Greetings BP; first time long time,
My best friend/business partner and I basically want to buy and live in for atleast a year a multifamily home to start our real estate investing career as well as a place to live within our community. We are ideally targeting a 4-unit building in or around Washington DC. He has the the great job, salary and credit score. I however do not have a great salary or credit score but I do have an idea of how we can structure the deal/offer, and I work for a property management company in Washington DC. Our hopes of this post is to say Hello and to reach out to those who may have any direction on a great multi family realtor in the area or any experience in what we are trying to do. We would love to connect over lunch.
Love the BP community, thanks for your help.
Just to be aware....the DC area has a severe lack of multifamily properties compared against other major cities. Also typically the highest and best use of them is to be converted to condos, which further exacerbates our shortage of this asset class. So with low supply, combined with high demand, this then becomes one of the most competitive segments of an already competitive market.
@Joseph A. Samuels II This is a great way to start investing in real estate. When you write an offer on a property, make sure it is assignable, so you can create an LCC or the like before closing. Makes it easier to structure ownership of the asset. If you haven't already done so, you might want to talk to a CPA and/or Lawyer before going into the partnership. Happy to refer you someone. I just PM'd you.
@Russell Brazil I agree., it is extremely competitive.
We see a lot of people buying into neighborhoods like Trinidad, renovating the units and increasing the rent...in some cases, doubling the rent.
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