First time home buyer in Northern Virginia

Starting Out
1yFollow

First time home buyer in Northern Virginia

Mark Taggart-Perez
Fairfax, VA · Member since 2020 · 3 posts · 0 votes

Hello BP community!

My name is Mark. I am 31 years old. I'm a firefighter in Northern Virginia. I am single with no kids. My base income is ~$95k per year. With overtime, I grossed $139.5k in 2024. I am currently renting an apartment with a roommate. My half of the monthly rent is around $1300 with utilities. I have ZERO debts. I have a retirement 457 account with $120k (split amongst Roth and Traditional). I also have $102k in a money market account that currently earns about 4.5%. I've got about 7k in an emergency savings account.

I am in the process of getting several mortgage pre-approvals to compare fees and get an idea of how much home I can realistically afford.

I have yet to find a buyer's agent/investor to help me identify potential homes but will start on that shortly.

Ideally, I would like to buy a single family home. The areas I'm looking are Loudoun County, VA, Charlestown/Harpers Ferry, WV, and Frederick, MD.

My ultimate goal is to live in it until I can buy a second property and then backfill my first property with a tenant. Rinse and repeat.

It's my first time going through the entire home buying process and it's all a bit overwhelming and daunting. I have a few questions.

1. How do I go about finding the best banks or companies to get pre-approvals and is it worthwhile to get multiple?

2.(a) Is it okay to be looking at 3 different areas VA, MD, WV? Or should I really narrow it down to one?

2.(b) Is it okay to talk to multiple realtors at the same time (I'm thinking it would be better to have a separate realtor with lots of market knowledge and experience in each of the mentioned locations) or should I only plan to use one?

3.(c) Do any of you have some specific market considerations I should take into account OR that I should be researching (high taxes, pertinent rent laws, etc.)?

3. My money market funds are dedicated to go towards a down payment, closing costs, etc. How do I determine how much of a down payment I should make (keeping my goal of buying more properties in mind)?

4. Lastly, what other considerations or resources can you think of that will help me understand the process and feel more comfortable as a first time home buyer?

Thank you all so much for taking the time to read my post!

0Reply
35 views

Most Popular Reply

Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
1y
Quote from @Mark Taggart-Perez:

Hello BP community!

My name is Mark. I am 31 years old. I'm a firefighter in Northern Virginia. I am single with no kids. My base income is ~$95k per year. With overtime, I grossed $139.5k in 2024. I am currently renting an apartment with a roommate. My half of the monthly rent is around $1300 with utilities. I have ZERO debts. I have a retirement 457 account with $120k (split amongst Roth and Traditional). I also have $102k in a money market account that currently earns about 4.5%. I've got about 7k in an emergency savings account.

I am in the process of getting several mortgage pre-approvals to compare fees and get an idea of how much home I can realistically afford.

I have yet to find a buyer's agent/investor to help me identify potential homes but will start on that shortly.

Ideally, I would like to buy a single family home. The areas I'm looking are Loudoun County, VA, Charlestown/Harpers Ferry, WV, and Frederick, MD.

My ultimate goal is to live in it until I can buy a second property and then backfill my first property with a tenant. Rinse and repeat.

It's my first time going through the entire home buying process and it's all a bit overwhelming and daunting. I have a few questions.

1. How do I go about finding the best banks or companies to get pre-approvals and is it worthwhile to get multiple?

2.(a) Is it okay to be looking at 3 different areas VA, MD, WV? Or should I really narrow it down to one?

2.(b) Is it okay to talk to multiple realtors at the same time (I'm thinking it would be better to have a separate realtor with lots of market knowledge and experience in each of the mentioned locations) or should I only plan to use one?

3.(c) Do any of you have some specific market considerations I should take into account OR that I should be researching (high taxes, pertinent rent laws, etc.)?

3. My money market funds are dedicated to go towards a down payment, closing costs, etc. How do I determine how much of a down payment I should make (keeping my goal of buying more properties in mind)?

4. Lastly, what other considerations or resources can you think of that will help me understand the process and feel more comfortable as a first time home buyer?

Thank you all so much for taking the time to read my post!


 1) Get a few referrals from the agent you work with. You only need 1 preapproval, then can shop lenders when you go under contract.

