I'm a lifelong DC resident looking to make my first foray into investing. I've heard that for the first-time investor, he/she should look into their own backyard, which for me is Washington DC one of the most expensive cities in the country. Does the forum have any good strategies for first-time investing in D.C.? Flipping, wholesaling, etc?? To provide more detail, I don't have much in the way of money on hand, however, I'm looking to keep my investing goals simple in the near-term; building a pot of money to eliminate debt. Any advice would be greatly appreciated!!
Hi Corey! I'm a neighbor in Clinton, MD. DC is truly expensive but is also a great place to invest. I can't begin to tell you how much my $67k and $68k properties in the H Street Corridor are worth now. If you have not hooked up with a REIA there are a number of helpful REIAs in the area. I prefer the Deal or Know Deal meet up in Greenbelt. That way you can network with like minded people. Also, they are not trying to sell you a class, etc. just analyze and offer deals. I find that there are also a wide variety of people who attend, from just starting out to multi-millionaire developers, etc.
If you decide to wholesale, networking at a REIA can also help you meet rehabbers and buy and hold folks to sell your deal.
If you don't already own your home, I typically suggest that you consider buying a duplex to four plex and let your tenants pay or contribute to your mortgage.
Anyway, welcome to Bigger Pockets!
Welcome to BP @Corey M. I am local to DC as well. I have often heard from people that are so hesitant to invest in our market because they think it is price prohibitive. Yes we do have some very high median prices. The median price in DC was $550,000 in July, and $450,000 in Montgomery County. But there are plenty of affordable places in the area. I am not endorsing these in particular, but there are condos close to metro stations in Temple Hills then out on following the Blue line for like $30,000 or $40,000. Laurel MD has some descent condos in the $70,000 range. Prince Georges County, Frederick County, Baltimore, and even parts of DC have price points that allow you to get into cheap properties.
Welcome to the site.
Best way IMO to get involved with investing with very little capital is to become a real estate agent. You will be able to earn money, learn the business and network at all the same time.
Close in PG county has some areas that are significantly cheaper than the city. PG is also growth focused.
Ned Carey, Crab Properties LLC | http://baltimorerealestateinvestingblog.com/
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