Newbie in Northern VA

New Member Introductions

Newbie in Northern VA

Flipper/Rehabber · Richmond, VA · Member since 2014 · 184 posts · 40 votes

Hi Bigger Pockets! I have actually had a profile on this site for about 6 months now and I have just added a profile picture and created this introduction for myself. I guess I got caught up reading all of the articles and forums on the site. I'm currently in graduate school and I plan to buy my first investment property following graduation (1 year from now). After graduation I will be working as a consultant in the DC area but I'm a bit nervous about investing in an area that has such a high cost of living. I'm willing to move anywhere in the Northern VA, DC, or Maryland area where I can own a multi-family that I can occupy and rent to tenants. I have friends who have done the same, however they are not making cash flow from their deals. My main purpose for joining BiggerPockets is to learn valuable information that will help me prepare for my upcoming real estate ventures and find a solid mentor who is willing to help me in some of the fuzzy areas.

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Christopher Hunter

Real Estate Investor · Cypress, CA · Member since 2013 · 877 posts · 94 votes

12y

@Gabrielle E. welcome to BiggerPockets Gabrielle. Great plan. Check out the blog written by @brandon Turner how to hack your housing.

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Anil Samuel
Investor · Baltimore, MD · Member since 2012 · 605 posts · 103 votes
12y
@Gabrielle E. You should definitely move to Maryland. Of course I'm bias though! Lots of opportunity here to invest in SFR and Multifamily properties depends on what you are looking. It would be much more difficult for a lower price point to try and jump in the VA and DC markets IMO.
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Ned CareyPro Member
Moderator
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
12y
Welcome to BP @Gabrielle E. Starting with a small multi family that you live in is a great idea. Unfortunately there seems to be very few on the market close in to DC Esp in NOVA.
I wouldn't be concerned about investing because it is a high cost of living area as long as the deal is right. There will always be demand in the greater DC area. (Now if you are concerned about keeping your own living expenses low that is an entirely different issue)
I would think your best possibility of finding something like that would be in Prince Georges county unless you would consider something in the Baltimore area. Commuting by train to DC mike make that a reasonable choice.
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Gabrielle E.
OP
Flipper/Rehabber · Richmond, VA · Member since 2014 · 184 posts · 40 votes
12y
@Anil Samuel You make a good point. I am actually considering moving to Maryland but I know it will be a monstrous commute if I don't choose the city wisely.
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Nilesh Makhija
Investor · Chantilly, VA · Member since 2014 · 249 posts · 31 votes
12y
@Gabrielle E. - As you start narrowing down the areas think about the financing and the bigger goal you have in mind. With that making choices today would be easier as it move you one step closer to the goal.
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Gabrielle E.
OP
Flipper/Rehabber · Richmond, VA · Member since 2014 · 184 posts · 40 votes
12y
@Ned Carey thanks for the info, I will do some research on the Prince Georges county to see what's available there. Thankfully I'm very open to the many options in the area and I can choose whatever location works best for purchasing a good rental property
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Charmaine M.
Queens NY, NY · Member since 2013 · 467 posts · 107 votes
12y
@Gabrielle E. ....welcome to BP!!!
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Anil Samuel
Investor · Baltimore, MD · Member since 2012 · 605 posts · 103 votes
12y
@Gabrielle E. Some thing is wrong when I try and tag you, but anyways I have quite a few friends that live in Bowie and travel to D.C. everyday and don't seem to mind the commute. There is a metro station, New Carrollton, I believe which allows for a fairly straightforward commute.
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Gabrielle E.
OP
Flipper/Rehabber · Richmond, VA · Member since 2014 · 184 posts · 40 votes
12y
@Nilesh Makhija Thanks for the advice the financing is going to be a huge factor when deciding where I want to live Thanks for the advice,
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Gabrielle E.
OP
Flipper/Rehabber · Richmond, VA · Member since 2014 · 184 posts · 40 votes
12y
@Charmaine M. thanks for the warm welcome!
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Gabrielle E.
OP
Flipper/Rehabber · Richmond, VA · Member since 2014 · 184 posts · 40 votes
12y
@Anil Samuel I had the same tagging problem as well. Thanks, I also have a coworker who travels in from College Park to the firm. Because of flexible hours she can avoid traffic by waiting til 9am to leave for work. Would you recommend me looking into Baltimore as well or is that city far from the DC area for commuters?
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Gabrielle E.
OP
Flipper/Rehabber · Richmond, VA · Member since 2014 · 184 posts · 40 votes
12y
@Nilesh Makhija Thanks for the advice! Financing is going to be a huge factor when deciding where I want to live. I plan to use a government program to help with funding.
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Anil Samuel
Investor · Baltimore, MD · Member since 2012 · 605 posts · 103 votes
12y
@Gabrielle E. I am not saying you cant live in Baltimore, I just havent heard anybody make that commute from Baltimore to D.C. I am sure there is probably a MARC train you can catch to the metro, but I just think that will make for some really long days. Not that people in Maryland are opposed to commuting really long distances. I know in my firm people drive from the Eastern Shore, Pennsylvania, Westminster, WhiteMarsh and I'm sure there are people that drive further which I don't know about. Me personally I like driving 15 minutes to work!
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Gabrielle E.
OP
Flipper/Rehabber · Richmond, VA · Member since 2014 · 184 posts · 40 votes
12y
@Anil Samuel hahaha I agree about the 15 minute drive! Unfortunately as an intern this summer I've been stuck with 45min-1hour commutes each morning (Woodbridge, VA to DC). So post-grad I definitely want to avoid that nightmare. I'll do some research on Bowie. Thanks so much, I'm making a list of cities to look into from the great recommendations I'm getting from this feed!
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Andy Gross
Baltimore, MD · Member since 2014 · 145 posts · 65 votes
12y
@Gabrielle E. I have a number of friends doing the Baltimore to DC commute, and it's not THAT bad. You are looking at an hour train ride, plus time on the metro. My best man did it for a few years before he started working from home. Him and his wife were spending gobs of money living in DC, and they were able to buy a palace in Baltimore. Baltimore can be a bit more rough around the edges, but it's a lot easier to get into price-wise. The commute can be a slog, but if you are near Union Station or anywhere else the MARC drops off, it's not that bad. The area around Penn Station in Baltimore is slowly recovering, and if you don't mind living a few blocks away, there are plenty of multi-units in Charles Village or Mt. Vernon. They won't cash flow like some parts of the city, but you can definitely "hack your housing" as they say on the podcast.

