New to Real Estate - Reston, Virginia, DC, Marlyand

New to Real Estate - Reston, Virginia, DC, Marlyand

New to Real Estate · Reston, VA · Member since 2020 · 7 posts · 0 votes

Hello all!

I am a real estate newbie hailing from Reston, Virginia looking to invest in wholesaling, rental properties and house flipping. I have purchased the 'How To Invest in Real Estate' beginners guide from BiggerPockets and have not been able to put it down! One of my closets friends and I have started weekly Friday meetings to share notes about what we are learning

Growing up, I saw different members of my family build wealth through real estate. Whether it was flipping homes, becoming a broker and build their own real estate business. I didn't realize how much of an asset this avenue was until the 2008 financial crisis. I just graduated high school and was starting college. My mom lost her job and my fathers dental business took a massive hit. If it wasn't for their multiple properties, we would have been in a much worse situation. Those properties saved us. Real estate investing isn't a what if, but a must! Although I love my job, I realize that a single stream of income will not suffice when I have a family. My goal is to develop financial independence, pay for grad school, learn the craft and pass on the skills and knowledge to my future children, nieces and nephews.

I would love to connect with other investors in the DC, Maryland and Virginia area! 

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

@Daniel Edwards Welcome to Bigger Pockets. You can learn a lot on this platform and people are always willing to give info or point you to where you can get the information.

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  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    6y

    @Daniel Edwards Yes, Real Estate is a time tested vehicle to building wealth and financial freedom. Unfortunately, I have made a couple of financial losses before realizing this. 

    Good Idea keeping notes on what you have learned on a weekly basis.

    Since you are just getting started, I will suggest you focus on Wholesaling and Buy & Hold if you want to quickly build your rental portfolio. Use Wholesaling to find great deals for yourself and keep them. Buy and Hold is the way to go.

    Flipping should only be a seasonal strategy because you pay taxes on capital gain and it does not help you build your portfolio fast.

    Goodluck 

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

    @Daniel Edwards Welcome to Bigger Pockets. You can learn a lot on this platform and people are always willing to give info or point you to where you can get the information.

  • Real Estate Agent · Baltimore, MD · Member since 2018 · 285 posts · 228 votes
    6y

    Welcome to the forums @Daniel Edwards! Wholesaling is an easy way to get started with little money at the beginning. 

    If you are still paying rent, I recommend house-hacking to eliminate your largest expense - which is usually between 30-50% of most people's paychecks. 

    Househacking is when you purchase a home as an owner occupant (qualifying for a very low downpayment) and renting out individual rooms or the other unit (if it's a duplex).

    I used to pay $1000/mo in rent, now I make $1000/mo with my househack and live for "free"

  • New to Real Estate · Reston, VA · Member since 2020 · 7 posts · 0 votes
    6y

    @Wale Lawal Thank you for the info! I was gung-ho about flipping. However, your info as well as input from others has further corroborated that same thought.

  • New to Real Estate · Reston, VA · Member since 2020 · 7 posts · 0 votes
    6y

    @Ika Sargeant Thank you! Excited to be here!

  • New to Real Estate · Reston, VA · Member since 2020 · 7 posts · 0 votes
    6y

    @Sam Lewis Thank you! I am open to getting a roommate for my home. I've had consistent inquiries all year!

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

    @Daniel Edwards you will not have a problem getting a room mate. A lot of people are now renting rooms. With our rents rising more and more people are priced out. Renting a Rooms is become very popular. 

  • Rental Property Investor · Jacksonville, FL · Member since 2019 · 9 posts · 3 votes
    6y

    Hey Daniel! I am also a new real estate investor, and I recently moved to Reston. I love the positive attitude and your goal to have a property by the end of next year. My wife and I have a similar goal to own a property by next summer. I have been able to connect with a few groups here that are holding online meetings during the pandemic. If you want to learn more I would love to connect! I would also love to hear more about what you and your friend have been discussing recently.

  • New to Real Estate · Reston, VA · Member since 2020 · 7 posts · 0 votes
    6y
  • New to Real Estate · Reston, VA · Member since 2020 · 7 posts · 0 votes
    6y
  • Specialist · New York City, NY · Member since 2019 · 400 posts · 168 votes
    6y

    @Daniel Edwards

    Welcome to BiggerPockets! You came to the right place to learn more about real estate and connect with other motivated investors. BP is full of great content, so I strongly recommend you to have a look at the following resources:

    1. Start by reading the Ultimate Real Estate Investing Guide: https://www.biggerpockets.com/guides/ultimate-real-estate-investing-guide/introduction

    2. Then check out other online guides available here: https://www.biggerpockets.com/guides

    3. Have a look at BP's blog where new articles are published every day: https://www.biggerpockets.com/blog

    4. If you wish to network or ask specific questions about your local market, you can go to your local real estate forum and discuss with investors from your area: https://www.biggerpockets.com/forums/86-local-real-estate-networking

    5. Or you can directly meet them by registering to real estate events around you: https://www.biggerpockets.com/forums/521-events-and-happenings

    6. BP has various tools available to help you analyze your deals (rental, flips, wholesale, etc), feel free to use them: https://www.biggerpockets.com/investment-calculators

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