All Forum Posts by: Johnny Lynum

Hey @Brett Sheeran I'm in the DMV area too. Would love to connect. 

Hey, Venecia! Great question and these are really some solid advice right here! I agree– it’s easy to get stuck in the watching phase (guilty of this too! But realized there's no perfect timing unless you are already in the game). The key is to just start, even if it’s with something small. My first property was tough, (credit not in place was a challenge - luckily, got some help on this!) I didn’t have all the answers. But once I took that first step, everything started to fall into place.

Here’s a few things to think about as you start:

1. Start with something: Don’t stretch yourself too thin. Even if it means starting small. Just start.
2. Pick a good area: Look for neighborhoods with potential – something that feels right to you.
3. Think long-term: Are you looking for steady cash flow or hoping for big appreciation down the road?
4. Check the property: Make sure it’s in decent shape – no need to take on a major project right away. Less risk.
5. Surround yourself with a good team: Get advice from others – a good real estate agent or property manager can make things way easier.
6. Have a plan: Know why you’re doing this, whether it’s to rent out or eventually sell.
7. Just start: You’ve got the research – now it’s time to take action. It’s all about learning as you go.

Education-->Conviction-->Execution! 

You got this! 💪


Best of luck,
-Johnny

Hey, Amanda! I totally get where you're coming from! Done this myself - bought and sold properties without even getting my foot in the door. It can be a challenge, but it’s definitely doable. Here’s what I’d recommend:

1. Experience with out-of-state investors – Ask if they’ve worked with OOS investors before. This shows if they understand the unique needs of someone who isn’t local.
2. Local market knowledge – Get their thoughts on the current market and what trends they’re seeing in your target area.
3. Communication and responsiveness – Ask about their preferred communication methods and how quickly they respond to inquiries. This is key when you're not nearby.
4. Professional network – See if they can connect you with other local professionals like contractors, inspectors, or property managers. This is a plus.
5. Transparency and reliability – Ask about their process for keeping clients updated, especially on long-distance deals. It'll give you peace of mind. 
   
   Referrals: Consider asking someone you personally know (or even here on BP) if they could recommend an agent in the market they have had a good experience working with before. 

Building these relationships virtually takes time, but it’s all about trust and keeping the lines open. Stay patient and keep the convo flowing! You got this!💪

Hey, Benjamin—sounds like you’ve put a lot of thought into this! I'm from Leesburg. 🙂 So many great comments here. Love it! I tried to read them all. Here are my 2 cents (and probably some alternative options/strategies you might consider)...hope this helps. (though excuse my long response 🙂) 

1. STR Potential

With $40K in annual revenue, reaching $1,000/month in cash flow will require some adjustments. Focus on enhancing the guest experience, and check Lynchburg's STR regulations for potential costs.

2. LTR or Mid-Term Rental
If STR doesn't work out, consider mid-term rentals targeting professionals, which could offer higher rents and more stability than long-term leases.

3. Future Appreciation
Lynchburg’s market has seen about 5% appreciation recently (4.3% Sep 2024), meaning your property could gain around $110K in value over 5 years, helping to cover renovation costs. Keep an eye on local developments that could boost property values.

4. DIY Basement Buildout
Finishing the basement for around $25K could improve your STR competitiveness and increase rental rates. Be sure to check permit and code requirements.

5. Tax Considerations
STR income is taxed higher than LTR, but deductible expenses (e.g., repairs, furnishings) can offset this. Consider talking to a tax advisor.

6. Sell vs. Hold
Selling when you leave simplifies things, but holding can provide long-term gains. Refinancing could help improve cash flow later.

Additional (Potential) Scenarios To Consider:

1. Hybrid Rental Strategy
Rent as an STR during peak seasons, then switch to mid-term rentals during slower months to increase income and reduce vacancy risks.

2. Rent-by-the-Room
With 5 bedrooms, renting by the room could provide higher cash flow, especially if marketed to students or young professionals. Lynchburg has been ranked as "College Town" and has several hospitals. Could help you get closer to the 40k target atleast. 

3. House Hack
Finish the basement as a separate unit (if zoning allows) to rent out while you live there. Once you move, you can rent the entire property.

4. Sell After Renovating
Renovate and sell the property before you leave to potentially make a lump sum profit, especially if market conditions are likely to improve.

5. Lease to a Property Management Company
Partner with a management company that handles the STR or corporate rental for a predictable income with minimal hassle. Gives you more time to scale up.

