Newbie from Northern Virginia
Hello everyone!
I've been surfing around on this site for about a year and a half now and have finally decided to sign up and start posting.
I live in the Northern Virginia area, but recognize that a 20% down payment will take a long time to save up to get into investing in this area. I would love to eventually invest here, but know I need to start elsewhere.
I am originally from outside of Chicago and would like to start investing there. If anyone has familiarity with that market or tips I am all ears! The reason I want to invest there is because the homes are much less expensive and the returns are also much better because of it. There are a few factors I have had to consider, such as:
- living away from where I invest
- maintaining a rental property away from where I live
- the neighborhoods that I would be purchasing in are not the best
-many other things I probably haven't even thought of yet
Do many people live this far (about 12 hours) away from where they invest? My family still lives there and have 2 rental properties of their own that they maintain. I would have one family member maintain my rental(s) the same way. They have had to go through eviction/courts for damage/etc before so there is also familiarity with that process as well. Based on these things, I feel that it would be all right for me to buy in this area even though I don't live there. Any thoughts?
My husband and I just bought a house in August in NoVa with 10% down and it's less expensive than the rent we were paying in an apt. We are able to save up about $50k/year based on his income (I do not have an income). We currently have about $30k (which does not include our 6-months emergency fund) that we are willing to use to invest and I would prefer a multi-unit but am willing to purchase a SFH as well.
Our main real estate goal is to purchase rental units to buy and hold and every so often doing a 1031 exchange to move up in number of units and also hopefully have units closer to home in NoVa. I have recently purchased the Nickerson book and would love any other book suggestions.
I'm excited to start but want to make sure that I learn as much as I can :)