each month her pitch to potential clients gets better.

The first six months, Sally doesn’t make a dime.

BUT SHE IS HAPPY.

Sally gets to talk to other women are going through the same process she went through a few years earlier.  In an odd way, it’s a little therapeutic for her to be helping these new friends.

Sally isn’t making money, but she is helping people.

Suddenly, in month 9 she gets a listing.

In Month 10 – another listing. And A single mom with a big alimony check pops up as a referral from what she thought was a “failed” listing presentation.

Month 11 her offer to purchase a property is accepted. Rental income for her retirement!

By the end of the first year Successful Sally has made a little over 20k in commissions, and now owns a rental property that cashflows $300 each month after all her expenses.

To celebrate her one year anniversary at her brokerage she schedules her first trip to Paris.  In Paris, despite the language barrier and age difference, she has a torrid love affair with…..
Ok, let’s not get carried away with Successful Sally.
Sally did all this PART TIME. Now she is even thinking of retiring a few years earlier and focusing on this new career. (And another trip to Paris.)

 

Why was Barry burned out and Sally so successful?

Focus is the obvious answer.

The not so obvious answer is a little more complex.

But let’s break it down to just 2 parts.

Sally set herself up to succeed because she was uniquely qualified to serve her target market.

And….

Sally focused on a market that was – in certain situations – very motivated to sell property. As we mentioned in our last post, divorce sometimes creates a situation where people are motivated to sell their property for a variety of reasons.

If I talked with both of these “investors” at the end of the year, Sally would be happier and feel more fulfilled with her choice to be a real estate investor. Barry on the other hand would tell me he has a long list of people he has “offended”, wasted their time, or who just flat out rejected his offers to “help”.

One final thought::

Barry focused on making more money for himself.

Sally focused on serving her target market.

And that change in focus made all the difference.

At our April 18th WREIA meeting we will be talking about how to find motivated sellers. It’s a great topic that I am going to break down into easy steps. If you implement just a few of these changes you may see a giant leap forward in your 2016 results.
April 18th is a great opportunity for you to ask a few questions like:
  • Where are people making the most money in DC?
  • How much time does it take to flip a property in our area?
  • How much money, at a minimum, should we want to make on a deal?
  • Where do you think prices are headed?
  • What mistakes do you see people making?
  • What should we do to get started?
Save a few dollars and reserve your seat early.  Then, come join us at WREIA on April 18th. It will be a great way to start the spring season, get you motivated, and get some momentum for the rest of 2016.
*********
Reserve your seat for the fourth 2016 WREIA meeting here.
*********
Make this year a great year for your business!
John Peterson
301-881-5541
Washington REIA Network, President
Profitable Property, Founder

P.S.  The Rehab Immersion Course –  Spring 2016 Class we announced at WREIA is off to a blazing start.  We found our subject property, did a deep-dive property tour, two days at my office pouring through details and a second tour back at the property halfway through the renovation.  And it’s not over yet.

Announcing – Rehab Immersion Course – Summer 2016 Class is limited to 12 students.  If you are looking for an intimate and hands-on setting to learn the details of the renovation process here in the DC area – this is perfect for you.  Don’t miss this chance to get some real-world experience.  The summer class is starting to fill up. If you are interested in joining us, simply call the office and let us know to reserve you a remaining spot.

