Hey everyone! My name is Jamal, and I'm based in Alexandria, VA. I'm 16 years old and just getting started in real estate investing
Right now, I’m mainly looking into:
Flipping properties 🏚️➡️🏠
House hacking & rental properties
Wholesaling & learning off-market deals
Right now, I’m studying how to find undervalued duplexes and strategies to break into real estate at a young age. I’m open to any advice, mentorship, or networking opportunities with experienced investors
If you're in the VA/DMV area or just have advice, definitely hit me up ,I'd love to connect
Investor · Alexandria, VA · Member since 2023 · 92 posts · 52 votes
1y
@Jamal Kamara I think there's better folks in BP that can be speak to different areas of DC better than I could. I'm closing on a duplex at the end of this month and will be househacking in the Bloomingdale neighborhood of DC. I could provide better insight in a few months after getting some experience, but happy to answer any questions.
I think rent by the room is a good strategy in Alexandria because it allows you to house hack. The main benefit there is house hacking allows you to put down a lower down payment than an investment property. You'll have to live in the property for a year before turning it into a full time rental, but you can rent it portions of the house the first year as long as you live there. Lots of good info on househacking on BP.
A traditional rental in this area probably won't cash flow at today's interest rates, and will require 20% down. I have one that I bought last year, and knowing what I know now, I may not have bought it.
Another strategy to consider close to Old Town is short term rentals. I think that's a way to get potentially positive cash flow in an appreciation market like northern Virginia. Only thing to be cognizant of is that laws vary by city. Alexandria city is the least restrictive area in the DMV for it, but if you're looking for something more active, a house hack with STR seems like the best option in the area to me. That's what I'll be doing in DC.
Realtor · Memphis, TN · Member since 2010 · 425 posts · 117 votes
1y
Hi Jamal,
It's impressive that you're starting your real estate investing journey early! You're on the right track by focusing first on areas that interest you most. I recommend beginning in your local market to familiarize yourself with where duplexes are typically located, and analyze the list-to-sale ratio to ensure there's enough activity to support your investment goals. Duplex availability varies significantly from one neighborhood to another, so confirming sufficient opportunities to find, contract, and successfully close deals is an essential first step before expanding into surrounding markets.
I appreciate the advice! I’m definitely working on getting familiar with my local market and figuring out where the best opportunities are, especially with duplexes. I’ll look into that list to sale ratio seems like a big factor in making solid investment moves.
Would love to stay connected and keep you posted as I make progress. If you have any go to tools or strategies for analyzing markets, I’d love to hear about them.
Investor · Alexandria, VA · Member since 2023 · 92 posts · 52 votes
1y
Hi Jamal, from what I've seen, duplexes are pretty hard to find in northern Virginia, but DC has a lot. Have you considered expanding your search to across the river?
The best strategy for househacking in Alexandria seems to be a rent by the room strategy. Not that I have too much experience, but happy to chat more.
Thanks for the insight! I didn't realize duplexes were that hard to find in Northern VA definitely makes me want to look into DC more. Any specific areas you'd recommend checking out?
Also, the rent by the room strategy sounds interesting. How’s that been working for you in Alexandria? Do you think it brings in better cash flow than a regular rental?
Would love to stay connected and learn more. Appreciate it!
Investor · Alexandria, VA · Member since 2023 · 92 posts · 52 votes
1y
@Jamal Kamara I think there's better folks in BP that can be speak to different areas of DC better than I could. I'm closing on a duplex at the end of this month and will be househacking in the Bloomingdale neighborhood of DC. I could provide better insight in a few months after getting some experience, but happy to answer any questions.
I think rent by the room is a good strategy in Alexandria because it allows you to house hack. The main benefit there is house hacking allows you to put down a lower down payment than an investment property. You'll have to live in the property for a year before turning it into a full time rental, but you can rent it portions of the house the first year as long as you live there. Lots of good info on househacking on BP.
A traditional rental in this area probably won't cash flow at today's interest rates, and will require 20% down. I have one that I bought last year, and knowing what I know now, I may not have bought it.
Another strategy to consider close to Old Town is short term rentals. I think that's a way to get potentially positive cash flow in an appreciation market like northern Virginia. Only thing to be cognizant of is that laws vary by city. Alexandria city is the least restrictive area in the DMV for it, but if you're looking for something more active, a house hack with STR seems like the best option in the area to me. That's what I'll be doing in DC.
Thanks for the insights, David! The house hack strategy definitely sounds like a smart move. I’ll DM you would love to hear more about your Bloomingdale deal and how you’re structuring it
Investor · Alexandria, VA · Member since 2020 · 95 posts · 45 votes
1y
Hey Jamal! My wife and I are in Alexandria too (West End) and we're on our second house hack in our early 30s. We are also shifting our focus from conventional financing to creative and this is opening up a whole new world.
I'm sure by the time you're our age, you'll be crushing it!
+ I'd recommend digging through the first 100-200 episodes of BP Podcast. There's a lot of gems in there!
+ I'd also recommend going to every meetup especially the close ones. There are 2 that happen every month in ALX, BPG hosted by Cassidy and another one by a BPG employee, Peter, focused on STR.