Rental Property Investor · Alexandria, VA · Member since 2021 · 3 posts · 3 votes
Hello everyone,
My name is Ottis “RJ” Bishop and I am a new investor in the Northern Virginia/Alexandria area and wanted to introduce myself and ask a few questions!
First thing’s first, I moved up here in March 2020 for a job in Cyber Security and have managed to get my bills under control so I can put away money for a future down payment.
My goal in investing is to have the ability to retire early and in the more immediate future increase my monthly income.
1) What tips do you have for a young professional who wants to increase/bolster their income with rental properties (not necessarily in/around NOVA)?
2) Outside of the obvious books like Dave Ramsay’s Total Money Makeover and Robert Kiyosaki’s Rich Dad Poor Dad, what would you recommend for reading?
3) Are there any groups that you would recommend joining to learn more about investing in rental properties?
Welcome to the area Ottis! I am in Springfield right next to Alexandria. We are neighbors.
Responding point 1) In regards of how I would start, I would do what I believe is the best strategy for new investors that are willing to sacrifice a little. I would househack a sfh or townhome depending on your budget. I would try to connect with investors that are doing it already so you can get first hand experience and numbers in different locations. This way, you can adjust your numbers to the reality of the specific moment you are looking to purchase.
Responding point 2) It gets to a point that you've read enough and taking action is the next step rather than reading and reading books.
Responding point 3) I actually just got home from a new meet up that started 3 months ago out of the Biggerpockets community in our area. We meet once a month, we were around 20 investors there today. Many investors from all around NoVa come to gather and exchange info on certain areas and strategies. You might want to come by to the next one in March, meet everyone and see what other investors are doing in the area.
1. I agree with Joaquin, house hacking is the best strategy to start investing in real estate here. You mentioned that you finally got your bills under control and that you are saving for a down payment. With house hacking, you will most likely eliminate your monthly rent payment (probably your biggest expense still) and you can buy a property with 5% or less down. Depending on your goals and budget, there are 3-4 different areas where house hacking can work for you.
2. I love reading books and I can recommend different ones depending on your goal/interest. But here there are some just to name a few that are good reads to build a solid foundation: The ABCs of real estate investing, The Millionaire Real Estate Investor, Building Wealth One House at a Time, or The Book on Managing Rental Properties. You can also check the BP Bookstore for niche strategies reads, there's a book about house hacking for example. Reading will help you build a great foundation, but networking/working with local investors/agents/contractors/etc. will also speed up the learning process and help you move to action faster.
3. I loved a small meetup with I used to attend, but it stopped when COVID started and they only did a few scattered ones online since. It is not a formal REIA or meetup, but now I meet to bounce ideas and have a good time with some friends/local players: a developer, a couple of flippers, and a few buy and hold investors (I am one of these). You are welcome to join us the next time we meet!