Divorce and Real Estate

DC Real Estate Investing
house-puzzleRe: Divorce and Real Estate
 
When people go through a divorce the real estate involved is many times one of the biggest pieces of the puzzle.
Obviously, divorce is a terrible situation to be in. We can all agree on that.
Because it is such a huge problem it also creates a lot of opportunity for people who want to help provide a solution.
I was surprised when someone recently showed me that divorce attorneys have one of the highest professional satisfaction rates in their field.  The process may not be enjoyable, but people want results – and they get results with a competent attorney.
If you know someone who has been through a divorce, you understand that every home life situation is different.
Let’s focus on the real estate for a minute.
In the process of a divorce both sides have to agree on how to split the marital assets.  Many times the real estate involved is one of the largest assets.  Of course many times there is debt associated with the real estate in the form of a mortgage or note.
All parties have to agree on the value and if one party will be able to continue living in the property or take possession of the property after a divorce is granted by the courts. The person who gets possession of the property usually gives up something else of equal value.
Here in the DC area, both spouses may be working and without a second income there is not enough money left in a budget to satisfy a monthly mortgage payment.  In that case the property may need to be sold.
BUT EVERY SITUATION IS DIFFERENT.  A couple in my neighborhood went through a divorce a few years ago.  One spouse kept the home they were able to provide very little disruption to the home life for the children.  They kids stayed in the same schools until they graduated a few years later.
On the other hand, you have people who go through a divorce and in order to meet the financial demands of the other party, properties must be sold.  It doesn’t matter if the market is good or bad at that point – it gets sold.
I just had a discussion on this topic yesterday and was told about my friends uncle who after 40 years of marriage was forced to sell his main residence and two vacation properties in the middle of the recession. All in, the total property value was just under $2 Million. And still, no one came away happy.
One of the oldest jokes about divorce is:
“Why is divorce so expensive?”
Answer: “Because it’s worth it.”
Tell that to Harold Hamm who last year wrote a personal check for $975 Million to settle his messy and public divorce.
Harold-Hamm-Divorcecheck

Most people will never know what it’s like to go through a divorce of that magnitude or on a very public stage like Mr. Hamm did.  However, most people do want some privacy when they go through the process.

And that is where we can offer some help.  For people who do not want their neighbors going through their home at an open house, we can make a private offer to purchase a home. No signs in the yard, and no public open houses.  Just a quick cash offer and a quiet closing.  The documents for the sale are public record, as they should be, but the entire process can take place away from the very public MLS system.  No photos, no brokers opens and no quiet whispers by strangers about the condition of the house.
Most people going through a divorce just want to get to the next phase of their life.  The entire process is tiring, heart wrenching and seldom enjoyable for either party. More than once I have heard people say “Let’s just sign this and be done with it.”
When I hear of people who just want to “be done with it” I know there is some level of motivation.
Not every divorce results in the sale of real estate.  But it is a process that you can find very motivated people who just want to “be done with it” and price may not be a major negotiating point.   You may also find vacation property or second and third homes that need to be sold in order to divide assets fairly.
At our April 18th WREIA meeting we will be talking about how to find motivated sellers. It’s a great topic that I am going to break down into easy steps. If you implement just a few of these changes you may see a giant leap forward in your 2016 results.

April 18th is a great opportunity for you to ask a few questions like:
  • Where are people making the most money in DC?
  • How much time does it take to flip a property in our area?
  • How much money, at a minimum, should we want to make on a deal?
  • Where do you think prices are headed?
  • What mistakes do you see people making?
  • What should we do to get started?
Save a few dollars and reserve your seat early.  Then, come join us at WREIA on April 18th. It will be a great way to start the spring season, get you motivated, and get some momentum for the rest of 2016.
*********
Reserve your seat for the fourth 2016 WREIA meeting here.
*********
Make this year a great year for your business!
John Peterson
301-881-5541
Washington REIA Network, President
Profitable Property, Founder
P.S.  The Rehab Immersion Course –  Spring 2016 Class we announced at WREIA is off to a blazing start.  We found our subject property, did a deep-dive property tour, two days at my office pouring through details and a second tour back at the property halfway through the renovation.  And it’s not over yet.
Announcing – Rehab Immersion Course – Summer 2016 Class is limited to 12 students.  If you are looking for an intimate and hands-on setting to learn the details of the renovation process here in the DC area – this is perfect for you.  Don’t miss this chance to get some real-world experience.  The summer class is starting to fill up. If you are interested in joining us, simply call the office and let us know to reserve you a remaining spot.

Getting A Cab On A Rainy Day

DC Real Estate Investing
  taxi-rain
Re: Getting A Cab On A Rainy Day
 
Have you ever had trouble getting a cab on a rainy day?

