Moving to Washington DC area in Nov...buying first home!

Member since 2019 · 10 posts · 10 votes

Greetings. Finally got my assignment notification and I'm being moved from England to the Washington DC area to work at the Pentagon. I'm a single captain with no kids or pets and looking to buy my very first home :)

Looking to live-in flip or house hack a 3/1 SFH/townhome within public transit to the Pentagon.

Seems like outside I-495 in Virginia has some potential...but home are quite expensive. See there are some foreclosures out there too as possibilities. Depending on timing, the market, and what's available, I am interested in BRRR and investing further.

Been digging through podcasts and the forums and am excited to get started! If anyone would like to connect, that would be great.

v/r

Tyler

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Russell BrazilBusiness Member

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Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes

PG County and DC are best for flipping. Nova would be best for your commute. How you choose to finance will play a part here, as if you plan to use a VA loan, thats not the product you would want to use for a property for a live in flip. BRRRR is a capital intensive strategy, so be aware of that as well.

[email protected]301-893-4635 Podcast Guest on Show #192

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Jason Piccolo
Real Estate Agent · Arlington, VA · Member since 2014 · 78 posts · 37 votes
7y
Welcome Tyler. I live in close by Pentagon City. Fairlington is a great place to look due to it’s location to your job and proximity to DC. Feel free to reach out with questions. I look forward to connecting.
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Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
7y
PG County and DC are best for flipping. Nova would be best for your commute. How you choose to finance will play a part here, as if you plan to use a VA loan, thats not the product you would want to use for a property for a live in flip. BRRRR is a capital intensive strategy, so be aware of that as well.
[email protected]301-893-4635 Podcast Guest on Show #192
District Invest Group545 Reviews
Website View Page
2 Reply
Cassidy BurnsBusiness Member
Investor · Alexandria, VA · Member since 2016 · 859 posts · 460 votes
7y
Welcome! House Hacking is a great strategy in Washington DC.
[email protected]540-960-1507
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Marian Huish
Real Estate Broker · DC MD, VA & NV · Member since 2014 · 512 posts · 292 votes
7y
Welcome @Tyler Schochenmaier! There's still some pockets close in DC/VA, depends on your budget and neighborhoods you're comfortable living in!
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Tyler Schochenmaier
OP
Member since 2019 · 10 posts · 10 votes
7y
Originally posted by @Cassidy Burns:
Welcome! House Hacking is a great strategy in Washington DC.

That is my going in thought. Entry prices are quite high in the area and given most people are there for 2 years max, many are looking to split a place!

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Tyler Schochenmaier
OP
Member since 2019 · 10 posts · 10 votes
7y
Originally posted by @Marian Huish:
Welcome @Tyler Schochenmaier! There's still some pockets close in DC/VA, depends on your budget and neighborhoods you're comfortable living in!

That is good to know. I've seen a few opportunities out there but will need to have my own place to live in first. Not the easiest market to enter...I'm getting tired of giving my money away as a renter for the past 7 years (lifestyle generally drives this....sadly).
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Greg MoranPro Member
Investor · Washington, DC · Member since 2017 · 136 posts · 59 votes
7y
@Tyler Schochenmaier, right now I'm in a house-hacking situation in a DC row house, but that took a large chunk of my available investment capital. We love the area (for potential appreciation, for access to Shaw nightlife, and for the more authentic feel of the "historic" neighborhood). I'm also active duty AF, stationed at Bolling AFB, so I'll be happy to chat with you. I had a similar ("tired of paying rent to someone else's passive income") mindset.
One note of caution is that home ownership comes with a bunch of additional responsibility, and so your decision MUST factor in all the work associated with the upkeep and maintenance of the property. I know some folks that own rental property, but still live in an apartment because "not
wanting to pay rent" is less of a motivation than "wanting to start making passive income!" good luck with your PCS!
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Tyler Schochenmaier
OP
Member since 2019 · 10 posts · 10 votes
7y
Originally posted by @Greg Moran:
@Tyler Schochenmaier, right now I'm in a house-hacking situation in a DC row house, but that took a large chunk of my available investment capital. We love the area (for potential appreciation, for access to Shaw nightlife, and for the more authentic feel of the "historic" neighborhood). I'm also active duty AF, stationed at Bolling AFB, so I'll be happy to chat with you. I had a similar ("tired of paying rent to someone else's passive income") mindset.
One note of caution is that home ownership comes with a bunch of additional responsibility, and so your decision MUST factor in all the work associated with the upkeep and maintenance of the property. I know some folks that own rental property, but still live in an apartment because "not wanting to pay rent" is less of a motivation than "wanting to start making passive income!" good luck with your PCS!
Thank you for the advice. I sent you a connection request. Would love to pick your brain a bit if you have a few minutes.

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