I'm a new investor currently living in DC.
I bought my last home as a fixer, it was a duplex, so I lived in half and renovated the other half, then sold the whole thing back in '03.
Currently have an apartment on the first floor of my townhouse that I rent while I live upstairs.
I'm looking to expand and pick up some rental properties in the area. DC is a little tough to find good properties at prices that allow cash flow so I am looking in NOVA and Maryland.
I have been reading lots of great info on the board so far.
Welcome to BP. I heard DC is a bad market or will be a bad market to invest is this true?
Well I'm not sure I would call it a bad market...but I want to be a cash flow/ buy-and-hold investor and cash flow can be tough around here. Within DC there is not much to consider (that I can find, please correct me if someone else sees it I would love to be able to buy close to home)
Currently I am looking in Northern Virginia, there are some towns where I am finding average rents to be about 1200-1300 and REOs listed for just under 100k...if I can get them down to about 60k then I might have something. This is about 35 minutes from home, so not to bad.
I agree with you Rob A. It's tough to find RE for cash flow in NOVA. I looked at a couple foreclosures that were pretty beat up and would take a lot of money to fix. Unfortunately, the banks don't want to budge on the prices either.
Good luck though. I hope you find something soon.
Danville, VA has good places for rental to cash flow well but I don't see any around NOVA that would help.
Does anyone from Northern Virginia know where those towns would be?
The average price is around 300,000 and the rents are like 1,000. That's not good enough for cash flow according to MikeOH's analysis.
I am certainly looking in the area as that is where I am...
I am looking in areas like Woodbridge and Manassas, homes are listed closer to 100k and rents seem to be over 1000.
I see lots of inventory including foreclosures but that makes me nervous about the rental market. I am also looking Herndon VA and parts of Maryland.
I have found a few interesting properties, but I am still in my due diligence phase. Mostly making sure what I can really get for rent, etc.
Getting a rental in this part of Northern Virginia is getting tough. Even if you found one property that you really like, it still wouldn't be giving you cash flow.
I'm looking at Woodbridge and Manassas on realquest.com. All of the houses are above 100,000 and some may be considered but would give you probably about 50 dollar cash flow maximum.
Welcome aboard. To all those struggling to find the CASH FLOW properties, what that tells me is that you will have to venture out of your market and get some TRUE CASH FLOWING properties and then eventually, you might be able to locate something in your own area.
Don't spend your wheels trying to find that diamond in the rough. There are to many gems out here and time is on your side.
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