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Updated over 8 years ago on . Most recent reply

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Sung Park
  • Rental Property Investor
  • Philadelphia, PA
165
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191
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Newbie from Washington DC area

Sung Park
  • Rental Property Investor
  • Philadelphia, PA
Posted
Hi all! I've been lurking around BP for a few months now and I'm learning a ton from the forums and podcasts. I thought I'd formally introduce myself and start networking with people in the community. I have been living and working in the D.C. Area for about 7 years. I recently sold my primary residence and went back to renting to be closer to work. With my equity cashed out and combined with my savings, I got a lot of capital that I'd like to get some return on and the stock market just isn't that attractive to me. Instead, I'm looking to purchase a multi family property (preferably triplex or quad) to buy and hold for rental income and live for free. I don't have any intention of flipping, the cashflow is what I'm after. I love the idea of house hacking but the D.C. Area is sorely lacking in multi family properties especially towards the Virginia side. I am finding some in eastern D.C. and towards Baltimore but nothing around the northwest. Can anyone share their experience with house hacking in the D.C. Area? How'd you find it? What neighborhood and/or state is it located in? How did you finance it? FHA, conventional, hard money etc?Any real estate agent recommendations would also be appreciated.

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Russell Brazil
  • Real Estate Agent
  • Washington, D.C.
30,309
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Russell Brazil
  • Real Estate Agent
  • Washington, D.C.
ModeratorReplied

The entire region has a very limited number of multi family properties. In DC the largest concentrations of them are or near Trinidad. Some in Anacostia. A few scattered here and there. 

Through many neighborhoods you can find row houses with basement units that may, or may not qualify depending on a fee factors as being able to be a legal rental unit. Petworth, Eckington, Bloomingdale, Edgeworth, Capitol Hill, North Cleveland Park, Riggs Park, Takoma, Brightwood are some neighborhoods where you can find basement units.

Takoma Park MD has a few neighborhoods with multis, but their incredibly restrictive rent control makes them cash flow negative if purchased with leverage.

Baltimore has more multis than DC, but still a very low number compared to other major cities.

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