All Forum Posts by: Nick S.

Thanks for the reply Account Closed - I'm going to look more into it because it only makes sense, with the limited supply of land in DC, coupled with the influx of inner city professionals, that this would be a solid strategy. Only downside at this point is the speed of development in Anacostia and Congress Heights.

Thanks for the replies! @Russell Brazil @M Marie M. 

What approach would you take to investing if you guys were newbies from this area considering (good) multis are hard to come by in the city? 

Would you look to other markets? 

Go for SFH/Condos/etc?

Trying to get my feet wet 😊...

Right! Def will keep that in mind.

That aside, what do you think about the prospects of the area in terms of being improved? Is there any "buzz" of plans for Congress Heights similar to what's happened in H St?

Hi Bigger Pockets Community,

I hope everyone is well. I have a quick question for my DC investors/realtors/lenders:

I'm interested in multifamilies in Congress Heights and I think I've found a winner number-wise. Only issue is determining if it's a worthy investment as an Owner Occupant considering the current dynamics of the area.

What do you guys generally think about the area as an owner-occupant in a 4 unit multi? Would you go for it?

Would love to hear any thoughts.

Thanks!!!

Hi Bigger Pockets Community,

I hope everyone is well. I have a quick question for my DC investors/realtors/lenders:

I'm interested in multifamilies in Congress Heights and I think I've found a winner number-wise. Only issue is determining if it's a worthy investment as an Owner Occupant considering the current dynamics of the area.

What do you guys generally think about the area as an owner-occupant in a 4 unit multi? Would you go for it?

Would love to hear any thoughts.

Thanks!

@Jorge Ubalde Also, is your rental you got for 80k a multi unit. 

To the Bigger Pocket community and @Jorge Ubalde , @Ozzy Sirimsi, @Chris Seveney, would you recommend purchasing an auction multi unit property that is already fully occupied?

@Jorge Ubalde Wow! I knew it was possible, just didn't quite know how to go about it. The 16k thing sounds like a great idea. 

When you talk about townhomes with basements setup for renters, are you talking about in Baltimore?

@Ozzy Sirimsi Thanks so much for the insight. I will proceed with my plan then. :). Is the next step shopping with lenders after getting pre-approved?

@Chris Seveney thanks for the feedback. 60 miles away puts me in Baltimore, Richmond, etc. Would investing in these areas make sense? I've heard good and bad things about section 8/va voucher tenants. Any thoughts?

If 15k is not enough, how much would you recommend saving up for the DMV?

Thanks again for your feedback and if anyone else has thoughts/suggestions, I'd like to hear. 

Hi Everyone,

I'm excited to joine this community and I am a fairly new investor. 

I've saved about 15,000 and am currently looking to purchase a multifamily and "house hack" in the DC / MD / VA area. Given my current amount saved, I can get an FHA on something about 420,000.

I'm currently in the preapproval process with a lender to figure out my top and bottom budget, however, the DMV market is expensive and most of the multifamilies I would feel comfortable living in are a bit expensive.

Should I:

- Keep saving more towards a larger down payment to be able to afford a bigger multi-unit?

- Look at other markets less than 2 hours from the DMV like Baltimore and bid on a house about 30,000 - 100,000 and put down 25%? Some are already pre-occupied...is that a good thing?

- Purchase a cheap condo, live in it a year, then move out?

My goal is cashflow and producing a second income stream. Any thoughts/advice is welcome!

Thanks