2a) Yes, just make sure your agent is licensed in all the jurisdictions. MD/VA licensees are common, having a WV license as well as the other 2 isnt that common in the area. I only know a few besides myself licensed in all those jurisdictions.

2b) No good agent is going to work that way. Why put in all the work to only have you close a deal with someone else.

3) Talk this through with your agent and lender. Dont over extend yourself. Keep reserves. 80% of buyers experience a major unexpected repair in the 1st year of ownership.

4) Talking with an agent who can help increase your knowledge of the process and owning a home. 

[email protected]301-893-4635Podcast Guest on Show #192
District Invest Group545 Reviews
WebsiteView Page
1Reply
See this reply in the discussion

6 Replies

Jump to latestLatest
  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    1y
    Quote from @Mark Taggart-Perez:

    Hello BP community!

    My name is Mark. I am 31 years old. I'm a firefighter in Northern Virginia. I am single with no kids. My base income is ~$95k per year. With overtime, I grossed $139.5k in 2024. I am currently renting an apartment with a roommate. My half of the monthly rent is around $1300 with utilities. I have ZERO debts. I have a retirement 457 account with $120k (split amongst Roth and Traditional). I also have $102k in a money market account that currently earns about 4.5%. I've got about 7k in an emergency savings account.

    I am in the process of getting several mortgage pre-approvals to compare fees and get an idea of how much home I can realistically afford.

    I have yet to find a buyer's agent/investor to help me identify potential homes but will start on that shortly.

    Ideally, I would like to buy a single family home. The areas I'm looking are Loudoun County, VA, Charlestown/Harpers Ferry, WV, and Frederick, MD.

    My ultimate goal is to live in it until I can buy a second property and then backfill my first property with a tenant. Rinse and repeat.

    It's my first time going through the entire home buying process and it's all a bit overwhelming and daunting. I have a few questions.

    1. How do I go about finding the best banks or companies to get pre-approvals and is it worthwhile to get multiple?

    2.(a) Is it okay to be looking at 3 different areas VA, MD, WV? Or should I really narrow it down to one?

    2.(b) Is it okay to talk to multiple realtors at the same time (I'm thinking it would be better to have a separate realtor with lots of market knowledge and experience in each of the mentioned locations) or should I only plan to use one?

    3.(c) Do any of you have some specific market considerations I should take into account OR that I should be researching (high taxes, pertinent rent laws, etc.)?

    3. My money market funds are dedicated to go towards a down payment, closing costs, etc. How do I determine how much of a down payment I should make (keeping my goal of buying more properties in mind)?

    4. Lastly, what other considerations or resources can you think of that will help me understand the process and feel more comfortable as a first time home buyer?

    Thank you all so much for taking the time to read my post!


     1) Get a few referrals from the agent you work with. You only need 1 preapproval, then can shop lenders when you go under contract.

    2a) Yes, just make sure your agent is licensed in all the jurisdictions. MD/VA licensees are common, having a WV license as well as the other 2 isnt that common in the area. I only know a few besides myself licensed in all those jurisdictions.

    2b) No good agent is going to work that way. Why put in all the work to only have you close a deal with someone else.

    3) Talk this through with your agent and lender. Dont over extend yourself. Keep reserves. 80% of buyers experience a major unexpected repair in the 1st year of ownership.

    4) Talking with an agent who can help increase your knowledge of the process and owning a home. 

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group545 Reviews
    WebsiteView Page
    1Reply
  • Jack Seiden
    Real Estate Agent · Washington DC · Member since 2016 · 847 posts · 656 votes
    1y
    Quote from @Mark Taggart-Perez:

    Hello BP community!

    My name is Mark. I am 31 years old. I'm a firefighter in Northern Virginia. I am single with no kids. My base income is ~$95k per year. With overtime, I grossed $139.5k in 2024. I am currently renting an apartment with a roommate. My half of the monthly rent is around $1300 with utilities. I have ZERO debts. I have a retirement 457 account with $120k (split amongst Roth and Traditional). I also have $102k in a money market account that currently earns about 4.5%. I've got about 7k in an emergency savings account.

