Is it realistic to buy real estate in the DMV area for sub-300?

[Chelsea Jean-Mary]

Hello,

I'm new to the DC MD VA area and am looking to buy this year. I have $17k saved and have a tech sales job with $95k salary (80% base salary = $76k, 20%+ = bonuses and commission). I'm learning from forums like these to keep my housing costs less than 1/3 of my salary. Is it possible to buy something decent in this area for less than $300k? Feel free to share your experiences.

[Vynetria Adams]

Absolutely! You certainly can find something in that price range, it is a pretty popular range as well.

[Russell Brazil]

Sure....College Park, Hyattsville you can be under that price point and still be in a good location.

[Chris Coleman]

@Chelsea Jean-Mary yes, you can find properties for under $300K.

Extend your search out into Prince William County, Fauquier, and down I-95 toward Stafford in NOVA.

Depending on your strategy, it can be a challenge to find good cash flow. You will likely need to buy low and do some renovations. But not necessarily distressed BRRRR.

There are plenty of investor-friendly realtors in the DMV who can help you find the right property.

[Danielle Gray]

Hi Chelsea! It's possible, but it also depends on your criteria. Are you looking for an investment property? Are you house hacking? Are you ok with a fixer upper?Townhouse? Single Family? Multi Family? Bedrooms and baths? Etc., etc., etc… 

The DMV area is a very popular area and the deals are there, you just have to do the work to find them. I would say start looking now even if you're not ready at the moment. This will allow you to see what's out there and give you an idea of what to expect from the market. Link up with an agent and have them set you up for alerts for houses that match your criteria. Decide how flexible you are in your criteria. What are you willing to compromise on? How much of your savings are you willing to dip into if the perfect place is a fixer upper? Is your original plan right for you, or are you seeing from your alerts that another strategy may actually be tge best for you? Also utilize the calculators that BP offers on the site to see if it's a good investment.

I hope this helped with your question.

[Chelsea Jean-Mary]

Originally posted by @Russell Brazil:

Sure....College Park, Hyattsville you can be under that price point and still be in a good location.

 Thanks I hadn't considered college Park. It looks like PG county would be it if I wanted to stay near the DC metro area. 

[Chelsea Jean-Mary]

Originally posted by @Danielle Gray:

Hi Chelsea! It's possible, but it also depends on your criteria. Are you looking for an investment property? Are you house hacking? Are you ok with a fixer upper?Townhouse? Single Family? Multi Family? Bedrooms and baths? Etc., etc., etc… 

The DMV area is a very popular area and the deals are there, you just have to do the work to find them. I would say start looking now even if you're not ready at the moment. This will allow you to see what's out there and give you an idea of what to expect from the market. Link up with an agent and have them set you up for alerts for houses that match your criteria. Decide how flexible you are in your criteria. What are you willing to compromise on? How much of your savings are you willing to dip into if the perfect place is a fixer upper? Is your original plan right for you, or are you seeing from your alerts that another strategy may actually be tge best for you? Also utilize the calculators that BP offers on the site to see if it's a good investment.

I hope this helped with your question.

I was looking to house hack a townhouse or single-family home with 2+ beds. Eventually, I would move out into a 2nd property but that's more long-term. I'll run the numbers to see what makes sense.  

[Solomon Morris]

Originally posted by @Chelsea Jean-Mary:

I was looking to house hack a townhouse or single-family home with 2+ beds. Eventually, I would move out into a 2nd property but that's more long-term. I'll run the numbers to see what makes sense.  

I'm utilizing this exact strategy outside NE DC @chelsea jean-mary . Very doable

[Nicholas L.]

Hi @Chelsea Jean-Mary is there a specific area within the DMV that you want to live for commuting reasons?  Or are you open to anywhere based on the criteria you provided?  I agree with the others that there are a few areas with options <$300K for a nice primary residence, it just may be tough to turn it into a rental that hits the 1% rule down the road.  Which doesn't mean it wouldn't be a good investment or the right decision for you.

[Michael P.]

I think the 1/3 of income thing is a rule of thumb for the masses. You being a smart investor and using your house to make money I would be ok with going higher than 1/3.