Hi all! My name's Andrew, I'm 29, and an architect in Washington, DC. I've been feasting through all the REI info I can find (friends, podcasts, books, etc). I'm starting out from DC, but have learned the high capitol bar to enter into this market as a buy and hold investor.
I'd love to be able to narrow in on a market within an hour or so of where I live (Arlington, VA) that has an entry bar appropriate for someone new. Some place that actually has a price:rent ratio that is lower than DC. Or, should I just focus on some far-away market because this area is so expensive? Looking forward to hearing from you all!
Welcome to BP @Andrew Davis . Absolutely focus on the DC area. I think you are wise when you realize that within a short drive you will find a more attractive price/rent ratio. I think this is the case in almost every major metro area. People are enticed to look far away, but looking closer is the less risky proposition. A few areas I like that have a nice ratio that are relatively close to DC are Frederick, MD and Laurel MD. I own properties throughout the metro area, but Frederick has a nice sweet spot of right around the 1% rule with a generally ok tenant base, and without the downside risks of some of the other areas where there might be an even better ratio.
@Russell Brazil Thanks for the info, Russell. I'm glad to hear that about Frederick- I've been perusing it online and intend to visit there in the next upcoming weekends for a closeup perspective. It seems mostly made up of SFR's, which is where I'd like to start.
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