Taking the plunge: Newbie - Woodbridge, Virginia near Quantico

Taking the plunge: Newbie - Woodbridge, Virginia near Quantico

Rental Property Investor · Woodbridge, VA · Member since 2015 · 75 posts · 68 votes

Hi everyone on here! Here goes nothing…

Quick but relevant info:

-Military so I move around every three years.

-Looking to start building a network in the area (and just in general), bounce ideas off others, and just talk property.

Where I am on my investment journey:

-Bought, lived in, renovated, and sold a 1 bedroom, 1 bath condo in San Diego and came out of that deal with enough to “trade up” and procure my first apartment home here with the intent to “house hack” and start with a roommate. Looking to renovate the basement to add additional revenue after that is complete. While I am working on that internal project I am building up the resources to get my first “investment pure” rental by the end of the year.

-Over the last year I have intensified my studying and reading in an attempt to flush out my initial strategy more fully with the plan to take the first actionable steps towards this upon getting out here. Well that time is upon me… About half-way through all the BP Podcasts, and have been reading every blog post and book I can get my hands on!

-Currently in the process of researching surrounding markets and identifying the best choices (inputs encouraged!)

Future Strategy:

-Looking to invest outside the local area where the price points are lower and more "entry-level". Interested in both Single Family and Multifamily Homes (1-4 units) to start out with a BRRR concept in mind.

You could read the material for the rest of your life and never know everything there is to know, however the concepts have started coming together for me now and I am feeling a little more confident about taking that first real step! Looking forward to meeting everyone around here (social distancing in mind of course)!

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Real Estate Broker · Forney, TX · Member since 2019 · 1k+ posts · 399 votes
6y

Welcome to BiggerPockets!! I wish the best for you going forward in 2020! First, thank you for your service. And thank you for sharing your story. Good to hear investor's stories that can inspire other that it can be done. Best on your endeavors.

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  • Real Estate Broker · Forney, TX · Member since 2019 · 1k+ posts · 399 votes
    6y

    Welcome to BiggerPockets!! I wish the best for you going forward in 2020! First, thank you for your service. And thank you for sharing your story. Good to hear investor's stories that can inspire other that it can be done. Best on your endeavors.

  • Real Estate Agent · Reston, VA · Member since 2017 · 296 posts · 163 votes
    6y

     @Sean Sullivan Welcome to Bigger Pockets from a fellow Virginia resident. Great job starting and doing a lot of studying. I completely agree that you need to learn as much as possible when you get into real estate. Two things I would suggest; 1. If you are going to buy something; start with a property that will not create too much risk for you. In other words you can easily handle payments if something goes wrong, easy repair, its within easy reach for you. 2. Don't spend a lot of time reading how to; Get out and buy. Lots of lessons you will not learn from reading that a lot. 

  • Rental Property Investor · Woodbridge, VA · Member since 2015 · 75 posts · 68 votes
    6y

    @Anthoney Hanks

    Thanks, I hope we cross paths along the way! Are you located in the area?

  • Rental Property Investor · Woodbridge, VA · Member since 2015 · 75 posts · 68 votes
    6y

    @Ika Sargeant

    Thank you and I appreciate the recommendations on both! I definitely will look to minimize my risk on the first and try to use it as a worthwhile learning experience!

    I think I have really done as much research as I can without drifting into the “Analysis Paralysis” phase.

  • Rental Property Investor · Gulf Breeze, FL · Member since 2014 · 1k+ posts · 733 votes
    6y

    congrats on taking the plunge @Sean Sullivan & Welcome to BP! During these uncertain times look for virtual conferences you can attend for free to learn AND stay safe. One upcoming is the W2CapSummit.com and it’s free to attend  

  • Rental Property Investor · Woodbridge, VA · Member since 2015 · 75 posts · 68 votes
    6y

    @Jay Helms

    Great advice and resources thank you! I will definitely look into it

  • Rental Property Investor · Woodbridge, VA · Member since 2015 · 75 posts · 68 votes
    6y

    @Account Closed

    Thanks Umar! I'm hoping it is a big step in the right direction, maybe we will cross paths at some point!

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