New to RE in Northern VA

[Sam H.]

I live in Northern VA and I am interested in starting to invest in RE. I have been watching the market and it looks very over heated here with properties going up in price and getting snagged in bidding wars. I am a buy and hold kind of person; primarily looking for cashflow and long term appreciation/tax benefit. So a couple of questions:

1. Are there any out there who would possibly offer to be mentors or just a sounding board for me to guide me through the process of identifying/targeting deals?

2. Given the high prices here and the high costs and barriers to entry, what would you recommend the best approach to get in? Condo, Townhouse or Single Family Home?

3. I have cash on hand for a large down payment or even buying a condo out right (price dependent of course :)). What are some approaches/tactics employed by others in the area.

4. I'd like to target higher end renters and families who could take care of the properties. Any tactics there?

I appreciate any help/guidance you can provide and I hope and plan to be active on these boards to pay it forward.

Thanks!

S.

[Brandon Turner]

Hey Sam H Welcome to BiggerPockets! I'll do what I can to answer your questions!:

1.) Consider the entire forum as your mentor. If you post frequently, you'll make good connections. Also check out http://www.biggerpockets.com/blogs/3225/blog_posts/26426-mentor

2.) I'm a huge fan of small multifamily properties, so I like recommending those.Obviously they don't work for everyone but they are great cause you can live in one unit, rent the others out, and learn how to landlord while living for free.

3.) I'd keep learning first, before jumping in. If you haven't yet - be sure to read through "The Ultimate Beginner's Guide to Real Estate Investing"

4.) Not a bad idea at all. I love my higher end properties- cause the tenants are much easier. The disadvantage, of course, is the higher price.

Hope that helps! Definitely jump in here and start networking. Ask or answer questions anytime! And don't forget to add a photo of some kind - you'll get a lot better interaction on the site!