Enthusiastic Newbie in the DC Metro Area

[Uri Robinson]

Good morning!

   I just signed up for my BiggerPockets account and I'm addicted to the Podcasts! I'm a newly-married Computer Systems Engineer by trade and looking to get into real-estate. I also own a small business that makes beaded bracelets and beaded necklaces for fraternities and sororities. I own a townhouse by a metro station in Maryland (purchased in 2011). I'd like to start the steps toward purchasing Multi-Unit properties in North Carolina (that's where I'm from), Virginia, Maryland, and eventually DC (prices are crazy in DC).

   I'm all about networking and choose to meet one new person a day. My main focus is saving money and forming relationships with folks like me that want to get their feet wet in Real Estate. I look forward to chatting with you all!

Thanks!

Uri Robinson

[Russell Brazil]

Welcome to BP @Uri Robinson. Yeah prices on multi's can be crazy in DC/MD. It really is just a simple supply/demand issue. We have a huge lack of 2-4 unit properties in the DC metro area, that this tight supply really increases the demand and pushed those prices up, and thus cap rates down on the properties. There are a few worthwhile investments still though, mostly in DC that makes sense. You can find some 3/4 unit buildings that will cash flow a little...but the appreciation potential outweighs the cash flow on them by a long way. Also the possibility of condo conversion on them can unlock a lot of value if you wanted to go that route.