Newbie looking for suggestions
Hey guys! I am new to BP and a newbie in REI in general and wanted to introduce myself and hopefully get some feedback on my starting strategy. I work in Georgetown and rent in Rockville for the past two years. Evidently, the first order of business for me is to buy a property to live in as soon as possible without wasting any more money on rent.
I want to buy something in a nice stable neighborhood that would cash flow if I move out in say, 5 years or sooner.
After spending the past few months studying MLS listings in the DC area, analyzing properties and talking to local lenders, I know I am able to enter the market at the lower end of the market, even if that restricts my choices. I am married, so the typical house hacking route is not an option.
Based on what I have seen, the only feasible option to me seems like to buy a condo in a nice neighborhood for the lowest price possible (<200K) to keep the financial footprint of my personal residence the lowest so that I can save up all the more quickly for my next property.
Any suggestions on my general strategy, neighborhoods to consider, and any agent recommendations are most appreciated!
Thanks,
Anurag