Looking for my first deal in the DMV area - any advice

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Looking for my first deal in the DMV area - any advice

Claudia Everett
VA · Member since 2018 · 3 posts · 0 votes

I need some advice about the DMV area, with preference of Arlington and Alexandria, VA. Are there any investors, real estate agents that can provide an advice. Thanks

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Dan Bernstein
Real Estate Agent · Alexandria, VA · Member since 2014 · 184 posts · 78 votes
8y

@Claudia Everett There are less and less foreclosure opportunities in NOVA, however you could follow many of the auction sites in the area.  I would definitely find someone who knows what they are doing in purchasing at auction before attempting for the first time.   You can also connect with some of the local wholesalers and investment groups on here and facebook.   

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    8y

    Have realistic expectations for the market. Arlington and Alexandria are both very high demand locations.

    [email protected]301-893-4635Podcast Guest on Show #192
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  • Claudia Everett
    OP
    VA · Member since 2018 · 3 posts · 0 votes
    8y

    I am looking for foreclosures home or old homes for fixer-up, most likely cash deals. Where can I learn more about those markets?

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  • Dan Bernstein
    Real Estate Agent · Alexandria, VA · Member since 2014 · 184 posts · 78 votes
    8y

    @Claudia Everett There are less and less foreclosure opportunities in NOVA, however you could follow many of the auction sites in the area.  I would definitely find someone who knows what they are doing in purchasing at auction before attempting for the first time.   You can also connect with some of the local wholesalers and investment groups on here and facebook.   

    2Reply
  • Michael Garofalo
    Rental Property Investor · Washington, DC · Member since 2018 · 198 posts · 169 votes
    8y

    @Claudia Everett, foreclosures happen in all markets and in all neighborhoods (however some more frequently than others). All of the information you need to get educated is contained within the forums here on BP. I'd recommend taking some time to educate yourself on the specific area you are interested in and the particulars about how foreclosures work before deploying any capital or trying to do a deal.

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  • Claudia Everett
    OP
    VA · Member since 2018 · 3 posts · 0 votes
    8y

    Thanks so much for the feedback. I want to know if either doing fixer-ups is better or just renting out or both, so as I learn more I will figure it out.

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  • Doug W.
    Flipper/Rehabber · Alexandria, VA · Member since 2014 · 461 posts · 262 votes
    8y

    "I want to know if either doing fixer-ups is better or just renting out or both"

    That's kind of like asking "What type of car should I buy?". The answers are going to depend on your goals, your budget, and your timelines. 

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