Out of State Investor Looking for Help

[Clinton Holmes]

Hi Everyone!

I’m an out-of-state apartment investor looking for some help. I need to branch out into a new state, and I’m doing some research on the District of Columbia. Below are the criteria I’m looking for in the property:

• 5+ Units
• Purchase Price between $800K and $3M.
• C-class properties in B/C neighborhoods
• Light rehab (no full guts or extensive deferred maintenance)
• Reasonable price. I don’t need home runs, I need base hits and doubles.
• Less than a 45 commute to the downtown area.

Some areas I’m considering include:

• Alexandra, VA
• Arlington, VA
• Reston, VA
• Annandale, VA
• Gaithersburg, MD
• Potomac, MD  

I’d love your help answering the following questions:

1. Which city / market would you start your search in?
2. What are some of the potential pros and cons of the cities I’d mentioned?
3. What’s the price range per unit in the area?
4. What’s the rent range per bedroom in the area?

Thanks in advance for the help!

Clinton

[Adam Schwartz]

Clinton

I'm here in Bethesda, MD in the zip right next to Potomac, MD. You are not going to find any 5+ units investment property in Potomac, MD. Potomac is an affluent suburb of DC, one of the wealthiest residential suburbs in the country - nothing but sprawling land, farms, and mcmansions. On a good day, takes commuters about an hour to get into center city of the District. Gaithersburg is about 15 min north of Potomac up 270 and while comparatively cheaper than Potomac in the scheme of this market, still 'expensive'. Unless, you're getting up at the crack of dawn to beat rush hour commuters, it would typically take about an hour and twenty minutes to get from Gaithersburg into the District. If you're looking for B/C neighborhoods and investment, Potomac/Gaithersburg are not the ways to go. Other areas in/around DC that would better fit your criteria that I can direct you to. Reach out to me direct. 

Adam