All Forum Posts by: Francis Dayamba

I am looking for a contractor in the DC AREA that can manage a remodel of a Four Unit Multi-Family and has experience working with 203K Loans. I have a property under contract in PG County and next week I am looking to have a contractor come to the property for a walk through.

I am currently looking for Multi-Families in DC too and unless you are in South East, you will not find a 4 unit for 400k @Mario Palacios

@Andrew Michael I work with a turnkey guy and within a 10 minute walk from downtown he is listing a 3bed/1ba for 50k. So you figure 10k + closing costs will be about 13k. He doesn't list on the MLS though, all off market deals.

@Andrew Michael I took a drive up to Hagerstown a couple of weeks ago and the houses that you can buy in the 10-15k were in decent neighborhoods. The neighborhood was not a warzone by any stretch. The previous week I went up to Bmore and that was definitely rough. 

To be honest, there is not much that you can purchase within 40 miles of DC at the 10-15k mark. Baltimore is a market that you can definitely buy at that price point, but you should do alot of research finding the best areas to buy. I work closely with a Turn Key Investor in Hagerstown (70 miles away) and I plan to use my 401k to buy property from him for about 13k.

One way to buy a house at 10-20% below asking price is finding a property that may need some rehab and using a 203k Loan to Rehab the property. @Jiro O.

I would recommend joining a lot of REIAs and attending a lot of networking events in the Northern VA and DC Area. Meetup.com is a good source to find networking events. Also, if you want to do work in a certain area you should consider attending a couple chamber of commerce events.

@Marty Joyner If you are considering Turn Key in this area, I would highly recommend Billwood Properties. They are out of Hagerstown,MD. About an 1.5 hour drive away from DC. On a house worth 100k, they are collecting around $1,700/month in rent. They rehab the property prior to selling it to you so maintenance fees will be low in the first years of you having the property. I know the owner and he is an honest and ethical man.

Let me know if you would like more details.

All,

Does anybody have any recommendations for contractors in the DC Area that have experience doing construction with financing from a 203k Loan?
I am looking to work with a contractor for a renovation on a multi-unit in the Trinidad/Brentwood area.

Francis

Hey BP Community,

A friend of mine is looking to start investing in Baltimore. Can anybody recommend a property manager firm that has experience in this market? Right now he is looking for multi-families that are between 80k-120k. His main objective is Cash-Flow.

He is also open to purchasing a turn-key investment property.

Please let me know if anyone has any recommendations.   

Francis