Also, it's a fun town for a young professional. I spent some of the best years of my life living in Baltimore. Great restaurants, lots of young people, and you won't spend every last dime on your house. If you are traveling for work (as a consultant), the light rail drops you off right at the terminal at BWI.

I'm biased though. I lived in Shirlington and found it boring, and I am not a fan of the DC crowd.
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Christopher Hunter
Real Estate Investor · Cypress, CA · Member since 2013 · 877 posts · 94 votes
12y
@Gabrielle E. welcome to BiggerPockets Gabrielle. Great plan. Check out the blog written by @brandon Turner how to hack your housing.
1 Reply
Dave VisayaPro Member
Moderator
Audio Engineer and Investor · Cebu City, Cebu · Member since 2013 · 7k+ posts · 881 votes
12y
Hey @Gabrielle E. welcome to the site! It's great to have you!
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Pawan W.
Investor · Ellicott City, MD · Member since 2014 · 69 posts · 10 votes
12y
@Gabrielle E. Welcome to BP!
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Paul Timmins
Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
12y
@Gabrielle E.
Welcome. Take a good look at student housing see below. Time to build the foundation below.
Check out the Start Here page http://www.biggerpockets.com/starthere
Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.
Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having over 80 past ones to catch up on.
Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and all the cash buyers (rehabbers) you will need.
Consider checking out HUD homes for small multi's owner occupied gets first crack.
To find out about an area go to IREM.org search for ARM certified property managers. Call 5 ask them what sides of the city they like/dislike and why. Ask what they see them selling for and what expenses are by category. Ask if they know anything coming up for sale.
You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.
Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over
http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book
Good luck
Paul
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Darron Stewart
Investor · Hattiesburg, MS · Member since 2014 · 280 posts · 98 votes
12y
@Gabrielle E.
Welcome aboard! Having been born in DC and lived in MD and raised in Northern VA, I would say look at multiple areas. I lived and invested in Fairfax, Annandale, Reston, and Springfield. Did well in all areas, location is key and the deal is very important. Schools, commute time, and central location would be top of my list. You may live there for a while and stay rent free and later rent that unit out to have them buy you a nicer place... Best to you in determining your location!
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Adam M Schlabach
Real Estate Investor · Fulks Run, VA · Member since 2014 · 2 posts · 1 vote
12y
Hi I'm a new BP member and young first time investor in Virginia also (Rockingham county) . I can't really offer help to your question but I thought I would say hi. I don't put much faith in luck I believe in hard work and learning new things so I'll wish you, Good hunting and the best of success! Here is to doing something you love and never stop moving forward !!
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Jose Sison
Investor · Annandale, VA · Member since 2014 · 57 posts · 15 votes
12y
Welcome @Gabrielle E.
Commuting to DC is not going to be fun any way you look at it. Metro in and listen to the BP podcast ;)
Kidding aside, I have friends that rent in townhouses in Arlington, where they essentially rent by room, or floor. The kitchen, living room and other parts are communal spaces. Not saying this is the only way to accomplish your goal, but you may want to hold it as an option in case the opportunity presents itself and the numbers work for you.
Best of luck!
1 Reply
Jeff K.
Baltimore, MD · Member since 2012 · 71 posts · 18 votes
12y
Welcome to BP! Just to throw my 2 cents in- my daughter was interning at the NIH in Bethesda and I drove her to the MARC at Penn station. It was about 1 and a half hours each way just for the ride on the MARC and then the Metro. is that something you can live with on a daily basis without it wearing you out? You can bring a laptop to get work done, or a good book, but it can be grueling day after day.
Just look at the other pieces of your life in addition to the purchase of that multi unit in B'More.
Jeff
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Gabrielle E.
OP
Flipper/Rehabber · Richmond, VA · Member since 2014 · 184 posts · 40 votes
12y
@Andy Gross It’s a small world, my firm loves happy hours in Shirlington. Thankfully my job has flexible hours where you can work from home certain days and come in and out of work based on a schedule you set. So I think I can work that for my advantage if I did end up in Baltimore. I haven’t heard about hacking your housing yet, so I definitely need to look into what that is
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Gabrielle E.
OP
Flipper/Rehabber · Richmond, VA · Member since 2014 · 184 posts · 40 votes
12y
@Christopher Hunter thanks, I've been hearing a lot about the topic so that's going to be the next thing I do
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Gabrielle E.
OP
Flipper/Rehabber · Richmond, VA · Member since 2014 · 184 posts · 40 votes
12y
@Dave Visaya thanks for the warm welcome Dave :)
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