All Forum Posts by: Benyam Ephrem

I've been looking to get a first primary residence near DC to stay close to family on the Eastern Shore and own my first place + have a good investment (I just want to wake up in a house and know it is mine...like that feeling of being an owner & knowing tenants are helping pay down the investment).

I want to live in one unit and rent the other units out (to cover the payment), though I could cover the payment at any time for a couple of years.

I've heard good things about Herndon (I saw it is close to Dulles Airport which is good since that isn't going to go away), but those prices are a bit expensive and worry me especially with everyone synonymously agreeing that real estate prices are at all-time highs and inventory at all-time lows. Richmond as well, etc.

It'd be nice to get a place that has these characteristics:

• $350,000 - $400,000
• Stand-alone home (not a townhouse)
• 4-5 bed, 2-3 bath
• Strong renters market
• ~30 minutes by car to DC
• Good garage (2 cars wide & driveway)
• Safe neighborhood
• Good job market & public services
  

I'm not sure where to look and don't have an agent. I'm just loosely interested right now and will likely start searching more near November end.

Thanks for the help!

I'm a rising senior at the University of Maryland studying Computer Science, 2nd time Software Engineering intern at Twitter, & run a small online business. Looking to buy my first property soon so rejoined Bigger Pockets.

@Trevor Ewen Yeah. And ok, noted as well.

@Russell Brazil I never thought of cap rates in that way, fascinating. Would've never knew. Thank you

@Peter Sanchez ok

@Isaac Pyle I'm 19 wassup

@Ned Carey Thank you! I will talk to him.

@Account Closed ok

If I am 19 can I still attend?

@Deneuve Brutus @Ron Gallagher @Kyle Deutschmann @Kyle Jiron Wow, thanks for all of the tips. I could have never thought of these things.

@Deneuve Brutus  Ok, noted.

@Ron Gallagher Yes, I personally will have (after this summer) enough for a down payment (at 3.5%), 1-2 points, etc. & 4 - 6 months reserve for a property up to ≈$320,000 I'm pretty sure (depending on the Loan To Value Ratio that my lender limits to). I was looking on Zillow and it is really hard to find those in the area that are walking distance. I might just settle for something that is a bike ride away maybe (I skateboard to class anyway). And ok, I'll check that link out, thank you!

@Kyle Deutschmann Ok, I'll watch out for that. Yes, I'll look elsewhere as well.

@Kyle Jiron Ok, thanks!

@Account Closed Noted. I'll remember that!

Hi, so my name is Ben and I am a 2nd-year student at the University of Maryland College Park. I'm studying computer science to become a Software Engineer (or wherever the degree takes me).

Short Background

So I've been really interested in real estate for about 1 year now. It all started when I read "Hold: How to Find, Buy, and Rent Houses for Wealth" and that really kind of sold me on how cool smart investing can be. So far here has been my self-education:

Books

• Hold: How to Find, Buy, and Rent Houses for Wealth
• Flip: How to Find, Fix, and Sell Houses for Profit
  
• What Every Real Estate Investor Needs to Know About Cash Flow (by Frank Gallinelli) (reading currently)
  
• The Millionaire Real Estate Agent (ordered today)
  
• The Millionaire Real Estate Investor (ordered today)
  

Podcasts

• BiggerPockets Podcast 1 - 68 (as of today)

Videos

• Graham Stephan [since he had like <10,000 subscribers] (YouTube)
• Meet Kevin [since he had like < 20,000 subscribers] (YouTube)

So I am a son of Ethiopian immigrants who came here about 24 years ago and I am extremely extremely lucky that we are fine financially and that my parents are paying for my college education (I really can't understand how lucky I am for that).

I have always wanted to make the most of the circumstance I have been granted and...yeah...that's why I like self-teaching myself many things and real estate has become one of my intrigues right now.

My "Plan" & Question

I've been saving up for a while and my ambition is to purchase a rental my senior year for 3.5% down using an FHA loan (no idea what this fully entails, still figuring things out) and live in it for the mandatory period and then move when I leave college and get work and keep renting it out.

I'll be looking for a place close to the university but at the same time I know that is probably hard because I once talked to an agent and he said that inventory was "tight" in the area.

So I guess my question is...should I start investing in the D.C Metro area and follow my plan of getting a rental senior year and then moving out?

I ask because when I leave college and get work I make end up in the Bay Area, New York, Seattle/Washington, etc. and I'm not sure if those are better places to start out...I really just have no idea what state the D.C. Metro market is in (but I can figure things out by talking to people I guess).

It seems like this is a looming process in front of me but I hope it happens. I'll just try to stay as educated as possible so that when the time comes I'll be ready to make good choices.

So yeah...this is my first BP post