You probably thought to yourself “Well, it’s raining and everyone else needs a cab too.”
It turns out that rainy day demand is only half of the reason you can’t grab a cab.

The other half of the reason is…. THE DAILY INCOME GOAL of cab drivers.

Most cab drivers want to make double the cost of renting their cab on a daily basis. As it turns out, more people use cabs in the rain. The cabbies are busy, much busier on rainy days, and meet their daily goal much earlier in the day.

It works the same way with our business as well. I see it all the time. Around this time of year people have either had early success and start to relax a little too much, or they are getting frustrated because they “can’t find a deal”.

To the people that found early in the year success, may I suggest that it’s time to stretch your goals a bit and try to do more this year?

The frustrated people on the other hand usually have unknown factors, like the rainy day cab drivers, that they don’t fully understand.

One of the biggest factors that most people don’t include in their formulas is MOTIVATION.

There is a huge difference in talking with people who would like to sell their house and talking with someone who is MOTIVATED to sell their house.

Most houses in the MLS are listed by people (in some cases banks) who would like to sell their house for X price.

Typically, they are not too worried about how long it takes. Retirees, for example, might say “Well we would like to move south by the fall. But we are really in no big hurry.”

No motivation there – unless it’s November and the first snow is in the 5 day forecast.

On the other hand is the real life example of someone I made an offer to a few months ago.

It was a Wednesday when we first talked. He had a job transfer and had plane tickets to leave town and head overseas on Sunday night.

He did not want to rent his house because he had a “bad experience” with renters and just wanted to sell. He was getting a huge hiring bonus as soon as he set foot overseas and – within reason – just wanted a fair price, all things considered.

I made an offer.

And then I KILLED THE DEAL by following it up with some advice.

Why not sell this house retail? “Just use an agent and go through the MLS” I said. It was a well kept home. I strongly suggested that would be the better way to go.

He was concerned about all the paperwork. He would be overseas and thought it would be a big hassle.

I asked if he had any family nearby that he could trust and that would also be easy to work with. His ex-brother-in-law lived not too far away.  As it turns out, he was an early investor in his ex-brother-in-laws company and they had a great working relationship.

I suggested he hire a local agent that specialized in his neighborhood and sign off on a Specific Power of Attorney. Let his brother-in-law help him sign all the transaction paperwork and sell the property for a higher price.

That’s exactly what he did.

signpapers

Was that bad for my business? Not at all.

Two people now know me as someone who is fair, says what I am going to do, and does it.

I showed up, on time, and suggested an alternative to my home-buying service that didn’t help me in the least, but put a few extra 10’s of thousands of dollars in his pocket.

I made a couple of new friends – and that is never bad for business.

My point is this – don’t stand around in the rain wondering where the cabs are. Look for motivated cab drivers.

This business if much easier if you are talking to people who are MOTIVATED sellers. Once you find motivated sellers, if you treat them fairly and make reasonable offers that all parties can agree to, this business can be both life-changing and profitable for everyone involved.

The gentleman I just talked about was motivated, but I was not the right solution for him because he still had other options.  They were just options he did not know about, or hadn’t thought of, mainly because he had a lot of other things to think about.

If you are out for yourself first, and want to make a deal that only works for you, I guarantee you are going to struggle. If you spend your time helping MOTIVATED sellers your business life will be much, much easier.

At our April 18th WREIA meeting we will be talking about how to find motivated sellers. It’s a great topic that I am going to break down into easy steps. If you implement just a few of these changes you may see a giant leap forward in your 2016 results.

April 18th is a great opportunity for you to ask a few questions like:
  • Where are people making the most money in DC?
  • How much time does it take to flip a property in our area?
  • How much money, at a minimum, should we want to make on a deal?
  • Where do you think prices are headed?
  • What mistakes do you see people making?
  • What should we do to get started?
Save a few dollars and reserve your seat early.  Then, come join us at WREIA on April 18th. It will be a great way to start the spring season, get you motivated, and get some momentum for the rest of 2016.
*********
Reserve your seat for the fourth 2016 WREIA meeting here.
*********
Make this year a great year for your business!
John Peterson
301-881-5541
Washington REIA Network, President
Profitable Property, Founder

P.S.  The Rehab Immersion Course –  Spring 2016 Class we announced at WREIA is off to a blazing start.  We found our subject property, did a deep-dive property tour and have already spent two days at my office pouring through details.  And that’s just the beginning.

