All Forum Posts by: Jack Seiden

The report is that prices are dropping rather substantially in Washington D.C. related to layoffs.

Article:
In November, the median home in the nation's capital was worth $699,000, according to Redfin.

By February, the median home value dropped 20 percent, bringing the price down to $560,000.

TKL found there are now nearly 8,000 homes listed for sale in the Washington, DC metro area, and almost half of them have been put on the market in the last 30 days.

The tax-collecting Internal Revenue Service is preparing to fire thousands of workers next week"

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Comment: 

Save The IRS  - said no one, ever

I can't believe the market would have changed in 2-3 weeks.

If DOGE continues it certainly might change.  Downsizing a one factory town.

I would expect if FedGov downsizes, a lot of the corresponding periphery businesses/consulting firms, etc shut down.

There has also been talk of such things like FBI moving out of Washington, I think some of that has already been the trend, but may accelerate.  Isn't CBP moving most of HDQ to Texas?  If I remember right about 1/2 of FBI HDQ staff is in Birmingham.  They need a new HDQ and previously looking for space in DC, but some talk of moving it to someplace cheaper.  

So over the long term, I think it certainly could affect home and commercial prices.

There are many popular social media posts right now portraying that DC homes are going up for sale all over the place because of DOGE cuts. While it seems possible thats true, people doing this are screen shotting stuff from Zillow. Someone out there must study those submarkets pretty heavily and can explain how housing stock has changed or not changed month over month the last few months...

There are many popular social media posts right now portraying that DC homes are going up for sale all over the place because of DOGE cuts. While it seems possible thats true, people doing this are screen shotting stuff from Zillow. Someone out there must study those submarkets pretty heavily and can explain how housing stock has changed or not changed month over month the last few months...

@Jack Seiden I appreciate your insights! I wasn't aware of the law requiring a contract with an agent. I'll have to look into that more! I plan to stay in this general area for at least the next 20 years and think buying real estate would be a great way to diversify my investment portfolio.

Hello BP community!

My name is Mark. I am 31 years old. I'm a firefighter in Northern Virginia. I am single with no kids. My base income is ~$95k per year. With overtime, I grossed $139.5k in 2024. I am currently renting an apartment with a roommate. My half of the monthly rent is around $1300 with utilities. I have ZERO debts. I have a retirement 457 account with $120k (split amongst Roth and Traditional). I also have $102k in a money market account that currently earns about 4.5%. I've got about 7k in an emergency savings account.

I am in the process of getting several mortgage pre-approvals to compare fees and get an idea of how much home I can realistically afford.

I have yet to find a buyer's agent/investor to help me identify potential homes but will start on that shortly.

Ideally, I would like to buy a single family home. The areas I'm looking are Loudoun County, VA, Charlestown/Harpers Ferry, WV, and Frederick, MD.

My ultimate goal is to live in it until I can buy a second property and then backfill my first property with a tenant. Rinse and repeat.

It's my first time going through the entire home buying process and it's all a bit overwhelming and daunting. I have a few questions.

1. How do I go about finding the best banks or companies to get pre-approvals and is it worthwhile to get multiple?

2.(a) Is it okay to be looking at 3 different areas VA, MD, WV? Or should I really narrow it down to one?

2.(b) Is it okay to talk to multiple realtors at the same time (I'm thinking it would be better to have a separate realtor with lots of market knowledge and experience in each of the mentioned locations) or should I only plan to use one?

3.(c) Do any of you have some specific market considerations I should take into account OR that I should be researching (high taxes, pertinent rent laws, etc.)?

3. My money market funds are dedicated to go towards a down payment, closing costs, etc. How do I determine how much of a down payment I should make (keeping my goal of buying more properties in mind)?

4. Lastly, what other considerations or resources can you think of that will help me understand the process and feel more comfortable as a first time home buyer?

Thank you all so much for taking the time to read my post!

Hello BP community, 

I'm closing on a property in Downtown Cumberland Maryland. Light renovation needed, 3 bed 1.5 bath. I came across some reddit post on the city and how tenant friendly it is, plus population decline. Apart of me wants to sell. My total cost is 40k, can resell at around $130. What would you do in my shoes 

Hey everyone,  

I'm Dan, 35 here, I'll be able to make my first purchase in summer '26. I work in Potomac, MD, and would like to buy a condo or apt that I can easily commute and live in, and then eventually rent out, and then buy another. 

I'd be happy to make connections over similar goals, and to learn about tax info for DC, great spots to buy, and trends for rentals. I figured DC would be a great area to invest in because it attracts tons of young professionals. Maybe you can prove me wrong? 

Let's talk,

Dan

thats awesome! sounds like your a good example of what i mentioned saying that BRRR isnt dead. If you are doing BRRR in markets like DC its further demonstration that these narratives are not accurate.

Thats not my model and homes at that price point havent penciled out for me but im very much doing BRRR in my market with properties that do pencil. we add ~50k-60k of equity per BRRR on properties around 200-230k ARV

Can you explain further?