Home Buying in 20001>Question Details

Danbury, Home Buyer in 20001

looking for a condo in georgetown under 300k to rent to others

Asked by Danbury, 20001 Fri Apr 2, 2010

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8
Hello Danbury,


How are you doing? Happy Sunday to you. I know this has been over three years now. But I was wondering if you ever brought a Condo in Georgetown DC? Please share your experience with us. It would help many home buyers who are either about to start the home buying process or currently looking for a home to buy. And hopefully it will help a Real Estate Professional like me to help deal with home buyers and sellers better. Thank you very much. Take care.
0 votes Thank Flag Link Sun Dec 15, 2013
Make sure the property has its C of O's and is properly zoned. You will be hard pressed to find a place in Georgetown but were here to find the gems for you. Best of luck.

Daniel Johnson
0 votes Thank Flag Link Fri Aug 13, 2010
You have an interesting strategy for renting. What is your plan to protect your investment from damage? Who is your target renter that this condo will appeal to most? Also, there are specific rules that apply to renting in DC, are you well versed in those as well? I would suggest you need to work closely with a realtor who has experience in dealing with investment properties, rentals in particular, and specifically rentals in DC. I have some suggestions if you can answer these questions. I have even more if you cant!

Arthur Hardy

W.C. & A.N. Miller

A Long & Foster Company

Spring Valley office

4910 Mass. Ave NW, Suite 119

Washington DC 20016

202 362-1300 Office

202 895-2860 Direct
0 votes Thank Flag Link Wed Aug 11, 2010
Foggy Bottom is a better bet for you Danbury, There are units in the mid to high 200's that will rent to college students in the area (try renting them furnished, students often don't have furnishings and you'll get higher rent) for a decent price that should suit your goals. Give me a shout if you'd like me to help.
Susan
0 votes Thank Flag Link Wed Apr 14, 2010
That's not a good strategy. Not in Georgetown, because of the relationship between purchase price and rental income. You'd either have to put down some outrageous amount, like 50%, in order to break even with cash flow, or you could be looking at negative cash flow of $1,000 or more a month.

If you post what your objective is (cash flow, appreciation, etc.), I'm sure you'll get some useful advice regarding what you can do in the D.C. metro area.

Hope that helps.
0 votes Thank Flag Link Fri Apr 2, 2010
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
Danbury,
Your budget is bit low for Georgetown. I saw an interesting 1 bedroom in the Glover Park/Wesley Heights area for $265,000. Please get in touch if you want details.
Deborah Hrouda
Long & Foster Realtors
202.363.1800 (ofc)
deborah.hrouda@LNF.com
Web Reference: http://metroDCmaison.com
0 votes Thank Flag Link Fri Apr 2, 2010
To Danbury:

The cheapest condo on the market in Georgetown now is $336,500 with a $515 monthly fee. I would have to inquire about the investor ratio to find out if it could be rented out. I can keep an eye on the market for you, and check out lindashouses.com where you can do a property search and find out useful information about the DC market.
0 votes Thank Flag Link Fri Apr 2, 2010
Hello Danbury. Please go to my website at http://www.freelistofhomesforsale.com to search for millions of homes for sale in your area of choice. Have a great weekend.


Best regards,


Lanre Folayan-'THE REAL ESTATE FARMER"
Real Estate Professional
Exit Premier Realty
9701 Apollo Drive
Suite 101
Upper Marlboro MD 20774
(202) 378-0283 (Direct)
(301) 560-6700 x1154 (Office)
(301) 364-5305 (E-fax)
http://www.freelistofhomesforsale.com
Web Reference: http://www.GetDCSold.com
0 votes Thank Flag Link Fri Apr 2, 2010
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