Active Duty - Looking for help/advice for out-of-state property

4 Replies

BP Community,

I am an active duty Marine living in the National Capital Region. Investing here is tough and I'm looking at investing in a non-local market. I've extensively researched the few markets I am familiar with.   I've analyzed hundreds of deals and I've made several offers. Unfortunately, I keep getting stuck - My offers either get turned down or my cash-flowing offer price isn't realistic. I'm looking for someone to give me some advice and potentially coach me through my first deal. I'm also interested in using my VA loan in the NCR for a multifamily, but I've been looking for two+ years with no luck. Please let me know if you have some experience and you're willing to help. Thank you, Brian

@Brian Raike ...you can use your VA loan to obtain a loan for a 4 unit if you live in one of the units. There are several options in and around DC. There are many potential opportunities in DC. We are working on one right now in Trinidad, where you can buy a 4 unit, live in one of the units and basically have your mortgage covered by the other 3 rents. 2 Bed 1 baths are going for $1400-1700 per month.

Come on Devil, improvise, adapt, overcome...

All jokes aside, if you are making offers you are heading down the right path. Persistence will prevail. Eric (your buddy from the 2) landed a 4 unit near Pasadena using his VA and is house hacking it. Due to the prices around here and the tenant friendly laws I am working the Tallahassee market myself. I am in about the same place as you right now trying to find the next "right" deal...be patient. Did you try anything other than the typical websites for listings? Try calling some CL adds for places that are for rent now and see if any of them are being offered by a tired landlord. I have found much better leads from CL than from Zillow so far. Good luck, keep me posted, and call me if you wanna chat sometime.

-Nate

Hey Brian! Well one thing is...you mentioned making offers based on what would cash flow. If you're doing that for residential properties, you are probably going to get turned down because prices on residential properties are based more on the market values rather than what would create income. Prices are only based on income/cash flow for commercial properties. 

If you are making cash flow offers on properties anywhere near DC, it probably won't happen. There really isn't cash flow there. 

So my guess is that is why you are getting stuck? Feel free to send over more details and happy to offer any additional thoughts.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Join the Largest Real Estate Investing Community

Basic membership is free, forever.