Joe Facenda RE/MAX Gateway
Counties: Fairfax, Arlington, Prince William, Loudoun
Cities and Towns: Alexandria, Annandale, Arlington, Ashburn, Bristow, Burke, Centreville, Chantilly, Clifton, Dale City, Dumfries, Dunn Loring, Fairfax Station, Fairfax, Falls Church, Gainesville, Great Falls, Herndon, Lorton, Manassas Park, Manassas, Mclean, Merrifield, Oakton, Reston, South Riding, Springfield, Sterling, Vienna, Woodbridge
Licensed Since: 1989 | VA License # 0225165436
About Joe Facenda
I have been a full time Realtor in Northern Virginia since 1989 and the recipient of dozens of top production awards both locally and with RE/MAX but more importantly, over the last few years, more than 85% of my business has come from past clients and referrals.
In the last few years, a significant percentage of my work has been with investors. Most were buy and hold investors and others were flippers. (I do not work with wholesalers.)
Personally, I own several rental properties and most are out of the area. Some I personally visited before purchase and others I bought based on my relationship with an investor friendly Realtor I knew I could trust. So, I understand the special needs of those looking outside their home market. I know there will be functions and tasks I will need to perform for you that my local clients can easily undertake. That is not a problem. I am ready to serve.
By the way, I have bought using my self directed IRA and am well versed about the benefits and limitations of that strategy. Let me know if you would like to learn more.
As mentioned, my business has been built on past clients and referrals. The only way that happens is by making each client so happy that they tell their friends about their positive experience. And when it is time to buy your next Northern Virginia investment, I want you to be completely confident calling me again.
To learn more about Joe, listen to his interview on The Rental Income Podcast:
Our market is one of the most stable in the nation and as long as the Federal Government continues to call Washington DC home, we should remain as such.
It doesn’t matter whether there is a Republican or Democrat in the White House. Every administration will have programs they want to promote and will bring in managers, consultants and staff to run the latest efforts. Additionally, every government initiative means dozens of private contractors set up shop to help implement the program. Some of these folks will buy but many are here for just a short time and opt to rent.
We are home to the Pentagon and Fort Belvoir, meaning even more families transition in and out of the market each year.
Historically, we offer above average appreciation and stable rents.
Since 1975, the average annual increase in home prices in the closer in areas has been 6.2%. The 5 year average has been 28% and the 10 year average 74%. Only 4 years have had average price drops.
Investment Price Points
Like most markets, our prices have risen over the last few years. It is a rare property under $250,000 that would work as a rental. They would all be condos. Assuming 25% to 30% down, when you add in the condo fee they usually are negative by a few hundred per month.
In the 300s, there are some smaller townhomes in C/C+ neighborhoods that work.
The sweet spot will be townhomes in the $400,000 to $500,000 range in some of the western suburbs. With 25% to $30% down, many will throw off a little positive cash flow.
Above that price point, with typical investor loans, it gets harder to stay positive.
As the founder of Out of Town Landlord, I can say emphatically that there are significantly better cash flow markets out there. But if your investing goals swing toward the appreciation end of the spectrum, I can say we are one of the best and safest markets in the country. Past performance is not an indicator of future results and there will always be boom towns exceeding our appreciation in the short run but
in the long run, there are very few markets with the stability we offer. In all my time here, we have always had better employment numbers than the nation and we always seem to have a housing shortage. Great elements for price growth and great protection on the downside when the inevitable happens.
Free Report: Demographic and Housing Data on the Northern Virginia Market
Would you like free demographic and housing data on the Northern Virginia market? The report includes information on schools, income, employment, crime, average sale prices, fair market rents and more. You can get reports on the whole market or zero in on a specific zip code.
This report has all the info you need to help you decide if the Northern Virginia market is right for you! Click here to get your free report.