Investing in MULTIFAMILY in DC / MD / VA

[Nick S.]

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

[Ozzy Sirimsi]

I would invest in Baltimore, buy a multifamily live one, rent the others.
People usually go to mid range-cheap neighborhoods but, it seems like you have the credit needed, so why not living in a better one.

You will have better renters, you will
live in better neighborhoods, house will
appreciate.

If you wanna be close to train station, Mount Vernon or Charles Village would be great, both have good amount of multi-units that can be in your price range.

I would not wait, talk to your bank, buy and hold game is a long term deal, earlier you get in, better you end up. You can refinance later on anyway.

Especially interest rates are expected to go up.

Let me know if you have any questions or help.

Good Luck!!!