Announcing – Rehab Immersion Course – Summer 2016 Class is limited to 12 students.  If you are looking for an intimate and hands-on setting to learn the details of the renovation process here in the DC area – this is perfect for you.  Don’t miss this chance to get some real-world experience.  The summer class is starting to fill up. If you are interested in joining us, simply call the office and let us know to reserve you a remaining spot.

Meet One Of DC’s Real Estate “Cognizati”

DC Real Estate Investing

idea

Re: One of the rising stars in DC real estate. 

Remember the Realtor I mentioned a few days ago?  The one that told me about the returns that other investors are getting with their Airbnb rentals?

You can still catch the Airbnb article posted here.

Well, when I first met him and we dove into a great conversation, one of my first thoughts was “This would be a great discussion to have at WREIA.  Our members would love to hear some of this.”

Fast forward a few months and he will be with us as a guest speaker this Monday night.

I love it when a plans comes together.

If you want to hear from one of DC’s “cognizati” make plans to be with us on Monday night.

We only invite a few people to come in and share with our members every year.  This month we are taking the “local talent showcase” to a whole new level.  After I saw his presentation outline, you can be certain I will be sitting right there with you as he shares even more of his insights into our local market.

 

 

Here are a few more details about our meeting Monday night: 

 

We have an experienced DC area investor-friendly agent with us this month at our WREIA meeting.  He is going to show you the business behind our business and will very likely teach you a few things you didn’t know about our area.  I say this from experience.Every time we meet he drops a few knowledge bombs on me.
It’s a great opportunity for you to learn from one of DC’s hustlers who is on the streets every day working for his clients.

 

Next Monday is a great opportunity for you to ask a few questions like:

  • Where are people making the most money in DC?
  • How much time does it take to flip a property in our area?
  • How much money, at a minimum, should we want to make on a deal?
  • Where do you think prices are headed?
  • What mistakes do you see people making?
Save a few dollars and reserve your seat early.  Then, come join us at WREIA on March 21st. It will be a great way to start the spring season, get you motivated, and get some momentum for the rest of 2016.
*********
Reserve your seat for the third 2016 WREIA meeting here.
*********
Make this year a great year for your business!
John Peterson
301-881-5541
Washington REIA Network, President
Profitable Property, Founder
P.S.  The Rehab Immersion Course –  Spring 2016 Class we announced at WREIA is off to a blazing start.  We found our subject property, did a deep-dive property tour and have already spent two days at my office pouring through details.  And that’s just the beginning!

 

Rehab Immersion Course – Summer 2016 Class is open but limited to 12 students.  If you are looking for an intimate and hands-on setting to learn the details of the renovation process here in the DC area – this is perfect for you.  Don’t miss this chance to get some real-world experience.  If you are interested in joining the next group, simply call the office or grab a few minutes with me at WREIA Monday night and let me know to reserve you a spot.

“You Have Three Choices” – It’s a total lie. But it makes for great TV.

DC Real Estate Investing

choice3Re: Three Choices

We have all seen the shows on TV.  A first time homebuyer wants to buy a home and they are given three choices.  After some hand-wringing, they pick one.  
 
We suspend our beliefs because it makes for a good 30 minutes of entertainment. I would say shows like that help me relax, but a good part of the time I want to throw my Diet Coke at the TV when they clearly pick the wrong house.
Out here in the real world we face a lot of factors when trying to buy a home. In our world of finding, fixing and flipping homes we have to narrow down a huge inventory to just a few homes that fit our criteria.  Maybe we look at a few dozen houses and pick one that both parties can agree on all the details – price being just one of those details.
Inventory and choice are two of the reasons Airbnb properties are doing well in our area.  There is a tight supply of homes or apartments available for short term rentals.  On the demand side – a lot of people from around the world like to come to DC and enjoy all that the area has to offer.

