Good afternoon BP, first time poster- long time follower...
My bestfriend/business partner and I are looking to buy a multifamily home to live-in/rent out, within or around Washington DC, some time next year. We are ideally targeting a 4 unit building. He has the great job, salary, credit score, and I have decent idea of how we can structure a deal/offer and I work for a property managment company in Washington DC; a little real estate experience. Our hopes of this post is to first say Hello! and to connect with anyone with some directive towards a good multifamily 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, and thank you for the help!
@Joseph A. Samuels II , what part of DC are you looking to buy in? There are many 4 units that are sold off-market.
Reach out with whatever I can help you with or questions you have. I currently have two beginning investors I am helping out shop for multi-families or SFRs they can convert since a majority of Multi's are far E and SE DC.
@Joseph A. Samuels II ...There are several areas in DC where many 4 units are becoming available. Trinidad has a ton of them. What makes these purchases great is under 4 units you can secure a cheap residential loan and if you plan on living in the unit you can put very little money down. However, the main downside to going for a 4 unit in DC is that they are very sought after and it might take several offers on several properties to secure one under contract. If you have a lot of cash, you will be more competitive during a multiple offer situation.
Also, I would read up on TOPA regulations. TOPA rights can really derail the purchase of a tenant occupied property in dc.
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