The best way to get started investing in apartment units DC/MD/VA

Starting Out
12yFollow

The best way to get started investing in apartment units DC/MD/VA

Account Closed
Bowie, MD · Member since 2014 · 70 posts · 7 votes

I need advice on how to source apartment unit deals with decent cash flow?

0Reply
27 views

12 Replies

Jump to latestLatest
  • Jordan Thibodeau
    Rental Property Investor · San Jose, CA · Member since 2013 · 486 posts · 170 votes
    12y

    @Account Closed Hello Phillip. Do you have any other RE investments? I would like to get into apartment complexes down the road, but I decided to start with duplexes to get my feet wet.

    0Reply
  • Account Closed
    OP
    Bowie, MD · Member since 2014 · 70 posts · 7 votes
    12y

    Thanks! @Jordan T.

    0Reply
  • Account Closed
    OP
    Bowie, MD · Member since 2014 · 70 posts · 7 votes
    12y
    Originally posted by @Jordan Thibodeau:

    @Account Closed Hello Phillip. Do you have any other RE investments? I would like to get into apartment complexes down the road, but I decided to start with duplexes to get my feet wet.

     Did you use cash, Private lender, hard money lender, etc?  What source did you use to find the deal?

    0Reply
  • Jordan Thibodeau
    Rental Property Investor · San Jose, CA · Member since 2013 · 486 posts · 170 votes
    12y

    @Account Closed 

    I used conventional financing with a 25% down payment, it's conservative, but I suggest newbies start that way. Too much leverage decreases your margin of safety. I used the MLS.

    You can check out podcast 74 for more info on my first investment.

    0Reply
  • Joe Fairless
    Investor · Cincinnati, OH · Member since 2013 · 2k+ posts · 1k+ votes
    12y

    @Account Closed looking at places over there 

    0Reply
  • Account Closed
    OP
    Bowie, MD · Member since 2014 · 70 posts · 7 votes
    12y
    0Reply
  • Account Closed
    OP
    Bowie, MD · Member since 2014 · 70 posts · 7 votes
    12y
    Originally posted by @Joe Fairless:

    @Account Closed I would find some investors who are buying in that area and see if they would be willing to introduce you to brokers in the area. I know @Michael Blank looking at places over there 

     Thanks!!

    0Reply
  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    12y

    Hey Phillip,

    As an agent Id love to send you some cash flowing properties.  But that might be premature....you would probably want to talk to some lenders first to see what type of borrowing power you have.  Ive had a lot of luck with Thomas Haley at Washington Home Mortgage in Bethesda.  He has provided me so much information, and he has been willing to meet me outside of business hours to get a deal done.  He has been great to work with. 

    After you are able to determine your borrowing power then you can start to target properties.  DC and MoCo is hard to find cash flow, but Frederick County and Prince Georges County have lots of cash flowing properties.  I prefer Condo investing myself, since they are easier to manage..but you do run the risk of the dreaded special assessment.  

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group545 Reviews
    WebsiteView Page
    0Reply
  • Account Closed
    OP
    Bowie, MD · Member since 2014 · 70 posts · 7 votes
    12y
    Originally posted by @Russell Brazil:

    Hey Phillip,

    As an agent Id love to send you some cash flowing properties.  But that might be premature....you would probably want to talk to some lenders first to see what type of borrowing power you have.  Ive had a lot of luck with Thomas Haley at Washington Home Mortgage in Bethesda.  He has provided me so much information, and he has been willing to meet me outside of business hours to get a deal done.  He has been great to work with. 

    After you are able to determine your borrowing power then you can start to target properties.  DC and MoCo is hard to find cash flow, but Frederick County and Prince Georges County have lots of cash flowing properties.  I prefer Condo investing myself, since they are easier to manage..but you do run the risk of the dreaded special assessment.  

    Thank you for the information. I'm still acquiring information information on lenders and other aspects of the process. I would love for you to send me cash flowing properties so I will definately keep in touch with you. What areas would you suggest to whole sale or buy/fix/flip to build capital? 

    0Reply
  • Robert Williams
    Residential Real Estate Broker · Washington, Washington D.C. · Member since 2013 · 150 posts · 77 votes
    12y

    You can find good wholesale deals in any part of the DC metropolitan area, but it's not easy work.  The hard part is doing the legwork to actually find the motivated sellers who need a fast closing and are willing to sell their property at a wholesale price.  They are out there, but it takes time and diligence to find them and to get a deal done.    

    0Reply
  • Elizabeth Colegrove
    Hanford, CA · Member since 2013 · 5k+ posts · 1k+ votes
    12y

    @Account Closed 

    I looked into 4 + apartment deals and found them not to be worth it. Therefore I stuck to single family for now. We bought our first one as a personal turn investment (many do that with multiplexes too). Also remember that commercial loans require 20%+

    0Reply
  • Eric M.
    Investor · Washington, Washington D.C. · Member since 2014 · 96 posts · 39 votes
    12y

    The best cash-flow in your (our) area is going to be in Prince George's County and Baltimore City. Now, that's a broad brush stroke, but if you're just starting out, I'd look for properties in those counties as a starting point for the best possible selection of cash-flowing properties.

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free