Thank you for responding to my posting. I was born and raised in NE, DC and I preferably was looking in that area for instance Trinidad, Brentwood, South Dakota Avenue area. I’ve seen houses in Anacostia but thought when is the development going to start but you are right because I have friends whose parents have houses on the Branch Avenue area and it’s becoming very lucrative over there. I also was considering investing in Baltimore but I don’t want a property that has ground rent attached to it.
I live outside of Washington DC in suburban Maryland. Bought and sold 2 homes in Maryland. Washington, DC has become very lucrative in the real estate market and I want to start investing. I’ve read dozens of posts on this website and I wanted to know how does one buy low and sell high in Washington,DC when low means houses starting at low 200s which is very expensive. How can anyone make money in Washington,DC when the supply is low for anything under 200s.
Posted by Dave T on September 17, 2004 at 18:00:14:
Sometimes it is just a matter of time. In May 2000, I bought a townhouse in Montgomery Village for $64K. It was a VA foreclosure and I did some rehab for about $6K. I put renters in the property for one year.
Fifteen months after my purchase, I sold for $107K. Comps for the same property today are around $200K. In the DC market where property values seem to be exploding everywhere, you can just wait for the profits if you are willing to speculate.
Posted by Devon on September 16, 2004 at 11:31:20:
Hi im a mortgage broker in the nova area and i do a lot of houses for customers in DC and MD. What usually happens is they will buy small townhouses in certain areas of baltimore and DC. YOu are not looking in the right areas of DC you need to go to the “bad neighborhoods” where prices will run you from $50,000 - $150,000 and they dont even need a rehab. You can’t rent them out section 8 hold them for a while and sell them or you can rehab them a little bit most of them do not need much work. I have heard Anacostia is going to be the next Georgetown from many different people in maybe a decade so lots of my investors are starting to buy there.