Looking for motivated and knowledgeable broker in DMV area

Washington, District of Columbia
Classifieds
3yFollow

Looking for motivated and knowledgeable broker in DMV area

Billy Mcavoy
Homeowner · NYC · Member since 2023 · 8 posts · 4 votes

Hey All, 

I’m looking to invest in townhouses or multi family as medium-term rental properties in the DMV area. I’m seeking a highly motivated, responsive, and knowledgeable broker.  Price range is $150-350k and timeline is 6-9 months. Happy to chat about other details in property I’m searching for to help refine search. Broker will also need to have good references for contractors, CPA, and property managers. 

Thanks for the help!

Bill

0Reply
4 views

Most Popular Reply

Joaquin Camarasa
Real Estate Agent · Springfield VA · Member since 2018 · 479 posts · 400 votes
3y
Quote from @Billy Mcavoy:
Quote from @Jamie Banks:

I live in the DM(V) and it's going to be hard to find something in that price range for a multi unit unless you go north to Baltimore. However, I'd consider renting by the room in this area. I'm currently renting a room in my home in Reston to traveling medical professionals and I've been pleasantly surprised at the demand. There's a ton of travelers going to Reston Hospital and INOVA in Fairfax. 

Just to clarify I’m also looking for townhouses. 

Even for townhomes I don't think you could make it work. Are you planning to finance it or pay cash?

If you are doing 20% down and financing the rest there is no way it'll cashflow with current interest rates. The area closer to the price point you are looking at in NoVa would be Mount Vernon and I think knowing well the area would be very important. In MD potentially you could find something around Riverdale/Hyattsville in that price point. I am not sure about the demand of mid term in that area however. 

3Reply
See this reply in the discussion

10 Replies

Jump to latestLatest
  • Ozzy SirimsiBusiness Member
    Real Estate Agent · Baltimore, MD · Member since 2016 · 1k+ posts · 782 votes
    3y

    what part of dmv??

    0Reply
  • Chris SeveneyBusiness Member
    Moderator
    Investor · VA · Member since 2015 · 21k+ posts · 19k+ votes
    3y

    @Billy Mcavoy

    Finding something in that price range and having it be a MTR will be a challenge as that price range is going to put you in a more rural area or a heavy crime area. What areas were you considering

    7e investments53 Reviews
    WebsiteView Page
    0Reply
  • Billy Mcavoy
    OP
    Homeowner · NYC · Member since 2023 · 8 posts · 4 votes
    3y

    @Ozzy Sirimsi I've briefly looked at real estate in Alexandria (Mount Vernon, Rose Hill, Franconia) but welcome feedback on other comparable areas in DMV.  What are up and coming areas with low crime rate, good school system, townhouses in my price range?  I'm going to due my own research, but welcome feedback from the experts :)

    @Chris Seveney yes, that's the one challenge I've run across in initial searches.  Honestly long term rentals would be great as well.  I'm not incredibly familiar with renting habits in areas comparable to the aforementioned towns.  I'm just beginning to educate myself on these areas, but welcome the opportunity to partner with an agent who can be a sounding board and help me find a property in the next 6-9 months.   

    0Reply
  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    3y
    Quote from @Billy Mcavoy:

    Hey All, 

    I’m looking to invest in townhouses or multi family as medium-term rental properties in the DMV area. I’m seeking a highly motivated, responsive, and knowledgeable broker.  Price range is $150-350k and timeline is 6-9 months. Happy to chat about other details in property I’m searching for to help refine search. Broker will also need to have good references for contractors, CPA, and property managers. 

    Thanks for the help!

    Bill


     Well right off the bat, there are no multifamilies that exist at that price point. Generally multis are $1 million plus. 

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group546 Reviews
    WebsiteView Page
    2Reply
  • Jamie Banks
    Real Estate Consultant · Reston, VA · Member since 2022 · 513 posts · 521 votes
    3y

    I live in the DM(V) and it's going to be hard to find something in that price range for a multi unit unless you go north to Baltimore. However, I'd consider renting by the room in this area. I'm currently renting a room in my home in Reston to traveling medical professionals and I've been pleasantly surprised at the demand. There's a ton of travelers going to Reston Hospital and INOVA in Fairfax. 

