Alexandria, VA · Member since 2021 · 10 posts · 10 votes
Hi BP community! My name is Jonathan, I've just graduated college and my goal is to save up enough money over the next year to buy my first rental property. I am looking to invest in small multi-family (2-4 units) in lower cost markets throughout Virginia, specifically Richmond, so I have been learning about long distance real estate investing. While I'm saving up money I am working to start building a team so that when I have the money and the right opportunity arises I can take action. Would love to hear any tips about getting started! Looking forward to connecting with you all more!
Welcome to the BiggerPockets community! No matter where you stand in your real estate investing journey, BiggerPockets is the ultimate resource for all of your investing needs. I’d suggest starting out by networking with as many other investors as possible and be an active participant in the forums.
If you haven’t already subscribed to the BiggerPockets podcasts, do that ASAP. Look for meet ups in your area (or virtual), attend free webinars, start reading as much as possible on any and all topics related to investing and real estate. Use the forums to help you search for the answers to all of your questions. If you can’t find your answers, then create your own post!
Real Estate Agent · Atlanta, GA · Member since 2020 · 1k+ posts · 1k+ votes
5y
@Jonathan Schweinefuss congratulations on graduating! In my opinion, house hacking is the way to go to kick off your real estate investment journey. I understand NOVA housing is crazy expensive, but I still encourage you to look into it. I'd recommend for you to link up with a real estate agent that has either house hacked before or regularly helps clients identify house hack properties. Obtaining a 2-4 unit property can be difficult to come by as well, especially in this market. I know for a fact, here in Atlanta you're up against cash buyers that bid well above over asking. I find it essential to get creative when searching for investment properties. Look for deals that have an in-law suite or a partially finished basement that can be converted into a seperate unit. Most investors will glance over such properites, not realizing their true potential. Obviously, continue to save capital for a down payment and reserve fund, as well as keep your credit in check. Best of luck!
This is a great forum with very knowledgeable members that will help to guide you in the right direction, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance. You will be able to share your story and receive plenty of helpful feedback from experienced members.
Realtor · Richmond, VA · Member since 2017 · 118 posts · 113 votes
5y
@Jonathan Schweinefuss Hey Jonathan, welcome to the forums, and congrats on your recent graduation! As others have said, with your current season of life, a creative house hack could be a phenomenal start for you! It gives you a broader pool of homes to consider, and you can get in the door much cheaper than if you were buying a dedicated investment property. I'd highly consider that, even in nova.