Advice on starting out in the DC/VA/MD area

[Gerard Connolly]

Hey BP,

I got out of the Army and moved down to DC a few weeks ago. My short-term goal is to use my VA loan as a way to make my first purchase and gain some experience. My long-term goal is to buy and hold multiple properties and use the rent as a source of passive income.

For my first purchase, I want to buy something that will be affordable while I live there (no more than $1000/month after rent from tenants) and cash flow positive when I move out after a year. I am looking to spend between 300 and 600k. I have conflicting guidance on 2 parts of my decision; Whether I should buy in DC or Va, and if I should purchase a condo or a house.

I know the DC market is aggressive. The advice I am looking for is what is a better investment that will get me the experience needed to grow my portfolio. I am also looking for some opinions on what the market will look like in the next few years. The growth over the last few years has been huge. Will it abate in the next few?

Any input or advice that will help me narrow my search is greatly appreciated. Thanks.

Gerard