Buy and Hold Condo in Northern Virginia?

3 Replies

Hey Everyone,

I am actively looking for a good buy and hold rental that is close to rent ready with nothing more than cosmetic fixes in the Northern Virginia Area. The goal is solely to get cash flow, willing to put 25-30% down to achieve a decent cash flow. The criteria would be a condo or town home 1-2 bedroom that cost no more than $225,000. 

Please let me know if you all have any neighborhoods, cities, or specific properties that would match that criteria and or any other advice/suggestions/questions you may have!

Thanks!

Just remember with condos there's typically large HOAs that can eat into cash flow. I looked at many condos thinking it was a great deal, then realized the HOA fee would eat up almost all of the cash flow. There's a BP podcast (don't recall which one) but condo is in the title that talks about the pros and cons. The HOA was always the downside when I was looking.

Thanks for the words, I appreciate that! I’ll keep an eye out for it. In my area, it is difficult to find something affordable that isn’t a condo in my area I will look though.