 

You can still find the Airbnb article we posted yesterday athttp://washingtonreianetwork.com/2016/03/16/can-make-a-profit-with-airbnb-in-dc/

 

Many new investors choose a Realtor to work with the same way these TV “homebuyers” choose a house.  Talk to three and pick one.  Or worse, they have an uncle who works “part time” selling neighbors homes and think that Uncle Moe knows everything about investment property – so they start working with him.   (Most of the time, that doesn’t work out too well.)

 

Don’t be one of those people.  Keep looking until you find the right person.  It could be the difference between success and failure at worst, and will easily save a lot of frustration in the long run.

 

It’s one of the main keys to success.  Focus.

 

Figure out what you need when it comes to properties, and find a Realtor that can do more than “pull up listings” for you.  Find someone to be part of your team that can really dig in and work with you. Ultimately you will both find success.

 

Now, let’s talk about the guest speaker we have Monday night at our March WREIA meeting.

 

I want to share a real treasure of an agent that I have worked with recently.  You should get to know him too.  As far as “investor-friendly” goes – this is the type of person you should be looking for and putting in your Rolodex.  (Does anyone else still use a Rolodex?)

 

Good “investor-friendly” agents are really hard to find.  
 
If you ask most agents they will say they “work with investors”, but at the end of the day they really have no idea what we are looking for when it comes to a deal. Most would be embarrassed or afraid to show you the homes that we know are the real treasures of our business.If you want to know what it’s like to work with a terrific agent – you have one option – join us on Monday night at WREIA for all the details.

 

We have an experienced DC area investor-friendly agent with us this month at our WREIA meeting.  He is going to show you the business behind our business and will very likely teach you a few things you didn’t know about our area.  I say this from experience.Every time we meet he drops a few knowledge bombs on me.
It’s a great opportunity for you to learn from one of DC’s hustlers who is on the streets every day working for his clients.

 

Next Monday is a great opportunity for you to ask a few questions like:

  • Where are people making the most money in DC?
  • How much time does it take to flip a property in our area?
  • How much money, at a minimum, should we want to make on a deal?
  • Where do you think prices are headed?
  • What mistakes do you see people making?
Save a few dollars and reserve your seat early.  Then, come join us at WREIA on March 21st. It will be a great way to start the spring season, get you motivated, and get some momentum for the rest of 2016.
*********
Reserve your seat for the third 2016 WREIA meeting here.
*********
Make this year a great year for your business!
John Peterson
301-881-5541
Washington REIA Network, President
Profitable Property, FounderP.S.  The Rehab Immersion Course –  Spring 2016 Class we announced at WREIA is off to a blazing start.  We found our subject property, did a deep-dive property tour and have already spent two days at my office pouring through details.  And that’s just the beginning.

Rehab Immersion Course – Summer 2016 Class is limited to 12 students.  If you are looking for an intimate and hands-on setting to learn the details of the renovation process here in the DC area – this is perfect for you.  Don’t miss this chance to get some real-world experience.  If you are interested in joining us, simply call the office and let us know to reserve you a remaining spot.

Can You Make a Profit with Airbnb in DC?

DC Real Estate Investing
airbnb
So are people making money renting their homes (or rooms) through Airbnb in the DC area? 

 

If you have been considering renting your home, or even a room, with a service like Airbnb now might be a good time to dive in.

 

The Realtor that we have visiting with us on Monday night at our March WREIA meeting first brought Airbnb to my attention a few months ago.  He suggested I look at the numbers and see if it would work on some of my rental property.

 

I did take a look and I can tell you this – the DC area is a great place to rent your property.  In fact, Washington and Arlington are some of the top spots in the country, just behind locations in Hawaii and southern California. Here in DC in the spring and summer we get an influx of visitors and many are looking for something away from the hotels.   Let’s check the box next to “Demand”.

