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Maryland Real Estate Q&A Discussion Forum

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Jerome Brown
  • Washington, DC
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Best areas in the DMV for buy and hold "House Hack"

Jerome Brown
  • Washington, DC
Posted Jul 13 2020, 19:26

So I've been searching around the forums here for about a year now and saving up to be able to purchase my first rental property. I believe I may be ready to start looking at buying something but I'm not so sure where to look. I've found posts where people suggest certain areas but I thought I might see if I can get a more personalized opinion on what may work best for me.                                                                           

Goal

My main goal is to buy and house hack a buy and hold property in the DMV area that is cash flow positive. Appreciation will be a plus. I understand this will be difficult with me living in the property so I'm basing this off of cash flow after I no longer reside in the property. Even better if it cash flows while I live there. I am however down to change this strategy to focus more on appreciation if I find that its difficult to find a cash flowing property in a C+ or better neighborhood. I do not want to deal with the headaches that come with lower class areas nor do I want to live there. With this buy and hold I plan to rent by the room as I know there are not many multi family properties in this area. I'm up for an ADU but I know only specific areas allow this and some of the rules can be pretty strict. This would be ideal due to the extra privacy but again, I understand it may be hard to come by.

Budget

I plan to partner up with my father as I will not be able to borrow enough to purchase something in an ideal area. With a joint loan I believe we will qualify for about $400,000-$450,000. 

Location

I work in Bethesda so I would like to be at max an hour away from that area. I am open to looking at areas farther out if the price is right or if I have issues finding deals nearby.                      

If anyone could give me some information on what areas they think may work best for me that would be greatly appreciated. Any general advice for newbie investors also helps. Not sure if this will work but Id like to tag @Russell Brazil. A large majority of the helpful information I find on here has come from him.                

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