Home Buying in 20147>Question Details

investforfut…, Home Buyer in Schaumburg, IL

Looking to buy a condo in Westmaren, Ashburn for renting out(investment)? Is it a good move?

Asked by investforfuture, Schaumburg, IL Sat Oct 31, 2009

I am considering buying a 2 bed 2 bath condo in Westmaren community in Ashburn. I am planning to rent it out. I would like all the real estate experts to advise me if I am thinking the right way. The 2 bed 2 bath condos in Westmaren are currently listed between 135K and 150K and that fits my budget range. I can't go beyond 150K anyway. I am expecting a monthly rent of $1100 -$1300. I will putting down 20% as this is an investment property. I am planning to keep the condo for at least 5 years from now. These condos were sold for more than $250K in 2004 and 2005. Do you think I can make good money if I can keep the property for about 5 years? Any cash flow analysis will be of great help. I have also looked at various cash flow and cap rate analyses on InvestorLoft.com.

I also read Reston is a better place to buy an investment condo. I dont see any in my price range. I would like experts to come up with their suggestions.

Help the community by answering this question:

Answers

5
BEST ANSWER
Hi Steve - a full investor analysis would best be handled by choosing an agent and having him/her work with you on it - this is the best way to make sure we are hitting your specific concerns. I have a spreadsheet that I can send you with the cashflow numbers laid out. I can also run any statistics that you would like on this area - historically or current, etc.

Ashburn is less centrally located than Reston, but the metro will help to equalize this somewhat. There are condos available for this price range in Reston, but they are older than Westmaren (Shadowood, Southgate, Hunters Woods Village, Chestnut Grove, etc). Once the metro is in place, the fact that Westmaren is newer, may bridge the rest of the gap in desirability/prices. I would recommend holding on to the Ashburn property until the metro arrives - currently slated for 2016. Just five years may be cutting yourself short on the potential gains. If you were to buy in Reston, metro is supposed to be complete by 2013.

Thanks,
Sonal
703-863-0031
1 vote Thank Flag Link Mon Nov 2, 2009
Hi Satya, as already mentioned, you have hit the high points, and the best place to begin the cash flow analysis is with a good lender, as the rates have been very volatile lately. I am more than happy to go over rates for investment properties and develop mortgage scenarios for you at no cost or obligation. Certain condos must be FHA certified to qualify for the most financing options. Feel free to give me a call or an email and I would be happy to work with you! GreatRateFolks@hotmail.com. Best Regards, Jim.
Web Reference: http://www.dominionloan.com
0 votes Thank Flag Link Fri Jan 15, 2010
Westmaren is an excellent neighborhood for cash flow/rentability. I wouldn't hold my breath for metro - it isn't funded yet past Reston. However that area is close to shopping, reasonably priced and offers many community ammenities.

When looking at the individual units there - be sure to note whether or not they have polybutylene pipes - leaky pipes would not be fun for the landlord or tenant!

As an investor myself - I don't look to the past for future values - instead focus on your cash flow analysis as your primary item and any appreciation is bonus on that.

All the best!

Gina
0 votes Thank Flag Link Tue Nov 10, 2009
Steve,
You have hit most of the points already, the Westmaren Condo's are great, and centrally located. This will be a great investment with the Metro and One Loudoun being built. You are correct about the rent, one just rented for $1200, in great shape. If you would like to sit down and go over your options, I will be gald to do so. I have been living in Ashburn for over 13 years, and my office is located right here in Ashburn.

Denis Fahie
Realtor
Long & Foster Real Estate
703-726-3425
Web Reference: http://www.dfahie.com
0 votes Thank Flag Link Sun Nov 1, 2009
Hi,
This is a great investment and it will hold lots value.I am an expert in Ashburn.
Call or email me?
Web Reference: http://barbaraswavely.com
0 votes Thank Flag Link Sat Oct 31, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer