New Member from Old Town, Alexandria, Virginia

[Colin Eilts]

Hello BP!

My name is Colin and I have been a BP member for over two years but have just been lurking until now. I recently went Pro and am seeking to engage with the community.  I am a little nervous about the loss of anonymity; but, everyone seems so nice and helpful and I would like to be a part of it all.

I am a newbie investor from Old Town Alexandria, Virginia, with only my two bedroom condo that I am house-hacking. The rent that I receive doesn't cover all of my housing expenses but it does cover most. I am planning on living here for the next five years. I was hoping that I could turn my condo into a full-time rental when I move away; but, depending on what the market is like, it may make more sense to sell. I guess time will tell.

I can’t exactly remember how I found BP; but, it was probably through Internet searching or someone in the personal finance / early retirement blogosphere. It just kept coming up and I found it to be a vast resource with answers to many of my newbie questions and an exciting and energetic community dedicated to real estate investing.

I think my real estate story is pretty similar to many people, especially those working for the government, in the Washington, DC area. I started my search locally in the DC area (my heart still skips a beat at the thought of a townhome with an English basement) but everything here is way too expensive and 2-4 unit multifamilies in DC are mythical. So, like many others I imagine, I turned my eyes towards nearby Baltimore and Richmond, but those areas come with their own unique challenges and appear best for investors with extensive local knowledge or on-the-ground experience. After that, I started looking towards the Midwest and turnkey operations. Unfortunately, the turnkey sales-pitch is often misleading and once I run my own numbers the sky-high-ROI turns into a sub-10% offering in an area where I have no knowledge. In moments of frustration with searching for properties online, I sometimes think about real estate crowdfunding operations where you can buy into a fund yielding 8-10% with the click of a button. I am eager to finally lock down that first property but I need to remind myself to practice patience so that I don't make a poor investment decision out of desperation. I would one day like to be diversified in markets across the nation (or maybe even internationally at some point) but am working on developing my knowledge of a few key markets in which I can get my feet wet first.

I am sitting on some cash, have a regular stream of funds coming in, and am actively looking for deals. My short-term goal is to generate $25,000 a year with buy-and-hold investing and my stretch goal is $100,000 a year by 2021. Right now, I am seeking out properties that have around, or greater than, 15% risk-adjusted COCROI and are in decent neighborhoods to help me achieve those goals.

I have read the beginners guides, Brandon Turner's books, listen to all the podcasts, participate in webinars, and lurk daily on the site. I am always seeking new information to help me grow my enterprises and new friends with whom to share my affinity for real estate.

BiggerPockets has truly changed my life and I look forward to interacting with everyone.

Best wishes,

Colin