With Amazon HQ moving to Washington DC in the near future, real estate speculators have once again turned their attention to the DC metro area. There are many reasons why DC is a great place for millennials in particular, from new job opportunities to safe neighborhoods and excellent school districts. According to the Huffington Post young adults between the ages of 25-34 have been moving to Washington DC more than any other city in the US. The Wall Street Journal also reported that between 2010 and 2012 the metro Washington area – which includes suburbs in Maryland and Virginia – saw an average annual net gain of 12,583 people from the millennial generation.
Sharestates has recently funded properties in DC, the southern part of Maryland and the northern counties of Virginia. One property that Sharestates recently funded was a private loan on a mixed-use building with 2 residential units and 1 commercial unit that is located in the Capital Hill neighborhood of Washington DC. The specific area is historically known as Lincoln Square and has the largest urban park also in the Capital Hill neighborhood called Lincoln Park. Some information about this property:
- Appraised value: $3,200,000
- Loan amount: $2,560,000
- Purchase Price: $3,200,000
- LTV: 61%
- After-repair value: $3,225,000
- ARV: 57%
Another property funded by Sharestates is located in the beautiful town of Potomac Maryland and is considered a commuter town to Washington DC. It is located approximately 13 miles from DC and on average takes about 35 minutes to drive without traffic. Potomac MD is also one of the richest towns in the US ranked by Forbes.com. The property was an investment for a private loan on a residential property. The borrower acquired the property as a “fix & flip” and once rehab is complete will put property on the market to sell. Here is some information about this property:
- Appraised value: $1,470,500
- Loan amount: $1,100,000
- LTV: 75%
- Purchase Price: $1,500,000
- LTC: 73%
To read about more loans Sharestates’ has funded or to get information on how to get funding for your next real estate investment.