Buying my first property (Owner Occupy)

[Brian Wilson]

Good Morning BP!


I'm a Kansas City transplant living in the DMV area. I currently work in Reston, VA (bit of a commute) but will likely be working closer toward the DC area in the immediate future (1-1.5 years) so I'd like to get a property that makes sense logistically.

Additionally, considering how high my rent is for my 1/1 Apartment in Huntington, I'd say it's safe to assess DC and the surrounding areas, yield very high rents. Therefore I'd like to stay closer to the Fairfax County and surrounding areas.

I'm still very unfamiliar with the atmospherics of my local market, as most of my REI is focused on my hometown market of Kansas City, MO (where my business partner still lives) for various reasons. However if I could obtain a couple properties while living out here, that'd be pretty awesome. I'm open to house hacking, but would like to be able to float the rent if I can't fill the room.


So my question is, what advice would you all have considering the following?


Budget for mortgage: 1800/m

2/2 or 3/2 layout (Preferably a SFR)

Turnkey or Rehab (no preference, just whatever would be better given the market)

Will be using FHA loan

I'm sure similar questions have been asked here in the past, but before I reach out to a local agent, I wanted to get a feel for what I should be looking for from my more seasoned investors here.

Thanks in advance for your time!

[Russell Brazil]

Originally posted by @Brian Wilson:

@Russell Brazil,


I was looking into Alexandria, but I'll have to look a little harder to get a deal that works. Most properties seem to be north of 300k, but I haven't looked into Springfield yet. Any thoughts on buying a distressed property to get forced appreciation upon rehab, or is TK the way to go around this area? 

I appreciate the referral!

Thank you for your time Russell!


V/r,


Brian M. Wilson

 If you want to live in a highly desirable area, like the ones that are discussed, then trying to do the forced appreciation thing juatnisnt going to work. There is not a large enough price spread between rehabbed and non rehabbed properties, and that is why you don't see many flips in those areas.

If you want a property where you can, then you would need to look to the other side of DC in PG County. It is a lot less desirable of an area to live, but it offers the opportunity to improve your property and force the value up.