Newb from Northern Virginia

32 Replies

Hello Bigger Pockets!

After perusing this website for months, I've finally decided to come out of the shadows and introduce myself. I'm Sean, a 29 year old IT professional living in Northern Virginia, and for the last few years I've been obsessed with the idea of escaping the 9 to 5 rat race. Passive income seems to be the ticket, and rental income is the vehicle I'd like to use.

For the longest time I was afraid of wading into the waters of REI (since I didn't understand it), but thanks the all the great information I've read on this site, I've decided that I'm ready to take the plunge.

My ultimate goal is build a portfolio of rental properties, though I'm finding that the cost of real estate in the immediate DC area is pretty steep for me. So for now I'm probably going have to shop outside my area to find more affordable properties, though I'm also very interested in the idea of partnering with others in my area.

I'm on a mission to fact-find and network with other investors in this area and learn as much as I can, and eventually, share what I've learned with other rookies. In the meantime, if there are any BP members in my neck of the woods who wouldn't mind having their brains picked by a newbie, I'd be glad to buy you lunch and introduce myself in person.

Welcome Sean! I would welcome the opportunity to grab a drink with you both. Don't forget to setup your key word alerts.

I am also in IT in the area and the podcasts have made my long commute the virtual BP University. 

@Sean Gronholt

Welcome. 

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 rehabbers (cash buyers).

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

Consider checking out HUD homes for small multi's owner occupied gets first crack.

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

Hey Sean! I'm not in your area but I am obsessed with passive income and also invest outside of my local area (LA). Been doing it for a few years now and I love it. Reach out anytime, or to any of us with any questions if we can help!

@Sean Gronholt Welcome to BP! This is the best site for newbies to learn REI.

You can make money in any city and some more than others of course. I think it is important to consider all the fundamentals if you are into rentals for the long haul. 

Here is some info from Zillows senior economist for historical averages on SFH rentals.

Good luck with your search! 

http://www.zillow.com/research/landlord-profit-735...

Hey sean,

Why not stay invested in Virginia.  I have listened to several podcasts about the wonders for virginia because of the whole upgrading thing going on in the Panama Canal that will allow east coast deliveries by those huge cargo ships.  The only port on the east coast that can handle that is apparently the port of Virginia.  I'd love to hear what you can find out about some turnkey guys in the area.

Thanks

Yooch

@Yoochul C.

Hi Yooch,

I certainly haven't ruled VA out yet--between all the government jobs and the magnetism of DC, I think this is a great state to own some land in. The area I think you have in mind is located in the south east part of the state, far from DC and much more affordable. It could be worth checking out.

Do you happen to remember which podcast episodes you listened to that mentioned VA and the Panama Canal expansion? You've piqued my curiosity.

Originally posted by @Sean Gronholt :

@Yoochul Chong

Hi Yooch,

I certainly haven't ruled VA out yet--between all the government jobs and the magnetism of DC, I think this is a great state to own some land in. The area I think you have in mind is located in the south east part of the state, far from DC and much more affordable. It could be worth checking out.

Do you happen to remember which podcast episodes you listened to that mentioned VA and the Panama Canal expansion? You've piqued my curiosity.

 Here you go Sean.  

http://www.realwealthnetwork.com/how-to-be-a-market-timing-expert-part-i/

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