All Forum Posts by: Jerome Brown

@Russell Brazil Awesome! What areas would you suggest?

I was actually interested in NACA in this market as well and this post is making my reconsider. @Russell Brazil I've heard you state on another BP post that condos are soft in this market right now. Would it make more sense to invest in condos since they aren't as hot right now? With or without NACA.

I think it all just depends on your goals and what you're willing or not willing to give up. If you're sticking with staying in DC, buying a condo can work, but you'll really have to do your DD. You also may need to be ok with it being cash flow negative. In the end though, you'll be building equity and hopefully appreciation rather than paying another landlords mortgage.

Thank you Sam. I may see if I can find something near UMD or Montgomery College. I actually plan on house hacking Brandon so I'll be in the property which helps with property management.

I'd love to chat with her. I believe I may actually be a member of that meetup group.

Is there any reason to refrain from looking at SFH or town homes in Moco with a basement? I know the laws aren't exactly the same as DC so it can get complicated. I'd plan on renting out the house while living in the basement. My main goal is to rent by the room but I've been reading some horror stories about that strategy lately so I want to keep my options open. Also, as stated in my original post, the extra privacy would be a huge plus.

Thank you for your reply @Russell Brazil!

I'll start doing more searching in that area. I'm very curious how difficult it may be to find rent by the room tenants in that area. Its not really a college town and its not in the city so it may be difficult to find people that are willing to live with non relatives. Also, if I decided I wanted to get something with an English basement, what might be the best area for that? The privacy would be a huge plus and its also less risk.

So I've been searching around the forums here for about a year now and saving up to be able to purchase my first rental property. I believe I may be ready to start looking at buying something but I'm not so sure where to look. I've found posts where people suggest certain areas but I thought I might see if I can get a more personalized opinion on what may work best for me.                                                                           

Goal

My main goal is to buy and house hack a buy and hold property in the DMV area that is cash flow positive. Appreciation will be a plus. I understand this will be difficult with me living in the property so I'm basing this off of cash flow after I no longer reside in the property. Even better if it cash flows while I live there. I am however down to change this strategy to focus more on appreciation if I find that its difficult to find a cash flowing property in a C+ or better neighborhood. I do not want to deal with the headaches that come with lower class areas nor do I want to live there. With this buy and hold I plan to rent by the room as I know there are not many multi family properties in this area. I'm up for an ADU but I know only specific areas allow this and some of the rules can be pretty strict. This would be ideal due to the extra privacy but again, I understand it may be hard to come by.

Budget

I plan to partner up with my father as I will not be able to borrow enough to purchase something in an ideal area. With a joint loan I believe we will qualify for about $400,000-$450,000. 

Location

I work in Bethesda so I would like to be at max an hour away from that area. I am open to looking at areas farther out if the price is right or if I have issues finding deals nearby.                      

If anyone could give me some information on what areas they think may work best for me that would be greatly appreciated. Any general advice for newbie investors also helps. Not sure if this will work but Id like to tag @Russell Brazil. A large majority of the helpful information I find on here has come from him.                

@Russell Brazil

Thanx for the info Russell. I'm looking into the home ready loan now. I also like your statement on "good deals". It's changed my perspective on how I look at properties now.

@Bill Hampton

Thank you Bill. I've been on meetup looking for real estate meetups near me. I'm excited to attend my first one.

Thank you for your response Russell. Why do you suggest Fannie Mae over FHA? Also, with the market being very competitive, is it unlikly for a newbie to find a good deal? Sometimes I get discuraged knowing that there are hundreds of other people with tons more experience looking to buy the same properties im intrested in.

Hello everyone. My name is Jerome and I'm a brand spanking new investor. I'm ready to finallly start my journey by learning as much as I can on the BP website! I am located in the DMV area which consists of DC and the surrounding cities. My main goal is to buy and hold rental properties in order to generate a decent amount of passive income. Since I have never purchased a property I plan on using a FHA loan to buy a Duplex or a SFH with an english basement. This first property will be my place of residence so I'll be living in one of the units or renting out the baement. Im currently living with family rent free which is allowing me save up as much as I can. Right now I am on the hunt for a property but to be honest I dont know much about figuring out a houses value, cashflow potential, and everyting else you need to know in order to know if you've found a good deal. I look forward to speaking with you all! If anyone has any quick tips for me I'd really appreciate them.