New to BP, Help Wanted
Hello, my name is Chris and I'm new to BP. I live in Loudoun County. My goal is to buy and hold properties. I currently own 1 property that I rent out the basement. After writing down my goals and trying to figure out my strategy, I realize my strategy may be tough to do in the area I live (DC/MD/VA). I would like to buy SFHs that are between $10-50k with a 15-20% cash on cash return and plan on using a HELOC to finance the property. Also, I wonder if condos may be smarter since it would be less cost in maintenance and repairs, although I am aware about condo and HOA fees? Is the difference in property type dependent on the market or area? With the financial criteria I have, it seems logical for me to invest out-of-state. However, I do not even know where to begin to look. Again, ideally I would like my rental to be close by in order for me to manage my first one by myself but I barely find any homes under $100-200K. If there is anyone that is from my area and can give me some advice or even meet up (breakfast, lunch,or coffee on me) to discuss how they invest in this area that would be great too. In addition, if there are any people who invest out-of-state and are willing to share some knowledge with me on how to begin, that would be greatly appreciated. I'm looking forward to getting everyone's insight and advice, everyone on BP seems so helpful. The forums are great too. It would be awesome to make new connections online or in person. Thanks.
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