Home Buying in Washington>Question Details

Julianne, Home Buyer in 94303

I am looking for an investment property in DC.

Asked by Julianne, 94303 Fri Sep 30, 2011

I'm interested in something I can fix up, or tear down, or renovate, and rent out. What areas are the best for this right now?

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6
Hi Julianne,

If you're not tied to just DC, I have been looking at investment properties just outside of DC in PG County. Not only in the under $50K range, with up to 3BR, but a lot of them are in move-in ready condition or only need slight cosmetic work and are typically renting in the $1000-$1200 range.

I have a contract on one myself as an investment that is a short sale. I was actually showing it to a client who wanted a larger unit and I couldn't let this one go, so I put an offer on it myself and it was accepted at $35K and is move-in ready.

Let me know if you'd like to go out and see some of these properties I've been seeing in the last three months. I also just looked at some other houses out-of-state that my husband and I are going to start investing in through a company that will manage them for us at only a 9% fee.

Kelly Putz
Buyer's and Seller's REALTOR®
DC/MD/VA
Keller Williams McLean
http://kellyputz.kwrealty.com/
703-961-8663
kelly.putz@gmail.com
0 votes Thank Flag Link Wed Oct 5, 2011
Hi Julianne,

That's a great idea to invest in DCs market. I'm not only investor, but I'm also the property manager for Avery Hess Realtors DC. I rental market is really hot. Everything I list for rent goes within days. Also, if you are looking to buy, fix up and sell, I have a number of tools available to get you the best buy for you dollar. Such as Hud site, MLS, and numerous forclosure sites. I'll be happy to help you in your search for your investment property. I've made many people alot of money. Let me help you.

Danny Warren
Avery Hess Realtors
202 3309090
0 votes Thank Flag Link Mon Oct 3, 2011
You should also be mindful of how you will finance your acquisitions. I have worked with several investor clients recently and helped them locate not only good rental properties but also assisted them with navigating the ever changing world of financing investment properties. if you are paying all cash, so much the better.
Web Reference: http://www.urbanerealty.com
0 votes Thank Flag Link Sat Oct 1, 2011
It really depends on your price point, since they vary neighborhood by neighborhood. It also depends on who you are looking to rent the property out to, college students, professionals, etc as to the neighborhood you should look to buy in. The DC market is strong and some of the best areas to look are near a metro, since metro allows people to live w/o a car and still be able to get around.

Please feel free to contact me with more details.

Thanks

Melissa
mbarkalow@comcast.net
0 votes Thank Flag Link Sat Oct 1, 2011
If you need some DC realtors that know the market very well please contact me and I will provide their names. I believe you should talk to a few and decide which one is the best fit. As for your goal well never say never but you almost certainly will not get a loan to rehab on investment properties. The only one I know of is Homepath. That's for FNMA owned properties and has an investor component. Other than that I think it's cash or nothing. Hope this helps let me know if you need more.
0 votes Thank Flag Link Fri Sep 30, 2011
Hi Julianne,

The rental market in DC is very strong right now. Certainly, you can't go wrong if you buy a property near metro. But in some neighborhoods, even property not near metro are renting fairly quickly.

I own several rental properties in DC, so I'm a landlord as well as a realtor and know the market well. Neighborhoods that are affordable for purchase but still offer positive cash flow opportunity AND are near metro are Petworth, Columbia Heights, Takoma Park, Ledroit Park/Bloomingdale, and Brookland.

Check out my investor webpage at http://www.bestdcrealestate.com/buyer/investor-services.htm, or give me a call at (202)309-0146
0 votes Thank Flag Link Fri Sep 30, 2011
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