    I am in the process of getting several mortgage pre-approvals to compare fees and get an idea of how much home I can realistically afford.

    I have yet to find a buyer's agent/investor to help me identify potential homes but will start on that shortly.

    Ideally, I would like to buy a single family home. The areas I'm looking are Loudoun County, VA, Charlestown/Harpers Ferry, WV, and Frederick, MD.

    My ultimate goal is to live in it until I can buy a second property and then backfill my first property with a tenant. Rinse and repeat.

    It's my first time going through the entire home buying process and it's all a bit overwhelming and daunting. I have a few questions.

    1. How do I go about finding the best banks or companies to get pre-approvals and is it worthwhile to get multiple?

    2.(a) Is it okay to be looking at 3 different areas VA, MD, WV? Or should I really narrow it down to one?

    2.(b) Is it okay to talk to multiple realtors at the same time (I'm thinking it would be better to have a separate realtor with lots of market knowledge and experience in each of the mentioned locations) or should I only plan to use one?

    3.(c) Do any of you have some specific market considerations I should take into account OR that I should be researching (high taxes, pertinent rent laws, etc.)?

    3. My money market funds are dedicated to go towards a down payment, closing costs, etc. How do I determine how much of a down payment I should make (keeping my goal of buying more properties in mind)?

    4. Lastly, what other considerations or resources can you think of that will help me understand the process and feel more comfortable as a first time home buyer?

    Thank you all so much for taking the time to read my post!


     1. Ask around but tbh most rates are going to be broadly similar 

    2. You can talk to as many agents as you want & in fact you should, however with the new law you do need to sign an contract before the agents can show you a property, that’s the law now unfortunately.

    3. This is basically a math problem that will depend on both you personal finances & also how much of this is an investment vs you want a nice house to live in

    4. I’ll be honest it’s not clear to me real estate is necessarily a better investment than say the stock market, certainly not a bad investment but not as hyped as some people make it, you need to decide how much owning your own home is worth to you & also how long you plan to be in the area, if you will be here for the foreseeable future, bite the bullet and buy, if your not sure where you will be in a few years, renting might make more sense.

    0Reply
  • Mark Taggart-Perez
    OP
    Fairfax, VA · Member since 2020 · 3 posts · 0 votes
    1y

    @Russell Brazil thanks for the reply! so you're recommending that my starting point should be finding a real estate agent, utilize theirbknowledge to learn about the process, and get referrals for good loan officers. Aside from being licensed in all 3 states what else should I look for in a good quality agent?

    0Reply
  • Mark Taggart-Perez
    OP
    Fairfax, VA · Member since 2020 · 3 posts · 0 votes
    1y

    @Jack Seiden I appreciate your insights! I wasn't aware of the law requiring a contract with an agent. I'll have to look into that more! I plan to stay in this general area for at least the next 20 years and think buying real estate would be a great way to diversify my investment portfolio.

    0Reply
  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    1y
    Quote from @Mark Taggart-Perez:

    @Russell Brazil thanks for the reply! so you're recommending that my starting point should be finding a real estate agent, utilize theirbknowledge to learn about the process, and get referrals for good loan officers. Aside from being licensed in all 3 states what else should I look for in a good quality agent?


     Knowledge and expertise in what you're looking to do specifically. Successful sales record. Ethics.  

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group545 Reviews
    WebsiteView Page
    0Reply
  • Jack Seiden
    Real Estate Agent · Washington DC · Member since 2016 · 847 posts · 656 votes
    1y
    Quote from @Mark Taggart-Perez:

    @Jack Seiden I appreciate your insights! I wasn't aware of the law requiring a contract with an agent. I'll have to look into that more! I plan to stay in this general area for at least the next 20 years and think buying real estate would be a great way to diversify my investment portfolio.

    So in almost any scenario you will come ahead buying vs renting over twenty years probably well less than half of that, but the investment you are making is a long term investment you probably won’t be able to leave after a year or two and rent for more than your mortgage, I’d really think about where you want to live medium-long term, than any investment metric, because the longer you stay the better the investment looks, and if you can move out sooner great, but I’d guess at minimum you’d have to stay 5 years before rents would catch up to your mortgage.
    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free