Just found out we will be moving to the Washington DC, Arlington, Virginia and Baltimore, Maryland area in the next few weeks.
Can I kindly ask the DMV area investors to share some insight on the best areas to flip SFR/Multi properties (price points too if possible)? Also, from what I understand VA, DC and MD require me to have a contractor's license to fix and flip? Is this right? What if I'm investing through an LLC?
Any help would be greatly appreciated. Thanks
I'm in VA and when I started my LLC, I had to get a contractor's business license. It does not give me the privilege to act as a Class A, B or C contractor but that was the "category" of license required. I had to go to the City hall building downtown, apply in person, pay $50 to the treasurer's office and then they issued me the license same day.
if you are doing the fixing yourself you will need a contractor's license which requires a test. Not sure if this is what you're looking for just trying to share some knowledge.
@Roberto Costa , thanks. That's exactly what I needed to know.
I don't know any flippers in MD or DC that have contractor licneses
I would consult a lawyer for advice on what licenses your business needed. I know several investors that are not licensed, they contract the work out. If you're looking to do the work yourself it might be a different story.
Where will you be moving to? Each market within the DMV metro has its nuances. You will have a hard time finding multifamilies in NoVa, there just is not a large supply. DC/MD have some, but not many. Flipping is big all over DC, MD, and Va, price points vary depending on neighborhood and city.
We are moving to Arlington. The price point in the DMV is much higher than here in Northeast Ohio. That's going to take some time getting used to. I have no issues traveling an hour or more away from the metro area for deals, but I'd like to stay within the DC, Arlington, Baltimore areas. I can imagine it's very competitive though.
Russell, I was reading a post where you mentioned Petworth as a decent area for flipping. Any other nuggets you're willing to share? Thanks again guys.
There are great neighborhoods to flip throughout the entire DMV. The challenge is finding properties to flip because the competition for deals is very intense. My approach over the years has been to become very familiar with the DC neighborhoods where I work and live and to only flip properties in those areas. I know my targeted neighborhoods and streets so well that I can instantly recognize a good deal and move on it.
DC neighborhoods where I look for flips are Trinidad, Carver/Langston, H Street Corridor, U Street Corridor, Shaw, Adams Morgan, Dupont Circle, Petworth, Park View, Brightwood, Mount Pleasant, 16th Street Heights, and Brookland. Each neighborhood has different price points so there's no one magic number I can give you.
You don't need to have a contractor's license to do flips, unless you'll be doing all of the work yourself. I generally hire a GC for my projects.
Welcome to the area @Qwesi McCray
Keep in mind that depending on time of day and weather the statement "Traveling an hour or more away" might not get you as far, mileage wise, as you think. When I commuted to/from DC for work it would take me 45 minutes to drive 6.5 miles.
Best of luck with whatever type of investing you choose to do here.