I have several clients who are would be first time homebuyers but who are having a hard time finding a home that qualifies them for financing.
So many of the first time home buyers in PG County are in price ranges under $75,000 which for the most part means they are looking at condos. However, so many of the condos no longer qualify for financing because of the delinquency rate.
Investors or first-time home buyers with cash are able to come in and scoop up some of the condos at these incredible prices.
Sample Investment Scenario:
Purchase price for 1 bedroom condo: $30,000
Potential Rental Price: $1100/month
Monthly Costs (condo fees, taxes, property manager, etc): $500
Potential monthly income: $600
In this scenario, you would completely make back your purchase price in just over 4 years.
There are many homes in PG County that are listed that will need to be cash only and have great income potential as rental properties.
If you are interested in learning more about the condo opportunities available in PG County, MD give me a call.
If you or someone you know would like information about buying, selling, or renting a home in Prince George's, Montgomery, Charles, Calvert, Anne Arundel, Howard, and/or Baltimore Counties please contact Dr. Stacey-Ann Baugh of Century 21 New Millennium.
Dr. Stacey-Ann Baugh
Century 21 New Millennium
FINALLY! A DOCTOR WHO MAKES HOUSE-CALLS!
Information deemed reliable but not guaranteed!