VA vs. MD? Houseflipping?

Question

So this is a rather broad question, and I imagine the answer could be "well it depends on what area you're in", but generally speaking is Maryland a better market for house flipping than Virginia? I've researched this independently and found varying responses. Thnx!

Russell Brazil · Answer

DC, then PG county are where the most flips take place in the area. MoCo and NoVa are much harder to flip in.

Russell Brazil · Answer

Washington county will take you a long time to sell, so not a good option if you are using hard money as you will have large carrying costs. Frederick use to be easier to flip, it's a little harder now but people are still flipping.

Chris Strokes · Answer

@Andrew Michael I will send you a PM for details.

Nyomi Gumbs · Answer

@Russell Brazil @Andrew Michael @Jocelyn Borg So I do understand that DC is a very hot market, I think some of my reluctance is that (obviously) I'm new to REI and a lot of the properties that I've looked at in DC have been miles out of my price range(most upwards of 400K- unless in Anacostia/Capitol Heights, and even then still pricey).  Sure there's private money, and I may look more into that, but for a flip, I know how important it is to buy in at the right price.  As a result, Maryland seems more accessible.

I will take a much closer look at PG county.

Jocelyn Borg · Answer

@Nyomi Gumbs that was a great question - thanks for asking! Sounds like you might be in the right area...

@Russell Brazil what are your thoughts on the flipping market in areas west of MoCo, such as Frederick or Washington County and surrounding areas? Do you have any experience in these markets? Thanks in advance!

Andrew Michael · Answer

@Chris Strokes

Yes we are selling it as an investment so there will be a cash flow incentive of course.

Chris Strokes · Answer

@Andrew Michael I see you are flipping a duplex in Frederick.   Will it cash flow at your expected sale price?

Andrew Michael · Answer

@Nyomi Gumbs

I see you are from DC.  I think you are in a prime location for flipping.  To piggy back off Russell, I would stick with your local area rather then come out to Frederick.  You are more likely to find a deal in PG then in Frederick in my opinion.  I have been marketing to DC and MD for about 3 years now.  The number of deals in PG and DC far out number the deals in Frederick.  I am just finishing up my first duplex flip in Frederick but there isnt tons going on out there.

In terms of Washington County ie Hagerstown, just say no.  I cant imagine you will find many projects out there that are worth the time and headache for the money.  I own units there and still caution against it.  The low price points and high cap rates look attractive but my experience has shifted my thinking over time.

Jocelyn Borg · Answer

Excellent feedback @Russell Brazil, I really appreciate your feedback! I had a feeling that might be the case...

VA vs. MD? Houseflipping?

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