Hey guys and gals,
I am very interested in starting to make profits in Real Estate. Although I would like to one day buy and flip a property I am currently buying a home in Southern Maryland, I don't really like the area but I bought this house without knowing much about real estate. Funny thing is, it was a flip and i remember the investor walked out of that closing with over 50k all thanks to me lol. My wife and I are both active duty military and are now looking to buy another house. I think i can rent out my current house for a possible $400 a month in cash flow, if i manage it myself. We are looking in the Ft Washington, Upper Marlboro, and local to Andrews AFB we want to be in good area as we do plan to live there for a little.
I am typing this because I am trying to reach out to the Maryland community to see if I could get some guidance on how to look and find some good properties and going about Buying, Rehabbing (if needed), and holding. We are going to be using our VA loan because we don't too much money for a down payment. I am trying to generate extra money and a better life for my family, I just want to be able to see my daughter in Florida more so eventually I want to have multiple properties but I guess getting started without any real world insight is difficult and I dont want to give up on my dreams.
I am not to versed in Real Estate so if you need clarification on anything i just rambled about, let me know. Thank you in advance
Welcome to BP!
Have you thought about using a VA loan to buy a multifamily property (2-4 unit)? Live in one and rent the others to potentially cover your mortgage payment. You can search more about "House Hacking" on the forums. Personally, I think this is the best way to get started in real estate investing. You can learn to be a landlord and property manage on a smaller scale. Also you can potentially cash flow on your primary residence...which is huge when you're trying to free up income for other investments.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing