How do you suggest I make this work?

[Rachan M.]

Hi BP,

I just looked at a house in DC with @Cassidy Burns and would love your help figuring out how to buy it.

It is listed for $700k, needs ~$50k of work, is 6 blocks away from metro on a quiet street.

Based on online PITI calculations, it must bring in $5k in rent to stand on its own feet, which I believe it can, especially with short terms rentals like Airbnb.

I have $50k to invest, and am looking to buy and hold.

The issue: I may not qualify for a loan more than $500k.

What do you suggest?

Thanks in advance!

[Russell Brazil]

If $500k is your loan limit, shop at a cheaper price point. There are plenty of great places in DC in your price range.