Hello BP community,
I am looking to pursue real estate investment more seriously and am hoping for some advice regarding investing in the DC area market versus Baltimore. My primary residence is a coop in DC (Woodley Park) purchased in 2016 and I have a rental property in Upper Fells Point Baltimore which I’ve been renting out since 2020.
I would prefer to invest in DC area (mainly considering Maryland burbs surrounding DC) due to proximity & stability, but I am wondering if it’s even possible to do effectively on my limited budget (100-200k). Should I give up hope on DC area and target Baltimore? I'm trying to settle on a target market before I flesh out the rest of my investment plan. People say DC is a great equity growth/ appreciation play but cash flow is tough. Is it even possible to cash flow with my price range? Also, I’ve noticed some condos in my price range in Silver Spring; are condos a bad play in this area (other than general issues of lack of control etc)?
Some basic facts/assumptions:
- -Not looking to be a big time investor; would be happy with acquiring ~6 more properties to meet my goals (which is namely building enough cash for early retirement 20+ years from now); a stretch goal would be 13 properties total.
- -Most likely not willing to house hack since I love my primary residence and it is a coop, making it somewhat of a hassle to rent out if I leave for a year at a time
- -I plan to hire a property manager
- -I am interested in a combination of cash flow & appreciation approach (truthfully haven’t thought out my strategy out all the way); would be nice to have some extra cash in short/mid term but again mainly care about being able to retire comfortably 20+ years from now
- -I generally prefer slow & steady growth over high risk/high reward approach, although willing to take on moderate amount of risk
Would appreciate any advice and input! Thanks in advance.
