DC Area and Gulf Coast Investor

[Michael Hancock]

BP Community:

I'm an investor that lives in Washington DC that invests in DC and my hometown of Mobile, Alabama.  I'm looking for multifamily opportunities and partnering opportunities in both MSA's.

[Russell Brazil]

Welcome to BP @Michael Hancock. As I am sure you are aware, the DC area has a severe lack of multifamily housing (2-4 units). It is one of the weaknesses of our market unfortunately. The few multi's that hit the market sell very quickly and for a premium due to the supply and demand problem of them. However, the few multi's that do hit the market create a great opportunity to make some serious cash if you are willing to go through the process of turning them into condo's.  Id say the majority of the small multi's and small apartment buildings are being turned into condos which is a great play for an investor...however that even further exacerbates our lack of multi family housing in the area.