Advice for a Newbie Fresh out of College

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Advice for a Newbie Fresh out of College

Michael Akinyemi
Member since 2020 · 3 posts · 4 votes

Hey everyone, im looking to get advice on buying my first property (im interested in multi families) to house hack. Im 25 years old, im technically in college still taking one 3 credit course to satisfy my degree and officially graduate this spring semester. I was able to secure a full time position this year starting tomorrow making base 80k/year (remote). Im moving back home with family this week, to cut back expenses, pay off some credit card debt, and save up for my first house hack in the DMV (DC, Maryland, Virginia) area. My credit score isnt the best at the moment (669-686), but i want to use the next few months to build my credit score, and move into my own property before the end of this year. I want to know what steps i should take to work towards this, and advice from more experienced real estate investors and house hackers on if buying a property this year is a good idea given the speculation of a housing market crash. Also id love to hear from real estate investors in the dmv area.

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Joaquin Camarasa
Real Estate Agent · Springfield VA · Member since 2018 · 480 posts · 400 votes
5y

Try to get your credit score about 720 that usually is when you get the best rates.

Study the different kinds of househacks available in our area that work within your budget. Pick one. 

Get familiar with the home buying process and the contracts for a stress free process. 

Get familiar with property maintenance costs of the pricier items: HVAC, roof, water heater to factor in your budget when you start to see properties. 

As mentioned before, focus on covering your mortgage and wether there is a crash or not you will be fine. 

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    5y

    Buy a property in a gentrifying neighborhood in DC. Grow rich. Thats the simplest advice I could give you. The easiest path to building wealth. 

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group545 Reviews
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    1Reply
  • Stephen Kehoe
    Property Manager · MD · Member since 2015 · 186 posts · 125 votes
    5y

    At your stage in life a house hack where you rent out the rooms in a single family will be more profitable than a multi-family. There is always a crash coming so don't worry too much about it. What matters is your monthly payment and your monthly rent.

    1Reply
  • Joaquin Camarasa
    Real Estate Agent · Springfield VA · Member since 2018 · 480 posts · 400 votes
    5y

    Try to get your credit score about 720 that usually is when you get the best rates.

    Study the different kinds of househacks available in our area that work within your budget. Pick one. 

    Get familiar with the home buying process and the contracts for a stress free process. 

    Get familiar with property maintenance costs of the pricier items: HVAC, roof, water heater to factor in your budget when you start to see properties. 

    As mentioned before, focus on covering your mortgage and wether there is a crash or not you will be fine. 

    2Reply
  • Ika Sargeant
    Real Estate Agent · Reston, VA · Member since 2017 · 296 posts · 163 votes
    5y

    @Michael Akinyemi I suggest talking to a lender and get an idea of the costs associated with buying a house and all that will be required. Find out how much they can lend you and what else you could do to improve on the rates they offer you or the amount for the loan.

    1Reply
  • Cassidy BurnsBusiness Member
    Investor · Alexandria, VA · Member since 2016 · 860 posts · 460 votes
    5y

    Buy a property in Washington DC.  Live in it and rent out the rooms.  Learn to be a landlord, learn how to manage your money, get really good at your job, get a raise, and then buy another.

    Time is your biggest asset, use it. 

    [email protected]540-960-1507
    1Reply
  • Jordan Chronopoulos
    Real Estate Agent · Washington, DC · Member since 2020 · 5 posts · 1 vote
    5y

    Hey Michael,

    I am on the same boat (23) getting ready to close on my first house soon. Smart move going back with family to cut expenses and pay any debt. That is what I did. Work on that credit a little more to make sure you get the absolute best interest rate for what you are looking for. Set aside 7-10% for down payment, closing costs, and rainy day funds. Once you have the money saved, credit in good standing, stable income, pull the trigger!

    I recommend buying a property that you can house hack in. If you are already used to the roommate lifestyle, why not continue it and have someone cut your expenses in half or even more! 

    1Reply
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