Starting Out
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 2 years ago, 03/12/2023
opportunity to invest in Riggs park washington dc
i have n opportunity to invest in semidetached 1500 sq foot house in riggs park washington , dc.- I'm not using realestate agent but have discussed with friends in real estate business. The seller in a relative who inherited property and says she has investors offering her 440,000.
she is willing to sell to me if I match the investor, but it needs minimum 85,000-90,000 to renovate/update. I have a good and trusted contractor , plan to long term rent, but my loan is 20% down and 7.26 % interest. I plan to rent for 2900
it does not really cash flow about breaks even. i have 2 professionals say its a good deal due to area increasing cost; I have 2 professionals saying not a good deal. i have a rental in md. but this is my first investment purchase( lot of money to put up 100,000 for loan, 90,000 for rehab, then pay mortgage until rented)
Any advice