New to Real Estate · Member since 2025 · 75 posts · 42 votes
Hello BiggerPockets community, my name is Levonte and I’m based in Virginia. I’m an aspiring real estate investor currently in the learning phase and haven’t purchased my first property yet. I’m very interested in starting with small multifamily rentals and eventually building a portfolio of long-term rentals.
I joined this platform not only to gain knowledge but also to connect with like-minded investors, mentors, and potential partners. My goal is to learn best practices, avoid common mistakes, and build lasting relationships that can help me grow in this business.
I look forward to contributing where I can and connecting with others who share similar goals.
Lender · Cary, NC · Member since 2021 · 122 posts · 29 votes
1y
That's great! I'm from VA and live in NC now. I'm working with the One Brokerage and we can finance just about anything. Let me know if you are looking at a property and want to get an idea of what it would cost.
Where in VA are you located? I'm from the Richmond area closer to Charlottesville.
Hi Kate, thanks for reaching out! I’m in Southern Virginia, closer to the Charlottesville area. I really appreciate the offer — I’d love to connect when I’m looking at properties and get your insight on financing options. It’s great to meet someone with experience in the area!
Hi Austin, thanks for reaching out! I’m getting started with real estate investing and would love to connect and learn more about the Richmond and Central VA markets. I really appreciate any guidance or resources you can share.
Hi Andrew, I’m in Southern Virginia. That’s awesome — I’d love to connect and hear more about your connections and any advice you have. Starting with an FHA purchase sounds like a solid plan, and I’m eager to learn more about taking the next steps.
Hi Benjamin, thanks for the warm welcome and the book recommendation! I’ve heard great things about The Millionaire Real Estate Investor, and I’ll definitely add it to my reading list. I’m excited to get started and learn as much as I can.
New to Real Estate · Miami, FL · Member since 2024 · 1k+ posts · 465 votes
1y
Welcome, Levonte! You’ve got the right mindset, starting with small multifamily rentals is a smart entry point, and being intentional about learning and building relationships will serve you well.
Virginia has some great markets for long-term rentals, and connecting with others here will definitely help you fast-track your progress. Stay consistent, ask questions, and take action when the time is right.
Feel free to reach out if you ever want to talk strategy or numbers.
Hi Drago, thank you so much for the warm welcome and advice! I really appreciate the encouragement. I’m definitely focused on learning and building relationships as I get started. I’d love to connect sometime to discuss strategy and numbers — your insights would be really valuable.
New to Real Estate · Yellville, AR · Member since 2025 · 5 posts · 5 votes
1y
Hi, Levonte. It's nice to meet you! I'm an aspiring investor interested in multi-family as well. One of the books I've read that I'd recommend if you haven't already: The Multifamily Millionaire Volume I: Achieve Financial Freedom by Investing in Small Multifamily Real Estate by Brian Murray and Brandon Turner.
Hi Kira, nice to meet you too! Thanks for the book recommendation — I haven’t read that one yet, but I’ll definitely check it out. I’m also really interested in multi-family investing and would love to hear more about what’s been helpful for you so far.
Welcome. Better that you're starting with small multifamily and aiming to build a long-term rental portfolio. Let's keep the tax stuff simple and practical. Buy in your name or a single-member LLC. Skip S corps for holds. Open a separate bank account. Track every dollar.
Rental income is usually passive.
If you or a spouse qualify as a real estate professional, losses can offset other income. With active participation, you may be able to use up to 25,000 of losses, subject to income limits. Call it a repair only when you fix something that’s broken. Expense those now.
Capitalize true improvements and depreciate them. Use the 2,500 per-invoice safe harbor for small items like appliances or use bonus depreciation when it is at 100%.
Think about cost segregation after you scale. Plan for depreciation recapture down the road. A 1031 exchange can defer it when you sell. If you house-hack, you still depreciate the rental portion. Allocate costs by something reasonable like square footage.
Check your local landlord rules and property tax details so you don’t miss forms or credits. Keep the books clean and boring. You’ll keep more cash for the next down payment.
This post does not create a CPA-client relationship. The information contained in this post is not to be relied upon. Readers are advised to seek professional advice