New Investor in the DMV area

Baltimore, Maryland
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New Investor in the DMV area

Damon Burnette
New to Real Estate · Waldorf, MD · Member since 2023 · 1 post · 6 votes

Hello,

I am a beginner real estate investor and newbie to BP. I am interested in beginning my journey in the DC, Maryland and Virginia area. I am making this post to reach out to anybody willing to network and collaborate so I can learn the rope of real estate investing. I am currently interested in Flipping and both long and short-term rentals.

Thank You,

Damon Burnette

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Sloane Kraftsow
Lender · New York, NY · Member since 2023 · 749 posts · 510 votes
3y

Hello Damon,

Welcome to the world of real estate and to our fantastic community here at BiggerPockets! Real estate can indeed be a powerful path toward financial freedom, and it's great to hear that you're already diving into learning about its various aspects, including flipping and LTR + STR.

Feel free to explore the forums, ask questions, and connect with others who share your passion for real estate. It's an exciting journey, and I WOULD love to connect with you more about it.

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    3y
    Quote from @Damon Burnette:

    Hello,

    I am a beginner real estate investor and newbie to BP. I am interested in beginning my journey in the DC, Maryland and Virginia area. I am making this post to reach out to anybody willing to network and collaborate so I can learn the rope of real estate investing. I am currently interested in Flipping and both long and short-term rentals.

    Thank You,

    Damon Burnette


     Id say the most important thing is identifying how much capital you have to work with, and identifying your risk tolerance, then seeing what strategy works for you. For instance low capital and low risk tolerance would then not be a good match for flipping. High capital and high risk tolerance would be a good match for flipping. 

    [email protected]301-893-4635Podcast Guest on Show #192
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    2Reply
  • Jack Seiden
    Real Estate Agent · Washington DC · Member since 2016 · 847 posts · 654 votes
    3y
    Quote from @Damon Burnette:

    Hello,

    I am a beginner real estate investor and newbie to BP. I am interested in beginning my journey in the DC, Maryland and Virginia area. I am making this post to reach out to anybody willing to network and collaborate so I can learn the rope of real estate investing. I am currently interested in Flipping and both long and short-term rentals.

    Thank You,

    Damon Burnette


     Feel free to reach out!

    0Reply
  • Ned CareyPro Member
    Moderator
    Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
    3y

    @Damon Burnette Welcome to BP. We’ll you have already had one of the top people in the area to network with answer your post, @Russell Brazil. I suggest you follow him here. 

    Realize that flipping long term rentals and STR are three different businesses. that's three different learning curves. keep reading and listening here and it will gradually become more clear.

    1Reply
  • Julio GonzalezPro Member
    Specialist · West Palm Beach, FL · Member since 2008 · 4k+ posts · 1k+ votes
    3y

    Welcome to BiggerPockets, Damon! You're in the right place to kickstart your real estate journey! 

    -Julio

    561-253-6640
    0Reply
  • Sloane Kraftsow
    Lender · New York, NY · Member since 2023 · 749 posts · 510 votes
    3y

    Hello Damon,

    Welcome to the world of real estate and to our fantastic community here at BiggerPockets! Real estate can indeed be a powerful path toward financial freedom, and it's great to hear that you're already diving into learning about its various aspects, including flipping and LTR + STR.

    Feel free to explore the forums, ask questions, and connect with others who share your passion for real estate. It's an exciting journey, and I WOULD love to connect with you more about it.

    11Reply
  • Brandon L.
    Real Estate Agent · Falls Church · Member since 2012 · 2k+ posts · 1k+ votes
    3y
    Quote from @Damon Burnette:

    Hello,

    I am a beginner real estate investor and newbie to BP. I am interested in beginning my journey in the DC, Maryland and Virginia area. I am making this post to reach out to anybody willing to network and collaborate so I can learn the rope of real estate investing. I am currently interested in Flipping and both long and short-term rentals.

    Thank You,

    Damon Burnette


    Welcome to BP, I feel the most important step when starting out investing is to invest in your own residence. Have you accomplished this already?
    0Reply
  • Brandon Wagner
    Real Estate Agent · Northern Virginia · Member since 2021 · 106 posts · 50 votes
    3y

    Welcome to the BP team!  We all have to start somewhere.  At a high level...

    Fix/Flipping is usually a more experienced investors play.  There are a lot of pitfalls to look out for.  That being said, if you acquire a property low enough, you can make up for a lot of mistakes and still end up in the green.  

    LTR's are very difficult to make work in the DMV area with current prices and interest rates without significant down payments (roughly 40%).  

    STR's really depends on the location. A lot of areas have regulation that makes it next to impossible to do, but there are some pockets.

    I always recommend a house hack situation for any beginning investors.  It has the most upside, and the least risk.  Lower down payments, better rates, and it helps you purchase a primary residence as well.  You just have to be comfortable with the idea of having room mates.  

    0Reply
  • Dmitriy Fomichenko
    Solo 401k Expert · Anaheim Hills, CA · Member since 2012 · 18k+ posts · 6k+ votes
    3y

    Welcome to BP @Damon Burnette . It's a perfect place to start your real estate investing journey.

    Find and connect with other BP members that are in your area: https://www.biggerpockets.com/search/users

    Wishing you the best!

    0Reply
  • Sara Frank
    Realtor · Baltimore, MD · Member since 2020 · 255 posts · 182 votes
    3y
    Quote from @Damon Burnette:

    Hello,

    I am a beginner real estate investor and newbie to BP. I am interested in beginning my journey in the DC, Maryland and Virginia area. I am making this post to reach out to anybody willing to network and collaborate so I can learn the rope of real estate investing. I am currently interested in Flipping and both long and short-term rentals.

    Thank You,

    Damon Burnette


     Welcome to BP! It's a great place to learn. I recommend attending meetups and all the in-person events you can, thats easily the best way to network and build your knowledge. 

    1Reply
  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    3y

    Welcome to BiggerPockets Damon and best of luck investing!

    Podcast Guest on Show #121
    0Reply
  • Martin Smith
    Realtor · Washington, DC · Member since 2020 · 29 posts · 27 votes
    3y

    Welcome to BiggerPockets, Damon! The greater DC area is a phenomenal place to start a journey like this, especially if you have some flexibility with your time and geography for your regular job (assuming you even have a "regular" job!). 

    We have pretty considerable variety in this region for price points - you can find a HUGE range for a little thousand square foot place from $100k for okay condition in an okay neighborhood in Hagerstown up to $1,000,000 in pretty good shape in a great neighborhood like Georgetown, and everything in between. 

    We also have a broad spectrum of state and local laws pertaining to long term rentals, short term regulations, rent control, tenant rights, eviction process and procedure, and business licensing throughout the area, ranging from extremely pro-tenant and anti-STR in a place like Baltimore to much more pro-landlord and deregulated markets in the further West Virginia suburbs.

    I've spent a lot of time studying the different markets as they relate to different investing goals over the years. If there's ever anything I can do to help on your journey, feel free to reach out! 

    0Reply
  • Cassidy BurnsBusiness Member
    Investor · Alexandria, VA · Member since 2016 · 859 posts · 460 votes
    2y

    Welcome! 

    [email protected]540-960-1507
    0Reply
  • Shaun Carter
    Member since 2023 · 10 posts · 0 votes
    2y

    Hey

    I. Also new. Maybe we can talk joint venture 

    or whatever is possible .

    Shaun Carter 

    0Reply
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