All Forum Posts by: Erik Pierson

I'm sure there's many people out there on the BP forums who either currently or have previously held a real estate license. I would love to hear from anyone who has worked as an agent as a 2nd job or side business. I currently have a "W-2" job that I work 40-50 hours a week. I love real estate and have been considering a career change but do not want to leave the security of my current job to pursue it if I don't have to. Even if I did not make it a career change I figure I could use the extra income and industry knowledge to help with investing. I met with a couple realtors to discuss the specifics of getting my license and ask some basic questions but I'm really curious to hear about your unbiased experience. How did you manage your time? How much longer did it take to get your name out there and build up a client base not doing it full time? If done successfully, is it worth the extra income? Does being in the industry help you on the investing side? Any feedback is appreciated!

(I'm located in the Northern Virginia area)

@Adrienne Green Thanks for the info! As i mentioned in some earlier replies these regulations I'm learning about are putting a pretty big dent in my plan. I was also considering Airbnb arbitrage but again the HOA's would make that very difficult. I'm learning about multiple investment strategies and will ultimately choose one that I think best fits our market. Do you invest in the Loudoun/Fairfax area? If so, what is your strategy?

@Paul Sandhu I'm no stranger to that crowd I worked in central KY for two years on a large construction project and worked with many people like that. Some who could sadly not even read/write.

I live in a pretty large tech area in Northern Virginia now so I'm sure there are lots of traveling workers that come through however I think the real problem is going to be recent regulations that prevent individual STR landlords from maximizing their profits. I'm going to have to do a lot more research before making a decision but it doesn't seem like STR is the way to go in my area. I am considering STR out-of-state and also other types of investing in my home market.

@Lucas Carl That's a very good point and the more I look into it the more it seems like DC is not the best STR market. The new regulations as well as extremely high prices are going to make it extremely difficult to be successful especially as a newbie. There are other ways to invest in this market that I am exploring but I am also not opposed to investing in STR in out-of-state markets because of the potential for very high cash flow. David Greene's book "Long-Distance Real Estate Investing" is on my reading list.

Thanks for the podcast recommendation I will definitely give it a listen! Also, I lived near your area for two years for work and was close to investing but told myself I did not have enough time before moving to my next location. I now regret it. I would love to connect with you and hear about your experience in the Tennessee area!

@Ebonee Bachman Thanks for the insight! My unofficial plan was to purchase something in the DC area exclusively for Airbnb but it sounds like I need to do a little more digging. Who does your team consist of?

@Michael Baum Thanks this is a huge help!

@Russell Brazil So you can only do a short term rental on a primary residence? Does this apply to northern Virginia as well which is where I live? I’m sure I could look it up but just asking if you happen to know.

Hello BP community!

My wife and I recently moved to the DC area. I have been interested/learning about REI for a few months now and want to get started here in and around DC. I was listening to Brandon Turner's podcast with Zeona McIntyre who is a very successful vacation rental investor. It gave me the idea of looking into short term rentals here in DC since it is such a popular tourist destination as well as travel destination for business and government people. I was wondering if anyone out there has had success doing short term rentals such as Airbnb in the DC area. If so, what has your experience been like as far as profitability, acquiring properties, working with property management firms, DC vacation rental laws etc. Any insight is much appreciated!