Trouble finding Washington DC Multifamilies

[Ryan Robinson]

How do I find more multifamily off market deals? I have a serious cash buyer in Washington, DC that's looking for mid-size multifamilies and he's ready to buy, but every deal that I've come across seems like BS or I just can't find one. Any suggestions? I posted in the local REIA and some facebook groups.

[Stephanie P.]

@Ryan Robinson

I've got a good Realtor for you, but she only does DC.  PM me and I'll put you in touch.  She's got a very thick Transylvanian accent so a little hard to understand, but she's got a pretty good list of multi-family properties on the market.  She works in the Eastern Market section of the city. 

Before you read further, know there is money to be made in Baltimore.  There are some really great guys like Terry Royce and @Ned Carey and many others in the various meet ups up there who may be doing fine, but if you don't know what you're doing or buying, you're going to run into a miserable situation.  I would respectfully disagree that "buying a "grade C on the path to progress" is a good idea.  In Baltimore, that like buying into a war zone (unless you've got inside information on an up and coming neighborhood like Canton or Federal Hill were).  Don't get sucked into Gwynn Oak or Forest Park or anything on the west side even if the prices are decent (they're only slightly better now than they were in the 70's).  Look up crime statistics on www.crimebaltimore.com before you do anything up there.  Even "safe" neighborhoods like Parkville and Hamilton are getting overrun with crime these days.  My husband grew up there and we still have family up there so we stay in touch with the market trends.  Stick with established neighborhoods in DC.  

The prices are higher, but so are the rents.

For what it's worth.

Stephanie