Newbie from DC Looking to Start in Virginia, Maryland, or DC

Newbie from DC Looking to Start in Virginia, Maryland, or DC

Rental Property Investor · Washington, DC · Member since 2019 · 23 posts · 7 votes

Hi everyone!

Peter here currently living in Washington, DC. I'm still active duty Navy and have been moving all around the country and overseas the last decade or so. I'm looking to get started with rental properties, preferably small multifamily within 3-4 hours of DC.

My background in real estate:

~2007: Read Rich Dad, Poor Dad (and others from the series). Loved them, but couldn't figure out how to implement the concepts, especially later on when I was stationed out of the country. But RDPD changed out I thought about money and stuck in the back of my mind.

2013: Moved back to the states, knew I wanted to buy some real estate somehow, and used a VA loan to purchase a house in DC which I first house hacked before I knew what that was, then converted to a duplex and rented out when I left the area, and am now living in again with my wife and one year old. About four months ago we finally furnished the separated basement apartment and started renting it out on Airbnb. We love that this generates some extra income but still gives us the flexibility to use it for visiting family!

2018: Discovered Bigger Pockets through a combination of another blog and a friend who is a BP member actively executing his real estate plan.

My goal is to, in the next 7 years, acquire enough cash flowing rental units to fully replace my and my wife's income (maybe with a little help from my pension). To get there, I plan to learn as much as possible over the next 5-6 months and try to close on my first true investment property by the end of this year.

Hopefully that wasn't too long an intro post. Looking forward to meeting and joining in the journey with all of you!

Peter

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Lender · Washington DC area · Member since 2019 · 22 posts · 7 votes
7y
Originally posted by @Peter Jaglom:

Hi everyone!

Peter here currently living in Washington, DC. I'm still active duty Navy and have been moving all around the country and overseas the last decade or so. I'm looking to get started with rental properties, preferably small multifamily within 3-4 hours of DC.

My background in real estate:

~2007: Read Rich Dad, Poor Dad (and others from the series). Loved them, but couldn't figure out how to implement the concepts, especially later on when I was stationed out of the country. But RDPD changed out I thought about money and stuck in the back of my mind.

2013: Moved back to the states, knew I wanted to buy some real estate somehow, and used a VA loan to purchase a house in DC which I first house hacked before I knew what that was, then converted to a duplex and rented out when I left the area, and am now living in again with my wife and one year old. About four months ago we finally furnished the separated basement apartment and started renting it out on Airbnb. We love that this generates some extra income but still gives us the flexibility to use it for visiting family!

2018: Discovered Bigger Pockets through a combination of another blog and a friend who is a BP member actively executing his real estate plan.

My goal is to, in the next 7 years, acquire enough cash flowing rental units to fully replace my and my wife's income (maybe with a little help from my pension). To get there, I plan to learn as much as possible over the next 5-6 months and try to close on my first true investment property by the end of this year.

Hopefully that wasn't too long an intro post. Looking forward to meeting and joining in the journey with all of you!

Peter

Hey Peter

First and foremost, thanks for your service.  We couldn't do what we do without guys like you on the wall.

I would refinance the DC house and replenish the VA entitlement. Then find another house to move into and use the VA entitlement again. Wash, rinse, repeat.

Welcome to BP!

Tom 

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  • Investor · Virginia Beach, VA · Member since 2017 · 17 posts · 2 votes
    7y

    Welcome to BP family Peter 😃

  • Retirement Accounts Attorney · Southfield, MI · Member since 2017 · 3k+ posts · 1k+ votes
    7y

    @Peter Jaglom

    Welcome to Bigger Pockets. You have come to the right place to connect with others

  • Lender · Washington DC area · Member since 2019 · 22 posts · 7 votes
    7y
    Originally posted by @Peter Jaglom:

    Hi everyone!

    Peter here currently living in Washington, DC. I'm still active duty Navy and have been moving all around the country and overseas the last decade or so. I'm looking to get started with rental properties, preferably small multifamily within 3-4 hours of DC.

    My background in real estate:

    ~2007: Read Rich Dad, Poor Dad (and others from the series). Loved them, but couldn't figure out how to implement the concepts, especially later on when I was stationed out of the country. But RDPD changed out I thought about money and stuck in the back of my mind.

    2013: Moved back to the states, knew I wanted to buy some real estate somehow, and used a VA loan to purchase a house in DC which I first house hacked before I knew what that was, then converted to a duplex and rented out when I left the area, and am now living in again with my wife and one year old. About four months ago we finally furnished the separated basement apartment and started renting it out on Airbnb. We love that this generates some extra income but still gives us the flexibility to use it for visiting family!

    2018: Discovered Bigger Pockets through a combination of another blog and a friend who is a BP member actively executing his real estate plan.

