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Old 09-14-2011, 07:41 AM
 
Location: Vienna, VA
11 posts, read 16,780 times
Reputation: 17

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Any advice on where in Northern VA you can buy a single family home (not townhouse or condo) where the rent is most likely to cover all expenses (mortgage, property taxes, homeowner's insurance and maintenance)? My feeling was in the outer reaches (Prince William and Loudoun) that have taken the hardest hit over the last few years but maybe some of you know particular neighborhoods or other areas?
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Old 09-14-2011, 08:20 AM
 
13 posts, read 34,410 times
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arlington
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Old 09-14-2011, 08:27 AM
 
1,256 posts, read 3,531,281 times
Reputation: 778
On a lark I dropped by (and this is not kidding (*)) a trailer park off of Route 50 just west of Route 28.

Google Maps

They had a sign up saying something like "New section from the 50s". I was floored twice by my drive-thru - one, the pricing of the (unknown) new section and, two, the beauty of the park itself - tall trees, grass everywhere, not a rusted out broken car anywhere.

The drive-thru literally was an eye-opener and certainly quashed forever my long-term bias (sight until then unseen) against trailer parks.

I didn't look into costs other than reading that development sign so have NO idea how realistic "50s" is, but a price like that HAS to be returned by rent fairly well per month.

==========
(*) I was in that particular area just to check out the outside of the Thai Basil restaurant then said to spouse "Hey! Can we check out something else, too?" and satisfied a 20 year curiosity about the trailer park.
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Old 09-14-2011, 08:31 AM
 
227 posts, read 345,086 times
Reputation: 72
Quote:
Originally Posted by sullyguy View Post
On a lark I dropped by (and this is not kidding (*)) a trailer park off of Route 50 just west of Route 28.

Google Maps

They had a sign up saying something like "New section from the 50s". I was floored twice by my drive-thru - one, the pricing of the (unknown) new section and, two, the beauty of the park itself - tall trees, grass everywhere, not a rusted out broken car anywhere.

The drive-thru literally was an eye-opener and certainly quashed forever my long-term bias (sight until then unseen) against trailer parks.

I didn't look into costs other than reading that development sign so have NO idea how realistic "50s" is, but a price like that HAS to be returned by rent fairly well per month.

==========
(*) I was in that particular area just to check out the outside of the Thai Basil restaurant then said to spouse "Hey! Can we check out something else, too?" and satisfied a 20 year curiosity about the trailer park.

The trailer park where all streets are named after airlines
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Old 09-14-2011, 08:36 AM
 
427 posts, read 937,624 times
Reputation: 221
Quote:
Originally Posted by sullyguy View Post
On a lark I dropped by (and this is not kidding (*)) a trailer park off of Route 50 just west of Route 28.

Google Maps

They had a sign up saying something like "New section from the 50s". I was floored twice by my drive-thru - one, the pricing of the (unknown) new section and, two, the beauty of the park itself - tall trees, grass everywhere, not a rusted out broken car anywhere.

The drive-thru literally was an eye-opener and certainly quashed forever my long-term bias (sight until then unseen) against trailer parks.

I didn't look into costs other than reading that development sign so have NO idea how realistic "50s" is, but a price like that HAS to be returned by rent fairly well per month.

==========
(*) I was in that particular area just to check out the outside of the Thai Basil restaurant then said to spouse "Hey! Can we check out something else, too?" and satisfied a 20 year curiosity about the trailer park.

I have seen some around here like that. The big thing is that you only own the trailer. You do not own the land underneath. You still have to pay the rent on the land too. That is why the price is so cheap to buy.
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Old 09-14-2011, 08:38 AM
 
1,256 posts, read 3,531,281 times
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Quote:
Originally Posted by RUSDC View Post
The trailer park where all streets are named after airlines
Yeah, that's probably because it's, like, the northernmost housing development directly under the southern flight paths to and from Dulles.
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Old 09-14-2011, 08:43 AM
 
1,256 posts, read 3,531,281 times
Reputation: 778
Looks like someone here has already been there and taken photos!

Got 50k? You can buy SFH in Chantilly

Quick search also turned up this:
[removed since it requires login]

Last edited by sullyguy; 09-14-2011 at 09:02 AM..
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Old 09-14-2011, 08:55 AM
 
1,256 posts, read 3,531,281 times
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Oh...a further search turned up the words "Owner occupant only".

So...nevermind!

Lol!

($842 ground rent includes stuff like the pool)
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Old 09-14-2011, 09:12 AM
 
Location: Censorshipville...
2,710 posts, read 6,262,305 times
Reputation: 1579
Quote:
Originally Posted by xlordjeff View Post
Any advice on where in Northern VA you can buy a single family home (not townhouse or condo) where the rent is most likely to cover all expenses (mortgage, property taxes, homeowner's insurance and maintenance)? My feeling was in the outer reaches (Prince William and Loudoun) that have taken the hardest hit over the last few years but maybe some of you know particular neighborhoods or other areas?
You're going to make your money when you buy the property, that's a key thing to keep in mind. If you overpay, it'll eat into your cash flow. Also it's not advisable to go into debt on an investment, ideally you want to pay cash. I would advise you to read a lot of books on investment real estate to make sure you know what you're getting into. I'm an amateur investor so take what I say with a grain of salt

With that being said, I took out a mortgage on an investment property in Eastern-PWC. I didn't have enough saved to pay cash, so I leveraged the amount I did have so I could buy while housing prices are depressed. PITI is around $890-950 (fluctuating property tax) and it's being leased for $1700 a month. I pay 8% to a property management company. So every month I cash flow about $600 on the property, and it all goes back into it for future maintenance/upgrades/vacancies. It's self-sustaining, but I've also budgeted to be able to pay for it in case there is a long term vacancy.
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Old 09-14-2011, 09:29 AM
 
1,256 posts, read 3,531,281 times
Reputation: 778
Quote:
Originally Posted by oneasterisk View Post
PITI is around $890-950 (fluctuating property tax) and it's being leased for $1700 a month. I pay 8% to a property management company. So every month I cash flow about $600 on the property
That much sounds great however what was your original upfront cost? The $500-ish you make per month (which is pretty darn nice considering the monthly cost) amounts to the ROI on the initial cost like any other investment - did you pay $100,000? $20,000? $10,000?

E.g. $500 (or...er...$6000/year) on any of those initial costs is not a bad interest rate.

[I once had a townhouse in Bowie - moved here but did NOT sell the property, instead went the rent with property manager route as well - it was a good way to handle the property - cleared more than cost on a monthly basis, but never did do the calculation to see if the ROI on my purchase cost was good or not!]
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