Newbie from VA/MD/DC Area

Fairfax, Virginia
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Newbie from VA/MD/DC Area

Kevin Choi
Architect · Washington, DC · Member since 2023 · 2 posts · 2 votes

Hi BiggerPockets community! 

I am a newbie investor from the VA/MD/DC area (DMV). A licensed architect in DC with +7 years of professional experience in architecture, design, and construction management. Still, it had never occurred to me to be on the investment side of things until I met my wife and we began discussing our future. Now I'm studying CRE finance, investment, and tax strategies aside from my full-time job to better equip myself with the essential financial literacy.

We are looking to get started with our first investment next year, preferably within the DMV area. Our primary interests are in long-term rentals (single and multifamily), flips, short-term rentals, flex spaces, and storage units.

Looking forward to connecting and building meaningful connections! Happy Holidays all!

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Brandon Wagner
Real Estate Agent · Northern Virginia · Member since 2021 · 106 posts · 50 votes
2y

In the DMV area everything is competitive, but best way to get started is always house hacking.

You can get stuck in just determining which real estate investment strategy to use. Find one that suits your personality and your cash on hand ready to invest. Once you decide that it'll be a lot easier to find something your looking for.


Here is a general overview I consider.

Low Money, Lots of time, Go getter attitude

Wholesaling, Rental Arbitrage

Low Money, Little time, Generally friendly, willing to sacrifice comfort for future wealth

House Hacking, Long Term Rentals

Lots of money, Lots of time, Can hire out teams to do work for you. Good at building relationships

STR, Fix and Flipping

Lots of money, Little time, Good with numbers/analyzing investments

Private money/Hard Money Lending, MTR

3Reply
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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    2y
    Quote from @Kevin Choi:

    Hi BiggerPockets community! 

    I am a newbie investor from the VA/MD/DC area (DMV). A licensed architect in DC with +7 years of professional experience in architecture, design, and construction management. Still, it had never occurred to me to be on the investment side of things until I met my wife and we began discussing our future. Now I'm studying CRE finance, investment, and tax strategies aside from my full-time job to better equip myself with the essential financial literacy.

    We are looking to get started with our first investment next year, preferably within the DMV area. Our primary interests are in long-term rentals (single and multifamily), flips, short-term rentals, flex spaces, and storage units.

    Looking forward to connecting and building meaningful connections! Happy Holidays all!


     Welcome to BP. Many DC area members here.

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group545 Reviews
    WebsiteView Page
    1Reply
  • Cassidy BurnsBusiness Member
    Investor · Alexandria, VA · Member since 2016 · 859 posts · 460 votes
    2y

    Welcome Kevin! This is a great resource, but the most important is to build face to face relationships with individuals actually investing in the market you'd like to buy in!

    Good luck, please let me know if you need help with anything . 

    [email protected]540-960-1507
    1Reply
  • Julio GonzalezPro Member
    Specialist · West Palm Beach, FL · Member since 2008 · 4k+ posts · 1k+ votes
    2y

    Welcome to BiggerPockets, Kevin! Your shift from architecture to investment is fascinating.

    Happy Holidays and best wishes for success in your real estate journey in the DMV area!

    -Julio


    561-253-6640
    1Reply
  • Brandon Wagner
    Real Estate Agent · Northern Virginia · Member since 2021 · 106 posts · 50 votes
    2y

    In the DMV area everything is competitive, but best way to get started is always house hacking.

    You can get stuck in just determining which real estate investment strategy to use. Find one that suits your personality and your cash on hand ready to invest. Once you decide that it'll be a lot easier to find something your looking for.


    Here is a general overview I consider.

    Low Money, Lots of time, Go getter attitude

    Wholesaling, Rental Arbitrage

    Low Money, Little time, Generally friendly, willing to sacrifice comfort for future wealth

    House Hacking, Long Term Rentals

    Lots of money, Lots of time, Can hire out teams to do work for you. Good at building relationships

    STR, Fix and Flipping

    Lots of money, Little time, Good with numbers/analyzing investments

    Private money/Hard Money Lending, MTR

    3Reply
  • Cassidy BurnsBusiness Member
    Investor · Alexandria, VA · Member since 2016 · 859 posts · 460 votes
    2y

    Welcome to BP but seems you are no stranger to the RE business. My advice would really just hone in on your strategy and what particular asset you want to concentrate on. 

