Updated almost 10 years ago on . Most recent reply
Another one new to BP for DC / Baltimore
Hey everyone! I'm Tim.
I'm just getting started - I'm a homeowner (this is the 3rd place I've owned, sold the previous two), but I want to get started in REI. For a day job I'm a software engineer and I live / work in DC.
A cycling buddy who owns seven properties suggested I come here and start reading. I've watched all of the Beginners Introduction to Real Estate Investing and have been reading the forums some. My goal is buy and hold livable properties as rentals and do the whole passive income / gain equity over time thing.
I have been looking around at bank owned properties mostly in Maryland (including the suburbs between DC and Annapolis, and up to / including Baltimore City). I'm from Maryland and spend a fair amount of time in Maryland / Baltimore anyway. I've got about $30,000 cash available to me to start with and I'm thinking that will allow me to purchase and finance probably one home in the $80-$100K range.
Does that seem reasonable? Definitely open to suggestions / guidance / ridicule (as appropriate).
Most Popular Reply
Welcome to BP @Tim Burke. There are a ton of BP members from the greater DC area. Lots of people here are willing to help you reach your goals. To answer your question
Yes $30 K should easily get you started in some form of investing. With financing you should be able to buy something in the $80 -100K range. By the DC area is expensive. That price range may limit you to Baltimore or parts of PG county.