DROdio Real Estate

Here's a PDF with zoning information for Alexandria city: DROdio - zoning information

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Here is a zoning map of Alexandria city we recently came across: DROdio - Alexandria City Zoning Map

And also a picture here:

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Here is an email from a client asking about doing a condo conversion:

Hi,

Per our conversation and your e-mail, yes we are interested in doing a condo conversion with 1234 Main Street for 3-4 units. Due to the fact that the process may be lengthy we will probably currently, look to purchase a distressed property, fix it up and put on the market at this time. Unless of course the gentlemen I am working with can make it a fast and easy process.
We are still very much focused on learning as much as we can about condo conversions. anything you can do to help us along the way would be fantastic. got any info on the class yet? I would like to meet and sit down with you in the very near future.

Per their property list you sent to me the other day: First we would definitely underbid all properties that have been on the market for over 30 days. second the comps would make the difference on whether we would go out to physically look at these properties.

#22 looks like a good condo conversion. we like this one. I guess it would take the same steps to acquire and convert? how many units/ parking spaces
#20 can this be converted to condos?
#23 condo conversion? how many units, parking spaces?

please send comps for #15, #14, #18, and #19

thank you so much for your advise, efforts and patience. keep your eyes open for sweet investment deals for us.

talk to you soon!

And here is our response:

One of our business models is to empower our clients with as many resources as possible. One very useful website where you can find the answers to many of your questions, including zoning is the DC government website. the website for specific property search is https://www.taxpayerservicecenter.com/RP_Search.jsp?search_type=Assessment you can also find more information pertaining to zoning on http://dc.gov/.

The process for purchasing 1234 Main St. is going to be the same as any residential process except that the purchasing entity will be a business instead of an individual. how is your company set up? is it an s corp., LLC, or an LIP?

Underbidding on these properties is not a problem, just prepare yourselves for possibly lengthy negotiations. I would also recommend that you drive out to the properties that you are interested in. The reason for this is because the value of assessing the location is crucial for investors and that is not possible at without a visit to the site. Your interest in the property should be determined by site evaluation, not by comps. You should use the comps as a determinant for the basis of your offer, not your interest. So, once you have visited each site, and you are interested in any of the home sites, I will be happy to pull comps for those properties.

Also, please reference the properties by their MLS #s, that will help us keep the information in order and minimize communication errors.

As far as how many units can be built out and how many parking spaces, it will be wise to get in touch with engineers.

As a developer, your success will rely heavily on the strength of your team. Some of the key players will be contractors, accountants, engineers, lawyers, and real estate agents & advisors. I recommend that you start interviewing to fill your key player positions.

We also have a separate FAQ on how the tenant rights process works.

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Here is a sample approval letter from Patrick Collins at First Savings Mortgage Corporation. He is one of several lenders we recommend to buyers. DROdio - sample loan approval letter

One reason we really like Patrick's approval letter is because it specifically states that it complies with Paragraph 10 of the regional sales contract, removing the financing contingency. (Want to learn more about Paragraph 10? Contact us at right and we'll walk you through the entire regional sales contract!)

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We often have buyers ask us if there's any type of problem with them using a lender from LendingTree.com or other lenders which aren't local. The answer is complicated, but then again, that's why you're here reading this FAQ, right? So let's delve into the issues:

The first thing to know is that at the end of the day, many, many lenders will be able to provide you a loan. Your job is to pick the one that's best for you, and it's our job to give you the knowledge and advice to make the best decision.

It really doesn't matter if a lender is local or remote, as long as they can live up to their word. The "living up to their word" is were problems oftentimes crop up. We (and most Realtors) much prefer using local lenders because when there are problems, we can easily fix them.

So, what kinds of problems could crop up, anyway? Here's an example, and as we see others we'll keep adding more examples to the bottom of this page. In this example, the buyers decided to go with a lender that our agent didn' t know because they were getting a slightly better rate. Four days before closing, the lender dropped this bombshell:

From: Jane Doe Lender Sent: 27 July 2007 17:09
To: Jack and Jane
Subject: RE: Some documents for my loan

Jack and Jane,
i may be on holiday but very connected here so we are pushing as hard as we can---underwriting takes time so Monday may be the day to get done--and trust me it WILL be done and closed --One glitch is that original second trust lender cannot handle the pounds for salary so we had to switch to CITI BANK where the rate is a bit higher at 9.5% but the good news you will have CITI for both first and second trust and once you get closed and have made a month's payment--you can go in and re-negotiate it--so this is a temporary situation and I will help you with it after we get closed...but this is the best solution to get to the closing table on time. Thanks for understanding. Always available by cell-- Jane Doe is working hard to pull things together and I am talking to her all day. We are indeed global.

In the email above, the lender is saying that she would not be able to honor the orignal second trust rate and the rate would be higher!

Another reason to choose a local lender is because when you're making an offer, having an approval letter from a local lender helps the seller feel more comfortable with your contract.

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