    "Our primary interests are in long-term rentals (single and multifamily), flips, short-term rentals, flex spaces, and storage units."

    These are all very very different assets and require very different expertises and experiences. Concentrate on one.  The easiest to execute will be the single family or multifamily long term rental.  2nd easiest is the Short Term Rental.  Flex Spaces and storage units is a uber saturated / niche market and I think has a little too much risk for a newbie's first investment.  

    Hope this helps! 

    [email protected]540-960-1507
    1Reply
  • Joy Lee
    Member since 2021 · 10 posts · 5 votes
    2y

    Hi Kevin, welcome to Bigger Pockets! I have a DC condo apartment used for a long-term rental and a country house in Virginia about an hour and half away from DC used for short-term rentals. I currently live in DC but am actively looking to purchase a single-family house in northern Virginia as a primary residence that can potentially be used for house hacking and/or a live-in flip. I'm hoping to rapidly grow my portfolio in the next few years and am open to continuing long-term and short-term rentals and delving into commercial spaces, such as building or acquiring storage units. 

    I'd be happy to chat about my experience (albeit still new to real estate investing) and be helpful wherever possible. In exchange, I'd love to pick your brain on your architecture experience. Do you have any experience with landscape architecture?

    1Reply
  • Ika Sargeant
    Real Estate Agent · Reston, VA · Member since 2017 · 296 posts · 163 votes
    2y

    @Kevin Choi Welcome to BP. This is a great resource, especially the people you will come across.

    1Reply
  • Kevin Choi
    OP
    Architect · Washington, DC · Member since 2023 · 2 posts · 2 votes
    2y

    Thanks all for the kind messages! 

    @Joy Lee that sounds like a great idea! I'd love to connect and share whatever knowledge that's mutually beneficial. I know a little bit about landscape architecture but certainly not an expert. I could get in touch with some landscape architects to ask simple questions but not sure if that's what you're looking for. Will reach out to you separately soon.

    0Reply
  • Sarah Jung
    Member since 2023 · 12 posts · 0 votes
    2y

    Hi Kevin, welcome!! I'd definitely recommend going to investor networking groups in the area because the more people you meet, the more you learn. I'd love to invite you to some events! I also do property management in VA, MD, and DC, so please don't hesitate to reach out with any questions and I am happy to answer them!

    0Reply
  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    2y

    Welcome to BiggerPockets Kevin!

    Podcast Guest on Show #121
    0Reply
  • Kyle DeutschmannPro Member
    Investor · Washington, DC · Member since 2017 · 428 posts · 205 votes
    2y
    Quote from @Kevin Choi:

    Hi BiggerPockets community! 

    I am a newbie investor from the VA/MD/DC area (DMV). A licensed architect in DC with +7 years of professional experience in architecture, design, and construction management. Still, it had never occurred to me to be on the investment side of things until I met my wife and we began discussing our future. Now I'm studying CRE finance, investment, and tax strategies aside from my full-time job to better equip myself with the essential financial literacy.

    We are looking to get started with our first investment next year, preferably within the DMV area. Our primary interests are in long-term rentals (single and multifamily), flips, short-term rentals, flex spaces, and storage units.

    Looking forward to connecting and building meaningful connections! Happy Holidays all!


     Welcome Kevin! I'd echo some others and suggest coming out to some local meetups. There are a few that get posted regularly on the events page on biggerpockets as well as on meetup.com 

    [email protected]
    0Reply
  • Aditya S.
    Real Estate Agent · VA · Member since 2022 · 49 posts · 6 votes
    2y

    Welcome! Lots of great in person events in the area to learn from as well. I've recently been to a few in Tysons and Downtown Fairfax.

    Have you made some progress on your goals/research since your OP?

    0Reply
  • John M.
    Investor · Fairfax, VA · Member since 2015 · 1k+ posts · 801 votes
    2y

    Google cash flow breakfast club and attend one of these local meetings.  It can change your life.

    0Reply
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