Hands On Real Estate Investing

We just sold all of our rental properties so now we are looking for a second home or vacation home to enjoy the fruits of our labor! We saw an ad in the Real Estate section of the Washington Post with 1 bedroom luxury condominiums starting in the $400k range, so we decided to take a look at the exterior of the property and the neighborhood. We learned that 2 office buildings are being converted to luxury condominiums. The location is within walking distance of the Potomac River in Old Town, Alexandria Virginia. The $400k price sounded very inexpensive for the area and we soon discovered why …

During the pandemic and subsequently hot real estate market, we heard stories about investors buying real estate properties sight unseen, but our visit to the Slaters Lane luxury condominiums show why it is extremely important actually visit the property in person … Less than 50 yards from the building is a power plant, a whole power plant! At a minimum, a power plant is an eyesore. At worst, a power plant is a health and safety hazard, in our opinion. What luxury buyer wants to walk out of the door every morning and see a power plant?

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The opinions expressed herein are solely those of the Author/WebMaster. Before taking any action, please consult your real estate, financial, and legal advisors.