6. Equity Partner Buyout
Consider an equity partner to help fund renovations in exchange for a share of the profits, reducing your risk and investment.

STR seems like a solid option, but these alternative strategies give you flexibility depending on how things play out.

There's an upcoming in-person event in Landsdowne, if you're up for it, I'd love to shake hands! Either way, would love to connect here and there! 

Test and go! Always be ready to make pivots. 💪

Best of luck, brother!

-Johnny

Come hang out at the Leesburg Investor Meetup—right here in your own neighborhood!

This is a relaxed, friendly event where local investors, from beginners to seasoned pros, come together to share tips, talk strategies for building wealth through real estate, and learn about creative financing and passive income. It’s a great way to connect with like-minded people nearby, expand your network, and gain some fresh insights. Whether you’re just starting out or ready to scale, come by, meet your neighbors, and enjoy light refreshments.

Hey @Sean Hourigan! First off, huge congrats on making the jump!  Sounds like you’re ready to take charge of your future!

Owner-occupying a multifamily = househacking. You’ll be living in one unit and renting out the others— but with a bigger payday! Passing that portfolio down to your kids- that’s a legacy right there!

Here are a few things I’ve learned along the way:

1. Check Out the Neighborhoods: Take the time to explore different areas. Find one that feels like home and has good vibes. Look for parks, schools, groceries, and local hangouts—these things matter!
   
2. Get Your Finances Sorted: Make sure you know your budget inside and out. If you can, check out VA loans/FHA Loans/ Other govt loans—see if you're eligible - leverage!
   
3. Team Up with a Good Agent: A solid local agent can help you navigate the ins and outs of multifamily properties. They’ve got the scoop on what’s hot and what to avoid.
   
4. Think Long-Term: Remember, this isn’t just about today; it’s about building wealth for tomorrow. You want properties that will grow in value over time. Cashflow + appreciation.
   
5. Connect with Fellow Investors: Join local meetups or online groups. Talking to others who are on the same journey can give you fresh ideas and support. Checkout Meetup.com for local events and right here on Biggerpockets! 

You’ve got this! If you ever want to chat or share experiences, I’m here for it. Best of luck! 

P.S. House hacking is one of my favorite (and my first deal) strategies! 

Absolutely @Alek Tsatur! doing it with others makes the journey way better. It’s all about learning, growing, and building wealth together. Let's go!

Hey Ben! 

Man, you’re killin' it already with 6 doors in 2 yrs—that's impressive! I love the "Monopoly full-time" goal—gotta respect the hustle.

I’m right there with you on the buy-and-hold strategy; cash flow is the name of the game. It’s all about getting that freedom to walk away from the 9-5 when you’re ready. I'll be transitioning in 12 months, so - let's go!

I'm also in the FL market, started in SF then MF - flips, buy and hold. 

Biggerpockets community is gold, no doubt. I’m always down to connect with fellow investors, especially those on a similar path, so hit me up anytime. Let’s grow this thing! 

All the best to you and your wife!

~Johnny

Agree @Benjamin Aaker

@Tripp Isenhour Very true! Finding a mentor can really speed things up. Here are some things that might help:

Join REI Groups & Events: Check out REI Genius, other groups, and here on BiggerPockets—great places to connect with experienced investors. Local meetups can also be goldmines for networking. Check local events on MeetUp.com 

Look for Alignment: Find mentors who align with your goals (like buy-and-hold, fix-and-flip, or syndications). It’s easier to learn from someone walking the same path you want to take.

Start Small, Learn Big: If you can't find a long-term mentor right away, attending workshops, listening to podcasts, or taking small courses can still give you valuable insights. (and could help you gauge a mentor's personality to see if it fits yours)

Good luck—you got this!

Would love to connect—hope this helps!


P.S. Hats off to acknowledging the importance of having one. This is one of the mistakes I made early on, not seeking guidance right away. Only later on my journey realized the importance of having one... the right one. 

Hey Christian! 

First off, respect for taking action, brother. It’s not always a smooth ride, but those first bumps are where the real lessons hit hardest—speaking from experience—mistakes and all. The fact that you’ve got a game plan and are already reflecting on what went sideways? That’s half the battle won.

I love that mindset of caring for those who care for you. 🫡

Mentorship makes a world of difference, and having someone in your corner to sharpen your ideas and keep you on track will definitely help you hit those goals faster.

Looking forward to seeing you win, Christian! 🚀

Stay in the fight!
—Johnny