Military Mover - Fort McNair / Wharf advice

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Military Mover - Fort McNair / Wharf advice

Michael Williams
New to Real Estate · Washington DC · Member since 2020 · 4 posts · 1 vote

Hi everyone.  I’m military and moving to DC in the next year (summer ‘23).  I’ll be at Fort McNair, so I’ve been looking at the Wharf area (20024), Condominium to buy (goal: buy, then rent for cash flow).  My questions:

A. How can I assess the area as a good place to buy (good appreciation, developing, population/industry growth), before I buy?

B. Recommendations on any investor-friendly realtors in the area?  I’ll be in DC in February and would like to meet.

C. Risk/rewards related to HOAs in the DC area?  I’m tending to avoid…but open to advice.

Thanks for your advice!

Mike

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    3y

    Welcome to BP @Michael Williams.

    Condos have been a buyers market for 3+ years now. Prices are down on them...so I wouldnt target buying a condo for appreciation. If you want appreciation in the DC area buy a rowhouse, single family or townhouse.

    For due diligence on condos....really looking at the history of special assessments will reveal a lot. 

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  • Michael Williams
    OP
    New to Real Estate · Washington DC · Member since 2020 · 4 posts · 1 vote
    3y

    Jack, thanks!  Great feedback.  As I get closer to my arrival date I’ll look you up.

    Mike

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  • Michael Williams
    OP
    New to Real Estate · Washington DC · Member since 2020 · 4 posts · 1 vote
    3y

    Russell, thanks!  Glad I asked.  How does someone get a hold of “special assessments“?  And, as I’m a newer investor, not sure what that means.

    Mike

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    3y
    Quote from @Michael Williams:

    Russell, thanks!  Glad I asked.  How does someone get a hold of “special assessments“?  And, as I’m a newer investor, not sure what that means.

    Mike


    They are in the condo docs. When you purchase a condo or a property in an HOA, when you are under contract you get a copy of the condo docs, rules, finances etc. You have a certain amount of days to review them (It is different in each of the 3 states here). If you do not like what is in them, you can cancel without penalty. 1 special assessment, for a good reason isnt really bad. Multiple special assessments in a short period of time is usually indicative of there being problems with the condo association.

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group546 Reviews
    WebsiteView Page
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  • Jack Seiden
    Real Estate Agent · Washington DC · Member since 2016 · 847 posts · 654 votes
    3y
    Quote from @Michael Williams:

    Hi everyone.  I’m military and moving to DC in the next year (summer ‘23).  I’ll be at Fort McNair, so I’ve been looking at the Wharf area (20024), Condominium to buy (goal: buy, then rent for cash flow).  My questions:

    A. How can I assess the area as a good place to buy (good appreciation, developing, population/industry growth), before I buy?

    B. Recommendations on any investor-friendly realtors in the area?  I’ll be in DC in February and would like to meet.

    C. Risk/rewards related to HOAs in the DC area?  I’m tending to avoid…but open to advice.

    Thanks for your advice!

    Mike


    Post got deleted for some reason, so to restate

    A. Most of the D.C. region had good price appreciation right now the hottest areas are in suburbs, Gaithersburg Rockville, College ParK, Hyattsville. Our biggest price declines are in the City making it a potentially decent value at this point

    B. Bigger pockets is the best place to find an agent go through agents posts and see who seems like the know what they are taking about.

    C. Older condos and higher rise condos have more repairs and therefore over time less appreciation and less cash flow. Newer mid rise suburban condos tend to be much better investments.

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  • Joaquin Camarasa
    Real Estate Agent · Springfield VA · Member since 2018 · 479 posts · 400 votes
    3y

    Adding to the above ensure to read the condo docs in detail to avoid rental restrictions. Some condo communities only allow a certain % of units to be rented at the same time. 

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  • Michael Williams
    OP
    New to Real Estate · Washington DC · Member since 2020 · 4 posts · 1 vote
    3y

    Thanks…great advice!  I hadn’t thought of that.

    0Reply
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