Rental investment in Ashburn VA

Asked by Kevin, Trenton, NJ Thu Mar 26, 2009

Am planning to buy a condo in Ashburn to rent it. The purpose behind buying the property is to invest in a low price house and get good return 3-5 yrs down. Am renting it so that the mortgage on the property is covered by the rent. Am basically looking for good deals, good school district, easy to sell property.
Please suggest me if
1. Ashburn is a good area for such an investment
2. Is there a better area where I get a better deal on condos or townhomes
3. Any other point to be kept in mind before buying a rental property

Thanks
Kevin

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
Danilo Bogda…, Agent, Reston, VA
Sat May 16, 2009
Kevin,

1) The best bang for your buck on condos in Ashburn would be at Westmaren (Ashburn Farm) or Lakeshore (Ashburn Village). The reason why is because they're next to or just across the street from shopping centers which make them very attractive for renters. Westmaren has a lower price point than Lakeshore, but Lakeshore's rental rates are higher.

2) Condos in Reston are the most appealing out of any in Northern VA and will be for several years. The reason why is because the metro rail is coming to Reston by 2013. Condos near one of the two metro stops in Reston will become increasingly popular as the project gets closer to completion. This translates into greater potential of price appreciation than Ashburn. (Yes, the metro rail will extend to Ashburn, but there are no condos immediately around that future stop)

3) Condo fees and upside potential. In Northern VA, the landlord, not the tenant, is responsible for paying the condo fees out of their own pocket almost 100% of the time. Make sure you factor in the condo fees when crunching the numbers. And take into consideration future appreciation potential (see answer #2 above)
1 vote
Marc Blackwo…, , Prince William County, VA
Mon Jul 27, 2009
Kevin,

I am an investor and Realtor that specializes in purchasing distressed properties at a discount. What I and other investors I represent are doing is buying bank-owned properties in Prince William County . That was the epicenter for the foreclosure crisis in the DC metro area, which means we can get very good prices there. You can get a FREE weekly list of those properties by going to the site below... the email you will receive also included properties in Loudoun and Fairfax counties so you can compare. No matter which area you decide on, I can do a complete cashflow analysis for you.

Also, there are other creative ways to realize the positive cashflow and long-term appreciation you are seeking other than becoming a landlord. I am happy to talk about that more with you by phone... 703-791-9228. I can't give away all my secrets here on the web! ;-)

Happy Investing,
Marc
0 votes
Nancy Pav, Agent, Ashburn, VA
Thu Mar 26, 2009
Ashburn is a great area. What type of condo are you considering? A 1 bedroom? A 2 Bedroom?
I think wherever you consider buying, you need to determine what the rental competition is. How many are moving a month and how many are active.
You also want to consider hiring a property manager. If you live in New Jersey and there's a problem will you be able to fix it in a timely manner?
If you have additional questions or need the services of a good property manager, please feel free to contact me.
Web Reference:  http://www.gottahavepav.com
0 votes
Vicky Chrisn…, Agent, Purcellvile, VA
Thu Mar 26, 2009
Kevin - I agree with comments made by prior poster.

For investments, I typically recommend longer term - 5 year minimum. It's just a safer bet. We're finding financing condos is trickier than financing fee simple properties. Do you have your financing lined up?

Also, if this is strictly an investment, have you considered using a self directed IRA for acquisition? It has some great benefits.

Be sure and work with a local REALTOR who can provide you with a good analysis. Ashburn is good, Leesburg is also a good place. Dollar for dollar, most of the investors I work with seem to prefer Leesburg. Ashburn prices are a bit higher for acquisition but there is less of a rental market.

I see you are from out of the area, I'd be happy to recommend any and all servicers you might require. If you are more of a "do it yourself" kind of person, I have some resources available on the Investor Resource page of my web site.

Please let me know how I can help.

Vicky Chrisner
Chrisner Realty Investing Services, Inc.
& Keller Williams Realty
703-669-3142
0 votes
Sonal Goda, Agent, Chantilly, VA
Thu Mar 26, 2009
Hi Kevin - I work with a lot of investors and would be happy to do your cash flow analysis for you. I did a couple of seminars for investors on these topics last year. I would need some more information regarding the amount of your downpayment, etc. I don't know if you want to post all this information or if you want to talk privately - this would be no obligation if you choose to speak with me.

Ashburn is an amazing area for families and schools. There are many great areas throughout Northern VA right now to get a deal and positive cash flow - I would be happy to point other areas out to you.

One thing to keep in mind about investment properties right now is that a lot of investors have done the same thing so it is taking longer to rent property. Yours should be in stellar shape if you want to rent it quickly. In the past, we could rely on being able to rent in 30 days, but now you have to take a larger number of days and potential vacancy into account when you do your cash flow analysis. Maybe 60 days would be good for the calculations.
0 votes
Search Advice
Search
Ask our community a question
Home Buying in Ashburn Zip Codes

Email me when…

Learn more