All Forum Posts by: William Rowan

I am new to real estate investing and am looking to house hack in the DMV area. I got qualified for about $650,000 so I am trying to evaluate all my options. Ideally I would try to get a 3/4 unit property somewhere in DC proper, PG County or Montgomery County (Takoma Park/Silver Spring), live in one unit and rent out the others.

To my seasoned investors, what makes the most sense in the area/market? I also know TOPA is a thing here in the DMV area and I'm not sure if that should alter any real estate investing decisions I should make.

Also, since I would be house hacking, I would want to live in a relatively decent area. I would appreciate any insight, advice or tips anyone may have. Thanks!

Is $650k what you've been approved for for a single unit property? Or for a mult? $650k won't go very far for a multifamily.

Most multis in MoCo are in Takoma Park which has extremely restrictive rent control. Silver Spring has virtually none. DC is where the most multis exist in the metro area. $650k ypu could be in Deanwood, Anacortes, and those swaths of SE and NE DC. A 4 unit will be out at that price. (Unless that's your single unit price and then qualifying rents can push your Purchase Price up).

On the other side of the river you'll generally be looking at $900k and up for a 2 unit. A lot more on 3-4 units.

Hi Russell,

Thank you for your insightful response. I qualified for a multifamily at $650K. Do you think the restrictive rent control is worth looking to buy in Takoma park if I can find something there? Is the TOPA there something that should deter me outright from the area?

Would I be better trying to purchase a townhome somewhere in the DMV with a basement that I could potentially rent out? From your experience, what do you think is the most feasible/makes the most sense in this DMV market when it comes to house hacking.

0 Votes

Washington, DC

Hi Everyone,

Also, since I would be house hacking, I would want to live in a relatively decent area. I would appreciate any insight, advice or tips anyone may have. Thanks!

2 Votes

Washington, DC

All Forum Posts by: William Rowan

William Rowan has started 1 posts and replied 2 times.

Post: Good Areas in DMV for House Hacking a Multifamily Unit

Post: Good Areas in DMV for House Hacking a Multifamily Unit