All Forum Posts by: Anurag Kumar

@Evan Roberts- Good point. Thanks! :)

@Evan Roberts, @Stephanie P. First off-Sorry for the late reply! Thank you both for the point about the HOA fees, and thanks Stephanie for pointing me to Deanwood. I will look at rowhouses too. With the low/no HOA fee on those, I will probably be able to afford to go a bit higher without affecting my monthly expenses compared to a condo.

Evan- To your question about the rents, they really vary but for a 2 bed condo, could range from $1500 to really anything upwards. But its really hard to come even close to the 1% rule here from my limited experience based on the MLS listings.

@Ketan Patel. That's a good point. I will check it out. Thanks!

Hi Ketan! Thanks for the good advise. Yes, I have gotten some quotes from local lenders and I know I could borrow more than I am willing to spend on this purchase. It definitely makes sense to own vs. rent where I live if you can afford it and plan to stay longer term.

 Hi Russell. Thanks for the important reminder! Yes, the wife's on board. As long as it is a good school district and a safe neighborhood, she is fine. We are only looking at a max 2 bedroom place, and have actually been to a couple open houses in and around Rockville that satisfied that criteria. 

Hey guys! I am new to BP and a newbie in REI in general and wanted to introduce myself and hopefully get some feedback on my starting strategy. I work in Georgetown and rent in Rockville for the past two years. Evidently, the first order of business for me is to buy a property to live in as soon as possible without wasting any more money on rent.

I want to buy something in a nice stable neighborhood that would cash flow if I move out in say, 5 years or sooner.

After spending the past few months studying MLS listings in the DC area, analyzing properties and talking to local lenders, I know I am able to enter the market at the lower end of the market, even if that restricts my choices. I am married, so the typical house hacking route is not an option.

Based on what I have seen, the only feasible option to me seems like to buy a condo in a nice neighborhood for the lowest price possible (<200K) to keep the financial footprint of my personal residence the lowest so that I can save up all the more quickly for my next property.

Any suggestions on my general strategy, neighborhoods to consider, and any agent recommendations are most appreciated!

Thanks,

Anurag