Are you looking for a real estate investment location that will never dip in popularity? No matter how you feel about what is happening in Washington, there's no contesting that there's always action in the capital city.
The assured influx of new residents and administration-specific employees makes Washington, DC, the perfect place to own rentals. But how do you harness the energy of DC to succeed as a real estate investor?
We don't have all the answers, but we can help you with some Washington DC Real Estate tips, below.
Tip #1: Know Your Neighborhood
There are at least ten or twenty well-known neighborhoods in DC. If you're just starting out as a real estate investor, don't set your sights on the most expensive areas first. Not only will that blow your budget, but you'll have a smaller audience to work with: people that rich tend to buy, not rent.
At first, skip Woodley Park, Kent, or Spring Valley. Instead, go for up-and-coming areas more likely to have rental tenants.
Adams Morgan is a great investment neighborhood. You have a good population of college kids (serious students) and political employees. There's fun nightlife around, which draws young professionals, but enough amenities to make it family-friendly.
If you really want to get in on the ground floor, invest in The Wharf neighborhood. It's one of the newest and fastest-growing areas in DC. It's popular with young professionals and well-off college students.
Other areas to consider include, NoMa, Deanwood, Woodridge, and Michigan Park.
Tip #2: Don't DIY Property Management
Many new real estate investors make the mistake of thinking they'll save money by managing their rentals themselves. They couldn't be more wrong! As a new landlord, there's a learning curve to having tenants.
If anything, it's more important to hire a property management company first and learn from them before you ever take the reins.
Home River Group can do everything for you, from helping you find a tenant, to background checking them, to help with the day-to-day management. Once we establish a relationship, you won't even need to set foot in DC to manage your property. Now that's (almost) passive income!
Tip #3: Invest Your Earnings in Another Property
Once you start making money from your initial rental property, it's time to start diversifying your assets. Owning multiple pieces of real estate in Washington, DC is a great way to build your investment profile.
That way you won't have to work with multiple property management companies in different cities. We've got you here!
Becoming a Real Estate Investor in DC
You'll never have to fight to find tenants in the capital city. There's always someone looking for a long or short-term rental, in a range of budgets.
Whether you are starting out as a real estate investor here or are looking for a new property management company, we'd love to be your go-to. For more about working with us and getting started, visit our site.
