Dear Millennium Investor Insights Member,
Welcome to your inaugural issue of Millennium Investor Insights! In each monthly letter, you’ll get an up close look at the trends that are impacting the real estate market in the Greater Washington, DC Metro area. We’ll share it all with you, including some insider tips and tricks to help you grow your real estate investing portfolio along the way.
In this month’s letter, we’ll be covering the strategies that Millennium will employ over the coming weeks and months as the real estate market heats up.
Typically when May rolls around, we see home owners spruce up their properties and hammer in the for sale sign. As an investor, you need to have a strategy in place to help you maximize this cyclical opportunity.
This year, home owners in the Washington, DC metro area are particularly motivated to sell as year over year median list prices are up 8% and the median time on the market is 75 days vs. 61 days at this point in 2015. Also working in homeowners favor is the fact that inventories are increasing, but are lower than they were a year ago.
As homeowners use this market in their favor to liquidate their properties, savvy investors are ready to go hunting for new and lucrative opportunities. It’s the ideal win-win scenario playing out before our eyes.
Now, let me give you a quick peek into our strategy here at Millennium. First up we’re taking an up close look at foreclosure in Maryland. Did you know that in March 2016 Maryland was one of the top 10 states for foreclosures according to Bankrate.com? An estimated 1 in every 537 housing units received a foreclosure filing. This is still far fewer than the national average, but a plentiful source of new investment opportunities in the region.
Up next is jumping on properties that represent the perfect flip opportunity. As a matter of fact, Millennium just completed renovating a 1,700 sq. foot, three-bedroom, split-foyer property in Upper Marlboro, MD. This property yielded the investor a nice 15% return in less than two months. We’ll be looking to add as many short-term flips to our portfolio as possible.
Tip for Flippers: Flippers need to have a business license, so you’ll want to have this taken care of long before you get the wheels in motion on your first deal. If you do not have a proper license, Millennium can help you get started.
And, in case you aren’t familiar, Millennium has contracts with top homebuilders and renovation contractors in the region. They are dedicated to creating the most attractive move-in ready homes for buyers. And they know how to move fast. A typical homeowner won’t be able to find this kind of quality, or timeline at the prices we’ve secured for our investors.
If you are looking to add short-term flips to your portfolio, now is the time to get in touch with us as we’re lining up several potentially lucrative properties in the days and weeks ahead.
Overall, we expect May to be a busy and profitable month for Millennium. There is no shortage of properties to flip or turn into income-generating rentals. Rates remain historically low and with the weather turning in our favor, we do not see any barriers to a very profitable month ahead.
As always, if you have any questions, are ready to make your next flip or are looking to secure your next rental property, give us a call at (800) 674-5363 today!
Until next month,
P.S. Be sure to visit our site frequently. Our Blog is packed with useful information, helpful hints and tricks that will give you the competitive edge you need to invest in real estate in the Greater Washington, DC Metro area.