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Jay An
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New to RE Investing, Looking for Advice

Jay An
Pro Member
Posted Mar 31 2024, 16:59

Hey everyone,

I've decided to start investing in real estate to diversify my investments, with a long-term goal of creating generational wealth for my family. Hoping to do some networking and learn more about the pros/cons of investing in the VA Beach area.

Background:
I have purchased and sold a primary residence before, but am trying to learn the ins and outs of purchasing for investment purposes. My plan is to purchase single family homes/townhomes for long-term rental, and benefit from appreciation over decades. I have a pretty flexible schedule, but wouldn't be able to become a full-time property manager, so I may be looking at hiring one.  I'm also trying to keep my eyes peeled for properties that require some rehab (kitchen/bath/flooring/etc).. not major projects.

Details: 
-I have set aside $350k of expendable cash, and I'd like to leverage this. I can add to this in the future, but I am setting this as a limit as I get my feet under me.
-I am eligible for a VA loan
-Generally looking for homes <$400k ARV
-Single, no dependents, currently own no property.

1-year goal:
-Purchase 2 properties intended for LTR. House Hacking via VA loan and 2nd home are on the table, but I am not limiting to that.

3-year goal:
-Look towards multi-family property or opportunities to build ADUs. At this stage, I hope to have enough experience, and the network to be able to accurately estimate total expenses, allowing me to move towards bigger projects with bigger potential gains.

Any advice on ways I can move forward with my goals? Any tips for someone starting out that you wish you knew? Aware of any networking events/groups I should try to participate in? 

Thanks in advance for any advice!

Jay

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