Looking to invest in a rental property in or around Annapolis.

[Harrison Chaires]

Hello I am new to bigger pockets I was introduced to this by a friend. I am currently active duty in the Navy and am working in D.C. I am from Annapolis and when I found I was getting stationed in D.C. I wanted to invest in Annapolis. I bought a house with a VA loan that I will live in and fix up for 2 to 3 years. I really want to get into real estate buy looking to buy another property with some slight TLC that I could use as a rental property. I have a partner from Annapolis that is interested in going in on it with me as well, he has strong contacts in the contractor side of the house. I was looking for any advice for someone that is in the area of Annapolis for someone new like myself. I was interested if I should look for an apartment vs. a single family home? I also was considering looking to buy something in a nearby area such as Crofton etc. Thank you for your time!

Best,

Harrison

[Ola Dantis]

@Harrison Chaires First, thank you for your service and welcome to BP, Harrison! 

I love Annapolis, the multifamily inventory there is generally low as @Andrew Hemminger mentioned and the prices are relatively high as @Matthew Paul suggested. 

First, I think you should take a brief moment to think: WHAT do I want to do here and WHY? 

1. WHY: why am I doing this?
2. WHAT: What type of strategies do I want to focus on for a start 

The reason I highlight the above items above is that the SFH and Multifamily asset classes have somewhat different strategies. In addition, for the DMV area, Multifamily assets are concentrated in specific areas.

After doing your audit, you should do a broad search, say, for example, search Multifamily on Realtor.com for the state of Maryland just to gauge where the inventory sits. Of course, I'd suggest you use the map tool to see where the distribution of inventory across the state, so you can narrow your market(s) of interest.

Hope this helps, Harrison. Goodluck. Thanks! - Ola