 

But how about supply?  Do the numbers work on every property?  I suggest you take a close look at your specific neighborhood.  Some places like Georgetown and Capitol Hill have a nice premium, while other locations may not be as desirable or command the higher nightly prices.

 

But that makes sense doesn’t it?  If you want to be “right in the middle of it all” then you may not want to be 20 minutes outside of town with the cheaper rates.   Home prices are lower and you get a larger amount of space, but at the cost of a much longer commute.  It works the same way with Airbnb rentals.

 

Speaking of square footage, I was surprised to find that according to Airbnb, the highest returns are actually on 1 Bedroom rentals.

 

Yeah, I know.  In fact, 1 Bedroom rentals have an 80% occupancy rate – on average.

 

If you are looking for a few other nuggets of gold, I suggest you come visit with us at our monthly WREIA meeting on March 21st.  Our guest speaker, an experienced Realtor in the DC area for more than 10 years, is going to share a few things he sees investors doing across the area that are unique and profitable.
 
And let’s be honest.  Good “investor-friendly” agents are really hard to find.  
 
If you ask most agents they will say they “work with investors”, but at the end of the day they really have no idea what we are looking for when it comes to a deal. Most would be embarrassed or afraid to show you the homes that we know are the real treasures of our business.

If you want to know what it’s like to work with a terrific agent – listen up.

 

We have an experienced DC area investor-friendly agent with us this month at our WREIA meeting.  He is going to show you the business behind our business and will very likely teach you a few things you didn’t know about our area.  I say this from experience.Every time we meet he drops a few knowledge bombs on me.
It’s a great opportunity for you to learn from one of DC’s hustlers who is on the streets every day working for his clients.

 

Next Monday is a great opportunity for you to ask a few questions like:

  • Where are people making the most money in DC?
  • How much time does it take to flip a property in our area?
  • How much money, at a minimum, should we want to make on a deal?
  • Where do you think prices are headed?
  • What mistakes do you see people making?
Save a few dollars and reserve your seat early.  Then, come join us at WREIA on March 21st. It will be a great way to start the spring season, get you motivated, and get some momentum for the rest of 2016.
*********
Reserve your seat for the third 2016 WREIA meeting here.
*********
Make this year a great year for your business!
John Peterson
301-881-5541
Washington REIA Network, President
Profitable Property, Founder

P.S.  The Rehab Immersion Course –  Spring 2016 Class we announced at WREIA is off to a blazing start.  We found our subject property, did a deep-dive property tour and have already spent two days at my office pouring through details.  And that’s just the beginning.

Rehab Immersion Course – Summer 2016 Class is limited to 12 students.  If you are looking for an intimate and hands-on setting to learn the details of the renovation process here in the DC area – this is perfect for you.  Don’t miss this chance to get some real-world experience.  If you are interested in joining us, simply call the office and let us know to reserve you a remaining spot.

 

P.P.S.  You can check out Airbnb rentals in the DC area at  https://www.airbnb.com/s/Washington–DC .  Let me know if you find anything interesting?  I would love to hear from you.

Realtors – The Best Kept Secret of Successful Investors

DC Real Estate Investing

learn

Re: Realtors

Licensed realtors can provide a steady stream of leads to savvy property flippers in the DC area. 
 
But let’s be honest.  Good “investor-friendly” agents are really hard to find.  
 
If you ask, most agents will say they “work with investors”, but they really have no idea what we are looking for when it comes to a deal. Most would be embarrassed to show you the homes that we know are the real treasures of our business.There is a trick to finding a good agent in any area.  I would suggest you start with a 5 minute interview.
In that small amount of time you can discuss the details of what a really good deal means to you.  If the person you are interviewing doesn’t get it – simply move on to the next person.

 

If you want to know what it’s like to work with a terrific agent – listen up.

 

We will have an experienced DC area investor friendly agent with us this month at our WREIA meeting.  He is going to show you the business behind our business and will very likely teach you a few things you didn’t know about our area.  I say this from experience. Every time we meet he drops a few knowledge bombs on me.
It’s a great opportunity for you to learn from one of DC’s hustlers who is on the streets every day working for his clients.

