New Investor - Unique situation - Need advice

[Chris D.]

Hi All:

I live in the Washington, DC metro area. I need help getting off the dime and plunging into the buy and hold arena. I have cash to pay for the rental properties until I am able to consider leveraging it. I have an associate broker license that I haven't used in over 17 years. I'm active with our local MLS so I have access to the data.

I'm an older gal…old enough that I think I'd prefer using a professional property manager to manage my rentals. One of the things that has held me back has been some of the overwhelmingly negative feedback I receive from investors re: the lack of control that you have with property managers. The other is that there seems to be nothing close here to that old 1% rule that all of us newbie investors hear about. In DC it is more like the .30% rule…prices are near the highs of 2007. I would like to get the benefits of cash flow and appreciation and am wondering if I should consider out of town investing? There are no estate taxes in VA and it is landlord friendly so it seems best to buy in VA.

I am fortunate that for now, I don't have to work. I am not a huge networker and need help getting out there and want to be exposed to other knowledgable investors. I want to work and don't care how much I get paid, provided I am doing something that will enable me to learn facets of real estate investment that will further my knowledge. I would consider moving for the right opportunity for as long as a year. If anyone knows of an opportunity give me a shout via email.  I'd be looking for some schedule flexibility in exchange for working for peanuts. I'll be honest with you about my strengths and weaknesses. No gurus, please! 

Does anyone out there have suggestions on what kind of work might best benefit me from an educational perspective. What kind of skills might I need and where would I learn them? I would love to feel comfortable enough to purchase a property or two in Virginia before the end of the year.  My thoughts are that a property management position might be valuable. What do you all think?

Thanks in advance!