Updated over 3 years ago on . Most recent reply
BRRRR in DC, Maryland, and Virginia
Hi everyone! I bought my first fixer-upper in 2020 in Prince William County, VA and have been living in it since. I've overstayed my plan and am eager to find my next place. I have a 150k HELOC on my house approved and pending 340k HELOC on my parents place. I've been reading that BRRRR isn't very possible in NOVA and with 490k of capital I'm priced out of DC.
I've been thinking of shifting my focus to Maryland since I've been reading that in PG and Baltimore county, BRRRR is a lot more viable. Please let me know if you have any recommendations for REA, handyman, and wholesalers in the DMV. I grew up in NOVA so I'm not very familiar with the neighborhoods in Maryland, so any advice on that would also be greatly appreciated! Excited to chat more with the folks here :)
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I might be biased since I own in both PG and Baltimore but I think both areas have a lot of potential. College Park and the surrounding areas are seeing a ton of growth. Might be slimmer margins there, but it's a strong rental market and has good long term growth potential in my opinion being close to UMD and DC.
In Baltimore, I would agree with Jack - those areas are seeing a lot of growth and redevelopment and are generally popular areas, although there are certainly other areas of the city where you could find cheaper properties depending on what your goals are and what you're comfortable with. I would do some research into the city's "Impact Investment Areas" where they are really pushing investment and where first time home buyers can get a large forgivable loan from the City as down payment assistance. Morgan State University is also doing a lot of expansion and there is some efforts to improve and redevelop the areas near Druid Hill Park as some examples of other areas to look.
Either way - I'd recommend you come up to both areas and attend some local networking events - there are usually wholesales, agents, lenders, etc. that attend. I could send you some events I like to attend in central MD.