All Forum Posts by: Anna Smith

Something in this post seems off. For one, you can do ok in the DMV with 70k. Yea, you wont live in Georgetown, but you will not be poor or broke unless you have weak money management skills. Layoffs will happen soon? Everyone in the DMV knows tens of thousands of people have been fired, laid off or resigned. Where in the DMV is a 1 bed, 500k condo not in a decent area? 

Hello @Anna Smith,

Love that you are seeking ways to better increase your investment income. I have been involved in real estate for over 35 years. I am a licensed Realtor, co-founded and operate a coinvesting club. In the past, I have invested in many properties and have house-hacked. MY first house hack - I was a single mom, and ended up renting a room out to a lady who not only helped with child care but also the living expenses. I have sold all of my investment properties and now solely invest passively through our coinvesting club. I love it because each month we vet a deal together and the minimum investment is $5k. We have done apartment complexes all over the US as well as trailer parks, land and even a steel manufacturer. I wish you the best of success!

 We all have to live somewhere so why not buy a primary residence in DC and house hack it? 

I would only touch that money for a DP for a house hack. At 25 years old that 500K will compound to millions when you hit 50+. You have no experience with real estate so taking out 500K with a hope to make headway in real estate is not wise. If you love real estate start with a house hack. Can be a 2-4 unit, live in flip, room by room. etc. If you are barely scraping by at 70K I would also make increasing your income a priority or reducing living costs(stop adding consumer debt).  Once you do a house hack, do another then decide after you have your feet wet if taking out a chunk is worth it.