Newbie Investor from Northern Virginia

12 Replies

All,

This is a fabulous community. I came across this via trusty Google and talking to a colleague who has been investing in RE for a few years. I have attended a few webinars and went Pro a few days back. I am new to REI and just going through education content on here.

My goal is to invest in two rentals before the end of 2020. Interested in meetups (when this social distancing lightens up a bit) in the Washington DC and Northern Virginia area to connect with seasoned investors and explore if I can find deals in the area. If not, I may have to start looking in the more reasonable parts of Virginia and Maryland or maybe even NC. David Greene's book is my next read.

Thank you in advance.



@Mateen Qureshi welcome to Bigger Pockets. This is indeed an excellent platform for both new and seasoned investors.

You will learnt a lot. It is going to be interesting what post COVID19 Real estate world looks like for the DMV area. We were going through one of the best seller's market when this virus hit. We still have an active market but in time some things will shift. Happy reading. 

welcome @Mateen Qureshi to BP!

I'm in the same boat like you. Started educating myself into REI back in January and been trying to read as much as I can and listen to podcasts. I was able to attend couple meetups before the outbreak.

I also live in NOVA and I find the market very expensive for my budget so I analyzed couple other nearby markets (Baltimore, Harrisonburg and Richmond) and decided to focus on Richmond VA. I put my plans on hold for now to see how things will go and hopefully will find my first deal before the end of this year.

I would love to know more about your plans and I can share my findings and bounce ideas.  

@Mateen Qureshi and @Taha Tekreeti - this is the time to study; take advantage of the lull to educate yourself on as much as you can. After years of successes and failures, I spent the majority of Fall 2018 and early 2019 reading as much as I could on BP and listening to podcasts. I drove to S. Florida several times each month (just under 3 hours each way) and usually had podcasts on. It helped me refocus and now I'm back in the game. Take in as much as you can. You don't even have to select an area yet, the knowledge will help guide you. Learn, learn, learn! Good luck.

Hi Mateen. Welcome to BiggerPockets !

You're right, BiggerPockets site is the best venue for attaining education about Real Estate investing!  You can learn from forums, blogs and especially from the experience of like-minded members here.  I am sharing to you some basic tips to begin with:

        1. Subscribe to the BiggerPockets Money and Rookie Podcasts

        2. Attend the FREE WEBINARS

        3. Attend a Meetup in Your Area

        4. Purchase the Beginner Books: How to Invest in Real Estate, Set for Life, The House Hacking Strategy

        5. Peruse the forums! Ask questions! Answer Questions!

Good luck in your future investments!  See you around!

Best regards,

@Taha Tekreeti - Books is where I'm a behind the curve, but guests on podcasts do mention their top 5 and that helps you. Naturally you want to read some of the basics: Rich Dad Poor Dad and Think and Grow Rich. I like Richest Man in Babylon; my next read is Lindahl's 'Emerging Real Estate Markets'. His 'Multi-Family Millions' is supposed to be good too. Remember that many books aren't directly real estate, rather they work on your mindset.

 

Hi @Mateen Qureshi and welcome to the forums, being a buy and hold investor in DC can be profitable but you may run into cash flow issues as the DC market is extremely tight. Of course there are deals to be found in any market and in any area but a mentor once told me "you either get cash flow or you get appreciation, you dont get both". He could have been wrong but from what I have seen he has been right so far. 

Have you figured out where in DC you want to invest in?

Oh and please read up on the DC Tenant Law and Landlord law because TOPA is something you do not want to have to deal with.

Good luck

Originally posted by @Tchaka Owen :

@Mateen Qureshi and @Taha Tekreeti - this is the time to study; take advantage of the lull to educate yourself on as much as you can. After years of successes and failures, I spent the majority of Fall 2018 and early 2019 reading as much as I could on BP and listening to podcasts. I drove to S. Florida several times each month (just under 3 hours each way) and usually had podcasts on. It helped me refocus and now I'm back in the game. Take in as much as you can. You don't even have to select an area yet, the knowledge will help guide you. Learn, learn, learn! Good luck.

Thank you @Tchaka Owen. Great advice!

 

Originally posted by @Bola Williams :

Hi @Mateen Qureshi and welcome to the forums, being a buy and hold investor in DC can be profitable but you may run into cash flow issues as the DC market is extremely tight. Of course there are deals to be found in any market and in any area but a mentor once told me "you either get cash flow or you get appreciation, you dont get both". He could have been wrong but from what I have seen he has been right so far. 

Have you figured out where in DC you want to invest in?

Oh and please read up on the DC Tenant Law and Landlord law because TOPA is something you do not want to have to deal with.

Good luck

@Bola Williams, thank you for the tip. As for the DC market, you right in it being tight. I am not thinking of investing the district anyway. I am thinking more in outer regions of VA and MD and for that I may have to travel out a bit and possibly even build an out of state network.

 

Welcome to real estate investing @Mateen Qureshi ! I have long term rentals in Northern Virginia, and a vacation rental in Myrtle Beach. I understand looking at other areas for more reasonable prices, but I will note there are more costs associated with investments properties further away (travel costs, management costs, etc.). You'll figure out what's best for you, though! There's no one size fits all approach.

Originally posted by @Adrienne Green :

Welcome to real estate investing @Mateen Qureshi! I have long term rentals in Northern Virginia, and a vacation rental in Myrtle Beach. I understand looking at other areas for more reasonable prices, but I will note there are more costs associated with investments properties further away (travel costs, management costs, etc.). You'll figure out what's best for you, though! There's no one size fits all approach.

@Adrienne Green, Thank you for your response. I agree the "no one size fits all approach"

 

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you