All Forum Posts by: Russell Brazil

Please be aware if you buy an investment property and do not live in MD, when you go to sell it you will pay an 8% tax at settlement.  If you live in the home for 2 out of the past 5 years and move out of state you may be exempt from the tax. 

I am interested in possibly doing so. Possibly in capital hill area. 

Hey everyone,

I’ve been toying with the idea of jumping into the world of rental property investing, and I thought this would be the perfect place to ask for advice. I’m a first-timer, so bear with me if I sound a little clueless – I’m still figuring it all out.

Here’s the scoop: I’m looking to purchase a long-term rental property within the $300-350k budget range. I’m open to either a townhouse or a single-family home, but I’m definitely trying to steer clear of any crazy HOAs that eat into cash flow (you know what I’m talking about!).

Right now, I’m considering a few areas:

• Fredericksburg, VA
• Richmond, VA
• Oxon Hill, MD
• Germantown, MD

For those of you who have experience investing in any of these spots, what’s the vibe like? I’d love to hear about the crime rates or any other issues (which we cannot guess from the online stats), and how easy or hard it is to find reliable tenants and property management companies. Are these areas good for rental property investments, or am I barking up the wrong tree? Any success stories or, dare I say, horror stories? How do you handle scaling once you get your first property – is it as daunting as it seems, or does it get easier?

My main goal is to find something relatively close to the DMV area but without the DMV price tag. I want to start smart and scale up as I learn the ropes, but I’m personally struggling to narrow down which area to focus on.

If you’ve done this before, what advice would you give someone like me? I’d love to hear your thoughts, tips, or even warnings. Let’s just say I want to avoid rookie mistakes before I take the plunge.

Looking forward to hearing from all the experienced (or even not-so-experienced!) investors out there. Bring on your stories and wisdom!

Thanks in advance,

Rookie

Interesting... Has any other state passed similar laws? I'm curious to hear how other property managers and landlords are navigating this.

Here in College Station, TX, I don't accept Section 8 applicants. I don't foresee Texas implementing a similar law, but I'd be interested to know how this change has affected others.

Side note: It's not the Section 8 tenants that I'm avoiding, it's the government bureaucracy that comes with it.

Hello,

I'm 22 years old with roughly $50k saved up through part time jobs and internships. I am about to graduate college in May 2025, and will be making about $120k (pre tax) in my full time job postgrad (Washington DC area). I was interested in something like owning a rental property as a way to generate some additional income. 

Is $50k enough to get started? Or should I wait it out a couple of years until I have a larger amount saved up. Any general advice is much appreciated.