New Investor in Northern Virginia

[Jack N.]

I have a few strategies I've been thinking about but want to know what other people have done in Northern Virginia and what else is possible. 

Here are a few options below that I've been thinking about:

1. House hacking - Buy a $500k-$600k townhouse and rent a room out for $700-$900. This would be a great start for me and would help keep my DTI low and save for rentals down the road.

2. Buy short sale, Foreclosed, or REO - RealtyTrac constantly has homes that have 100k+ of equity when they foreclose, meaning that the bank only has to cover themselves on whatever the rest of the loan amount is. I assume buying a foreclosed house on the courthouse steps of Fairfax County is very competitive and is unlikely that I find a good deal. Does anyone have experience doing this in Fairfax County?

3. My SO is a Realtor and has a large farm of townhouses that she mails to regularly. I was thinking of sending a letter to those houses stating that we are investors and will buy their property if it is in need of upgrades etc. This market is super competitive and if it went on the market it wouldn't really work so I would have to persuade the homeowner to let me buy their place. We almost got a deal this way but another investor was already on top of it for a flip. I was thinking of using an FHA 203k loan to cover the repairs and if the deal made sense I could gain equity.

Are there any other strategies that work in Northern Virginia? Also, if there are any lenders that are experienced in FHA 203k Loans I would love to gain insight!

[Jack N.]

Originally posted by @Michael P.:

Id find a less expensive market to invest in. Or if you are 100% on staying local invest where there is massive future appreciation coming. (Arlington, VA in the Amazon HQ2 area).

I am staying local for work and want to buy my first place. I do plan on investing in better markets with a higher gross rent multiple and more cash flowing properties like Richmond VA or Newport News VA.