Washington DC, Interested in Becoming a Real Estate Investor

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Washington DC, Interested in Becoming a Real Estate Investor

Eugene Vorotnikov
Washington DC, DC · Member since 2018 · 5 posts · 2 votes

Hello Everyone ,

My name is Eugene, and I leave in the DC area. After working the main job and doing a lot of side hustling, I realized that while I am working and making money my life is passing by. So, I decided to focus more on passive investing. Thanks to all my work, I managed to save some money and invest them in the stock market. Now I want to diversify my portfolio into real estate business. I am completely new to the real estate investing, but I am taking a real estate investing training to get at least some basic understanding of the game. I am particularly interested in purchasing small multi and single family rental properties in Washington DC area. 

Thanks a lot!

Eugene

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Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
8y
Originally posted by @James Wise:
Originally posted by @Russell Brazil:

Welcome to BP. As you may know multi families only exist in the smallest numbers in the area. With condo conversions carving up the few we have, the number that exists continue to shrink.

 Are all of the multifamily owners in the area converting their apartments into condos & selling for top dollar?

 We probably have the lowest amount of 2 to 4 unit properties of any major metro area to begin with, and yeah probably I bet over a quarter of them that were built have already been converted to condos. So just puts further strain on the potential supply.

[email protected]301-893-4635Podcast Guest on Show #192
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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    8y

    Welcome to BP. As you may know multi families only exist in the smallest numbers in the area. With condo conversions carving up the few we have, the number that exists continue to shrink.

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group545 Reviews
    WebsiteView Page
    1Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    8y
    Originally posted by @Eugene Vorotnikov:

    Hello Everyone ,

    My name is Eugene, and I leave in the DC area. After working the main job and doing a lot of side hustling, I realized that while I am working and making money my life is passing by. So, I decided to focus more on passive investing. Thanks to all my work, I managed to save some money and invest them in the stock market. Now I want to diversify my portfolio into real estate business. I am completely new to the real estate investing, but I am taking a real estate investing training to get at least some basic understanding of the game. I am particularly interested in purchasing small multi and single family rental properties in Washington DC area. 

    Thanks a lot!

    Eugene

    Welcome aboard Eugene.

    Glad to see you are getting into the investment game. Good luck to you & I'll catch you around the forums.

    1Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    8y
    Originally posted by @Russell Brazil:

    Welcome to BP. As you may know multi families only exist in the smallest numbers in the area. With condo conversions carving up the few we have, the number that exists continue to shrink.

     Are all of the multifamily owners in the area converting their apartments into condos & selling for top dollar?

    1Reply
  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    8y
    Originally posted by @James Wise:
    Originally posted by @Russell Brazil:

    Welcome to BP. As you may know multi families only exist in the smallest numbers in the area. With condo conversions carving up the few we have, the number that exists continue to shrink.

     Are all of the multifamily owners in the area converting their apartments into condos & selling for top dollar?

     We probably have the lowest amount of 2 to 4 unit properties of any major metro area to begin with, and yeah probably I bet over a quarter of them that were built have already been converted to condos. So just puts further strain on the potential supply.

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group545 Reviews
    WebsiteView Page
    2Reply
  • Eugene Vorotnikov
    OP
    Washington DC, DC · Member since 2018 · 5 posts · 2 votes
    8y

    Converting multi unit properties in condos has been a very profitable business in DC area. I agree with Russell that it is very hard to find a property with decent numbers unless you are ready to deal with areas that are going or about to go through the gentrification. The issue with those areas is high crime rate.

    0Reply
  • Eugene Vorotnikov
    OP
    Washington DC, DC · Member since 2018 · 5 posts · 2 votes
    8y

    James, Thank you very much for your good wishes! I hope that once I get more experience in this game, it will be become very lucrative. 

    0Reply
  • Renee Shifris
    Private Equity Account Executive · Cleveland, OH · Member since 2018 · 48 posts · 15 votes
    8y
    Originally posted by @Eugene Vorotnikov:

    Hello Everyone ,

    My name is Eugene, and I leave in the DC area. After working the main job and doing a lot of side hustling, I realized that while I am working and making money my life is passing by. So, I decided to focus more on passive investing. Thanks to all my work, I managed to save some money and invest them in the stock market. Now I want to diversify my portfolio into real estate business. I am completely new to the real estate investing, but I am taking a real estate investing training to get at least some basic understanding of the game. I am particularly interested in purchasing small multi and single family rental properties in Washington DC area. 

    Thanks a lot!

    Eugene

    Hi Eugene,

    Welcome to BP!  Have you considered investing out of state?  Prices in OH are still very reasonable.  Please send me a message if you have any questions that I can answer.  

    Renata 

    1Reply
  • Kristopher HanksPro Member
    Rental Property Investor · Davenport, FL · Member since 2016 · 593 posts · 382 votes
    8y

    @James Wise

    I live in the DC area. Condos are the "in thing" right now for builders. Especially places like One Loudoun. The condos there can be $600,000 to start. The condos in this area are going for ridiculous amounts. That is the reason why the conversions are happening. The investors and builders are cashing in now. I live in a condo in Ashburn VA. The appreciation in my complex has averaged +$14,000 per year in equity since 2012.

    1Reply
  • Kristopher HanksPro Member
    Rental Property Investor · Davenport, FL · Member since 2016 · 593 posts · 382 votes
    8y

    @Eugene Vorotnikov

    I would say looking outside this area would be a better strategy. Out of state or out of DC Metro area you will have better success with finding multi's. 

    0Reply
  • Eugene Vorotnikov
    OP
    Washington DC, DC · Member since 2018 · 5 posts · 2 votes
    8y

    Thank you Kristopher! I am not really comfortable with long-distance investing yet, but you are right MD properties look way more reasonable.

    0Reply
  • Cassidy BurnsBusiness Member
    Investor · Alexandria, VA · Member since 2016 · 859 posts · 460 votes
    8y

    Welcome to BP @Eugene Vorotnikov.  As always, @Russell Brazil is correct regarding the DC multifamily market, very competitive, low inventory, and even smaller returns.  However, if you create a great marketing campaign you can find opportunities that way.

    Good luck!

    [email protected]540-960-1507
    1Reply
  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    8y
    Originally posted by @Cassidy Burns:

    Welcome to BP @Eugene Vorotnikov.  As always, @Russell Brazil is correct regarding the DC multifamily market, very competitive, low inventory, and even smaller returns.  However, if you create a great marketing campaign you can find opportunities that way.

    Good luck!

     Cassidy I partly blame you and Trent for this phenomenon since you guys probably sell 50% of all condo conversions in DC lol.

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group545 Reviews
    WebsiteView Page
    2Reply
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