Hi all! After listening to a ton of the BP Podcasts, I'm finally doing what Josh keeps telling me to and posting an intro. My name is Kayla Lyon and I just moved to Alexandria/Springfield from Hawaii. I recently separated from the Navy and moved with my husband who is an active duty Marine now stationed at Quantico.
I'm still trying to figure out what I'm going to be when I grow up, but real estate has always been very interesting to me. I found BP and started listening to the Podcast while living in Hawaii, but with the outrageous market out there and impending move I decided to stay on receive mode until we got settled in Northern VA.
Flipping is something I think I'd really enjoy, but I love the long term passive income that buy and hold brings to the table. The thing I'm struggling with the most right now is if real estate investing is something sustainable while moving around the country every few years. I'm out, but my hubby is looking at another decade on active duty, barring unforeseen circumstances of course. At that point we'd love for this business to become our primary source of income.
I don't have any real experience in real estate. I've been a renter for many years, and we just bought our first house in Alexandria. Reading books/articles and listening to the podcast makes it all seem fairly straightforward, but I know that's not actually true so I'm trying to learn as much as I can to take the first steps!
Thank you for your service. My husband is prior military ~ I understand how moving around can be.
Flipping is the "job" money. Income investing is the long-term game. Some investors do both (or use one to supplement the other).
Is it sustainable? Yes...if you have the right management in place.
The advantage you will have is the ability to "read" the market and compare it to other places you've lived. I've found that my experiences living elsewhere have helped me understand how different areas of the country work (prices, rents, culture, opportunities, etc).
Hope to talk more on Friday at the Meetup!
We should have connected while you were in Hawaii :) However I used to live in DC for 8 years -- 6 of those in Northern VA. It's an amazing area to live in - I'm sure you'll enjoy it thoroughly. Find your local REIA, make some connections, stay on this site and you'll find your way.
On a completely side note, check out my friend Kyong's crepe restaurant Fontaine just off King St in Old Town Alexandria, :)
If you're going to use the buy and hold route, take advantage of you and your husband's VA loan benefits! @Elizabeth Colegrove has acquired some properties doing it and has a website you can check out (http://www.reluctantlandlord.net). She was also a guest on the BP podcast (show 103) that had some good info.
Welcome @Kayla Lyon ! Glad to have you. I can't imagine having put down RE roots while I was active. Because of moving every few years, I may lean toward flipping, wholesaling, l/o assigments. There are some on here that are active duty and own buy and holds all around. Elizabeth Hargrove ? is one. Sorry if I misspelled her name!
Looking forward to seeing your progress!
Welcome to BP @Kayla Lyon and welcome to the DC metro area. Quite a few active military people use the strategy of purchasing a primary residence wherever they are stationed, then subsequently turn it into a rental when they are reassigned. Now this may be a little harder to manager than having all your properties in once location.....but on the other end of things, that diversification of areas does help you spread out your risk in your property portfolio. You would not be as sensitive to an economic downturn in a local economy.
Welcome to BP platform and Northern Virginia. Its a great place to live. I am sure you would love being here (of course you would miss nice tropical feeling of Hawaii and beaches).
Thank you for your service.
Thanks for the mentions!
I am happy to help. My husband and I bought our first houses that was a va loan. We rented it out when we were transferred. we have bought houses that were rentals right away and others that we lived in first. The key for us has just been babysteps.
Thanks for the warm welcome everyone! I really appreciate everyone's feedback. We definitely want to keep our current house and rent it when we move again, it'll all depend on the market I suppose. Looking forward to learning and getting to know everyone!
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