Investment property - best location?
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Anonymous
| If I had 200k to invest, I sure as shit wouldn't put it in real estate. Are you that diversified in your portfolio already? If 200K is a small % of your overall portfolio - a good for you if it is - then maybe it makes sense. Otherwise, why not go with mutual funds and the like? |
Anonymous
| Definitely Southeast DC, around the metro stations. Look into Benning Rd, Minnesota Ave, Anacostia and Congress Heights. You can buy several 1/2Br condos for $40-60K each, or buy a row house for $170K with some money to spare. |
Anonymous
1) MD property taxes ARE higher than VA. 2) You DO have to file a nonresident MD tax return for rental properties in MD. The nexus is the property. And their income taxes are almost double VA too. I dont even know if VA would give a tax credit equal to the (higher) MD tax under 332 because it's not "earned" income. see this: http://taxes.marylandtaxes.com/Individual_Taxes/Individual_Tax_Types/Income_Tax/Filing_Information/Determine_Residency_Status/If_You_are_a_Nonresident_Filer.shtml |
Anonymous
+2 plus lots of electricians and plumbers won't work in DC because the rules are awful. |
Anonymous
+1 |
Anonymous
+1000 |
Anonymous
+2 |
Anonymous
That is easy. You want to purchase a house in West Springfield/Burke, feeding into West Springfield Elementary, Hunt Valley, Keene Mill, Orange Hunt, Sangster, Cherry Run or the Kings Park/Glen elementary schools. Pick a neighborhood that has quick access to one of these commuter options: Sydenstriker Rd. slug lot, Pentagon Express Bus, Burke VRE, or the Fairfax County Parkway/Ft. Belvoir. Make sure the house is reasonably nice, has at least two bathrooms, 4 bedrooms, and is not on a main road. Market it to military families. The houses zoned for the schools listed above have multiple to dozens of very qualified rental applicants within hours to a day after listing. Most renters sign their leases sight unseen. The renters are exceptionally reliable, highly qualified, and excellent tenant who take care of the property like their own. If you are willing to negotiate certain breeds of pets, then you will have many applicants to choose from. Tie your rent to the 0-5 housing allowance. Be an attentive and fair landlord. When the time comes for them to leave, the military tenants often help their landlord find other similar tenants by passing on availability of the house through their various networks, emails and friend circles. |
Anonymous
The beach is never your best option. Stock with within .75 mile of a Metro station, .5 if you can afford it. |
Anonymous
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^
| Stock = stick. |
Anonymous
|
Buy in an older building in Arlington orange line corridor, e.g. Ballston - you can charge $2000+ in rent for a one-bedroom covering your PITI and condo fees and turning a small profit.
Something like this: http://www.redfin.com/VA/Arlington/1045-N-Utah-St-22201/unit-311/home/11244563 You can rent it out for about $2000+ . |
Anonymous
| Buy a Jiffy Lube. (Seriously). |
Anonymous
DC is a nightmare for landlords. Run do not walk to Virginia a very landlord-friendly state. |
Anonymous
|
Condo in newer building along the Orange Line in Arlington.
Note that condo fees are higher but you can deduct some of the maintenance costs from your Fed tax as well as depreciating the condo. HOA fees are lower because you are responsible for exterior elements such as roofs. For $600K you can get an okay 2 BR 2 Bath that will rent quickly for $2,500. |
Anonymous
And then buy a gun |