 

Next Monday is a great opportunity for you to ask a few questions like:

  • Where are people making the most money in DC?
  • How much time does it take to flip a property in our area?
  • How much money, at a minimum, should we want to make on a deal?
  • Where do you think prices are headed?
  • What mistakes do you see people making?
Save a few dollars and reserve your seat early.  Then, come join us at WREIA on March 21st. It will be a great way to start the spring season, get you motivated, and get some momentum for the rest of 2016.
*********
Reserve your seat for the third 2016 WREIA meeting here.
*********
Make this year a great year for your business!
John Peterson
301-881-5541
Washington REIA Network, President
Profitable Property, Founder
P.S.  The Rehab Immersion Course –  Spring 2016 Class we announced at WREIA is off to a blazing start.  We found our subject property, did a deep-dive property tour and have already spent two days at my office pouring through details.  And that’s just the beginning.
Rehab Immersion Course – Summer 2016 Class is limited to 12 students.  If you are looking for an intimate and hands-on setting to learn the details of the renovation process here in the DC area – this is perfect for you.  Don’t miss this chance to get some real-world experience.  If you are interested in joining us, simply call the office and let us know to reserve you a remaining spot.

Video, Links, and WREIA Tonight – Doors Open at 6:30

DC Real Estate Investing

Snow__ice_cause_traffic_gridlock_in_DC_

Re:  Let’s recap the last few weeks:

Snow, Ice, School and Government Closings, Massive Traffic Jams, and A Hint Of Spring. Oh, and we had a Super Bowl in the middle somewhere.

Since we had our last WREIA meeting it seems like we have been running non-stop to keep up with all the stuff going on.

Sometimes I wonder…“Am I the only one having a hard time keeping up with everything?”

It’s pretty easy to get knocked off your game. Life happens and if you don’t guard your time and use it wisely it’s easy to get caught up in the occasional madness of everyday life.

For instance:  We recently had a car crash through the front door of my office building.  I am going to talk about it at our WREIA meeting tonight. That day reminded me of the everyday life of a renovator.  Renovators know that unexpected things happen on a regular basis.  We still have the article with a video posted at http://washingtonreianetwork.com/

One of our recent emails also included links to HGTV and how to apply to be on any of their long list of home improvement shows. For most people the 15 minutes of fame of being on a TV show could be a very exciting experience.

I suppose you can dream of the long shot of fame and fortune and eventually your own cable show. You can learn from every personal experience, but it’s even better advice to learn from the experience of others.  When other people make mistakes and are willing to share them with you, it can be a valuable experience for everyone.

There is a big difference between a produced 30 minute show on HGTV and our local WREIA meetings.  Every month we do our best to connect you with the people who are working in the DC area so you can learn from their LOCAL and professional experience.

Tonight at our Feb. WREIA meeting we will have a special panel of renovators who have been working “in the real world” for years.  They have had a huge number of successful projects, and have made a few mistakes along the way as well.

This group is simply not the type that usually gets in front of groups to talk about renovations. They simply get busy and finish projects.

It’s a great opportunity for you to learn from some real successful business owners. Tonight you will also have a chance to ask some questions like:

  • Where would you suggest finding good deals if you were getting started today?
  • How much time do you plan to flip a property in our area?
  • How much money, at a minimum, do you want to make on a deal?
  • Where do you get your materials for your jobs?
  • Do you have partners and if so, how do you structure the contracts and split profits?
Save a few dollars and reserve your seat early.  Come join us at WREIA tonight. It will be a great way to start the year, get you motivated, and get a jump start on the rest of 2016.
*********
Reserve your seat for the second 2016 WREIA meeting Here.
*********
Make this year a great year for your business!
John Peterson

301-881-5541
Washington REIA Network, President
Profitable Property, Founder

P.S.  Attention Wholesalers – Bring in your best wholesale deals!  Every month at our WREIA meetings deals are presented to our members and guests.  It’s a great chance to present your deals to a room full of active business people from across the DC area.