    0Reply
  • Billy Mcavoy
    OP
    Homeowner · NYC · Member since 2023 · 8 posts · 4 votes
    3y
    Quote from @Jamie Banks:

    I live in the DM(V) and it's going to be hard to find something in that price range for a multi unit unless you go north to Baltimore. However, I'd consider renting by the room in this area. I'm currently renting a room in my home in Reston to traveling medical professionals and I've been pleasantly surprised at the demand. There's a ton of travelers going to Reston Hospital and INOVA in Fairfax. 

    Just to clarify I’m also looking for townhouses. 
    0Reply
  • Joaquin Camarasa
    Real Estate Agent · Springfield VA · Member since 2018 · 479 posts · 400 votes
    3y
    Quote from @Billy Mcavoy:
    Quote from @Jamie Banks:

    I live in the DM(V) and it's going to be hard to find something in that price range for a multi unit unless you go north to Baltimore. However, I'd consider renting by the room in this area. I'm currently renting a room in my home in Reston to traveling medical professionals and I've been pleasantly surprised at the demand. There's a ton of travelers going to Reston Hospital and INOVA in Fairfax. 

    Just to clarify I’m also looking for townhouses. 

    Even for townhomes I don't think you could make it work. Are you planning to finance it or pay cash?

    If you are doing 20% down and financing the rest there is no way it'll cashflow with current interest rates. The area closer to the price point you are looking at in NoVa would be Mount Vernon and I think knowing well the area would be very important. In MD potentially you could find something around Riverdale/Hyattsville in that price point. I am not sure about the demand of mid term in that area however. 

    3Reply
  • Jack Seiden
    Real Estate Agent · Washington DC · Member since 2016 · 847 posts · 654 votes
    3y
    Quote from @Joaquin Camarasa:
    Quote from @Billy Mcavoy:
    Quote from @Jamie Banks:

    I live in the DM(V) and it's going to be hard to find something in that price range for a multi unit unless you go north to Baltimore. However, I'd consider renting by the room in this area. I'm currently renting a room in my home in Reston to traveling medical professionals and I've been pleasantly surprised at the demand. There's a ton of travelers going to Reston Hospital and INOVA in Fairfax. 

    Just to clarify I’m also looking for townhouses. 

    Even for townhomes I don't think you could make it work. Are you planning to finance it or pay cash?

    If you are doing 20% down and financing the rest there is no way it'll cashflow with current interest rates. The area closer to the price point you are looking at in NoVa would be Mount Vernon and I think knowing well the area would be very important. In MD potentially you could find something around Riverdale/Hyattsville in that price point. I am not sure about the demand of mid term in that area however. 

    2nd this.
    1Reply
  • Ika Sargeant
    Real Estate Agent · Reston, VA · Member since 2017 · 295 posts · 163 votes
    3y

    @Billy Mcavoy hi there. You will most likely look at the outer side of DMV area for that price point even for townhomes. The area that would yield most would the PG county and a few in outer areas of Montgomery county. 

    1Reply
  • Alex Petsopoulos
    Investor · Alexandria, VA · Member since 2021 · 27 posts · 16 votes
    3y
    Quote from @Billy Mcavoy:

    Hey All, 

    I’m looking to invest in townhouses or multi family as medium-term rental properties in the DMV area. I’m seeking a highly motivated, responsive, and knowledgeable broker.  Price range is $150-350k and timeline is 6-9 months. Happy to chat about other details in property I’m searching for to help refine search. Broker will also need to have good references for contractors, CPA, and property managers. 

    Thanks for the help!

    Bill


     Multifamilies do not exist at that price point in the DMV. But, rent by the room or MTR can work well if you are able to up your price range to ~$600k for a townhome!

    1Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free