    My goal is to, in the next 7 years, acquire enough cash flowing rental units to fully replace my and my wife's income (maybe with a little help from my pension). To get there, I plan to learn as much as possible over the next 5-6 months and try to close on my first true investment property by the end of this year.

    Hopefully that wasn't too long an intro post. Looking forward to meeting and joining in the journey with all of you!

    Peter

    Hey Peter

    First and foremost, thanks for your service.  We couldn't do what we do without guys like you on the wall.

    I would refinance the DC house and replenish the VA entitlement. Then find another house to move into and use the VA entitlement again. Wash, rinse, repeat.

    Welcome to BP!

    Tom 

  • Specialist · Fort Collins, CO · Member since 2018 · 557 posts · 191 votes
    7y

    Welcome to BP Peter! I look forward to reading about your REI journey on here :)

  • Rental Property Investor · Washington, DC · Member since 2019 · 23 posts · 7 votes
    7y

    Thanks, everyone!

    @Tom Potter That's a good idea. I've thought about refinancing but it always seemed expensive and complicated, and I was worried about not getting as good a rate. But with what I've learned so far on here, none of that may actually be true. I'll definitely have to look into it. As for reusing the VA eligibility, wouldn't that require us moving into each new house? We will probably need to do that once soon anyway for some more space, but I don't think my wife will go for it every few years with the little one...

  • Lender · Washington DC area · Member since 2019 · 22 posts · 7 votes
    7y
    Originally posted by @Peter Jaglom:

    Thanks, everyone!

    @Tom Potter That's a good idea. I've thought about refinancing but it always seemed expensive and complicated, and I was worried about not getting as good a rate. But with what I've learned so far on here, none of that may actually be true. I'll definitely have to look into it. As for reusing the VA eligibility, wouldn't that require us moving into each new house? We will probably need to do that once soon anyway for some more space, but I don't think my wife will go for it every few years with the little one...

    Yes, it's got to be owner occupied. The best path to take is FHA 4 units first, then a larger 4 unit using the VA entitlement, refinance to conventional and then get a single family with VA.

  • Member since 2019 · 11 posts · 4 votes
    7y

    Welcome to BP! 

  • Member since 2018 · 20 posts · 5 votes
    7y

    Hello @Peter Jaglom welcome to the BP community! It's always great to see other DMV investors on the site. My wife and I are looking for our first property in southern Maryland (in or near Silver Spring). Let me know if there's anything I can do to help with your search.

  • Rental Property Investor · San Diego, CA · Member since 2018 · 176 posts · 83 votes
    7y

    @Peter Jaglom I have been investing down in Norfolk for past 3 years. They are some great opportunities down there. The market is having a little bit of a lull, but there are still opportunities out there. Shoot me a message if you want to talk more specifics. Best of Luck

  • Investor · Washington, DC · Member since 2017 · 428 posts · 205 votes
    7y

    Hey Peter, welcome to BP and thank you for your service! I grew up in Maryland and have connections throughout the state as well as in Northern Virginia, and DC. I'd be happy to connect you with some investor-friendly Realtors in the area. I also work for a direct mortgage lender that does a lot of VA loans and would be happy to answer any questions you have about refinancing a VA loan. Feel free to DM me with any questions!

    Best of luck! 

    Kyle Deutschmann

  • Accountant · Sterling, VA · Member since 2016 · 6 posts · 5 votes
    7y

    Hey Peter, 

    Welcome to BP!  I live out in Northern Virginia, and work at a CPA firm over in Bethesda, MD.  Still getting myself started on my journey, but welcome and let me know if I can help!

  • Rental Property Investor · Baltimore, MD · Member since 2016 · 253 posts · 178 votes
    7y

    Welcome Peter

  • Rental Property Investor · Washington, DC · Member since 2019 · 23 posts · 7 votes
    7y

    @Brian Mcmenamin I'm very interested in Norfolk and would love to talk specifics. I tried to DM, but it doesn't show up in my outbox so I'm not sure if you received the message. Maybe because I'm not pro?

  • Rental Property Investor · Washington, DC · Member since 2019 · 23 posts · 7 votes
    7y

    @Kyle Deutschmann Same issue with you - I can't see my message in my outbox, but I'd be very interested to meet realtors and lenders in the area that you might recommend!

  • Rental Property Investor · Washington, DC · Member since 2019 · 23 posts · 7 votes
    7y

    Thanks Derek, Matthew, and Yannik!

  • Cassidy BurnsBusiness Member
    Investor · Alexandria, VA · Member since 2016 · 861 posts · 460 votes
    7y

    Welcome @Peter Jaglom! Happy investing. 

  • Realtor · Norfolk, VA · Member since 2016 · 24 posts · 7 votes
    7y

    Visualize that goal, Peter, and it will come to fruition!! I wish you much success on your journey!!

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