New Investor -with good credit and no savings-

Investor Mindset
2yFollow

New Investor -with good credit and no savings-

Dathan Fenwick
Member since 2023 · 7 posts · 4 votes

Hey, I'm a new investor, Im looking towards getting some units under my belt but know exactly where to start im located in washington dc and i feel like this market is little bit out of price range. So, I was wondering if anyone has any good pointers on where to start im open ears

3Reply
27 views

Most Popular Reply

Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
2y
Quote from @Dathan Fenwick:

Hey, I'm a new investor, Im looking towards getting some units under my belt but know exactly where to start im located in washington dc and i feel like this market is little bit out of price range. So, I was wondering if anyone has any good pointers on where to start im open ears


 If you got no savings...it doesnt matter if you're in an expensive market or cheap market. Start saving, hustling, get a side gig.

[email protected]301-893-4635Podcast Guest on Show #192
District Invest Group545 Reviews
WebsiteView Page
5Reply
See this reply in the discussion

13 Replies

Jump to latestLatest
  • Twannisha Jackson
    Rental Property Investor · Cleves · Member since 2023 · 132 posts · 82 votes
    2y

    you could look out of state but I feel it’s risky especially being new. try to find something 30 mins out from where you are located, small cit/village/township etc. it’s expensive in my city (cincinnati) but i found something right/just under my price point. it’s a 38 min drive from my job but it is mines :) 

    3Reply
  • Bruce WoodruffPro Member
    Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
    2y
    Quote from @Dathan Fenwick:

    Hey, I'm a new investor, Im looking towards getting some units under my belt but know exactly where to start im located in washington dc and i feel like this market is little bit out of price range. So, I was wondering if anyone has any good pointers on where to start im open ears


    I hear DC is pricey .....And investing OOS is scary. Can you find a place that's an hour drive, either in VA or MD, out in the country a bit more??

    1Reply
  • Dathan Fenwick
    OP
    Member since 2023 · 7 posts · 4 votes
    2y
    Quote from @Bruce Woodruff:
    Quote from @Dathan Fenwick:

    Hey, I'm a new investor, Im looking towards getting some units under my belt but know exactly where to start im located in washington dc and i feel like this market is little bit out of price range. So, I was wondering if anyone has any good pointers on where to start im open ears

    I might be able to take a look around upper marlborro maybe, Ill look around.
    Thing is around dc we got rockville, silver spring, alexandria alot of pricey markets

    I hear DC is pricey .....And investing OOS is scary. Can you find a place that's an hour drive, either in VA or MD, out in the country a bit more??


    0Reply
  • Dathan Fenwick
    OP
    Member since 2023 · 7 posts · 4 votes
    2y
    Quote from @Twannisha Jackson:

    you could look out of state but I feel it’s risky especially being new. try to find something 30 mins out from where you are located, small cit/village/township etc. it’s expensive in my city (cincinnati) but i found something right/just under my price point. it’s a 38 min drive from my job but it is mines :) 


     Ill definetly take a look at some

    0Reply
  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    2y
    Quote from @Dathan Fenwick:

    Hey, I'm a new investor, Im looking towards getting some units under my belt but know exactly where to start im located in washington dc and i feel like this market is little bit out of price range. So, I was wondering if anyone has any good pointers on where to start im open ears


     If you got no savings...it doesnt matter if you're in an expensive market or cheap market. Start saving, hustling, get a side gig.

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group545 Reviews
    WebsiteView Page
    5Reply
  • Jack Seiden
    Real Estate Agent · Washington DC · Member since 2016 · 847 posts · 656 votes
    2y
    Quote from @Dathan Fenwick:

    Hey, I'm a new investor, Im looking towards getting some units under my belt but know exactly where to start im located in washington dc and i feel like this market is little bit out of price range. So, I was wondering if anyone has any good pointers on where to start im open ears


     Start saving money asap, depending on where your job is you can go about an hour from dc and potentially get a usda loan which is 0% down, though you do have to owner occupipy for a year. But even then you need some savings for closing costs & any repairs that will pop up during homeownership. So get a savings plan asap.

    0Reply
  • Austin McClainBusiness Member
    Real Estate Agent · OH · Member since 2021 · 348 posts · 602 votes
    2y

    With no savings, you may want to look at partnering with someone who has money to fund the deals. You could find/manage the property for a silent partner's funds 

    [email protected]614-710-4827
    1Reply
  • Joaquin Camarasa
    Real Estate Agent · Springfield VA · Member since 2018 · 480 posts · 400 votes
    2y

    There are mortgage programs in VA, DC, MD that could get you in a property with a very low downpayment. Some of them no money down, some of them 1%. As others said, start saving.
    You could also try to aim to get all closing costs paid by seller. Now, the market is competitive so you would have to aim for the properties that are less attractive. Happy to talk more about all options. 

    1Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
    2y
    Quote from @Russell Brazil:
    Quote from @Dathan Fenwick:

    Hey, I'm a new investor, Im looking towards getting some units under my belt but know exactly where to start im located in washington dc and i feel like this market is little bit out of price range. So, I was wondering if anyone has any good pointers on where to start im open ears


     If you got no savings...it doesnt matter if you're in an expensive market or cheap market. Start saving, hustling, get a side gig.


     Fo sho. Drive Uber, Deliver Pizza, whatever....You need money to play the game.

    1Reply
  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    2y
    Quote from @James Wise:
    Quote from @Russell Brazil:
    Quote from @Dathan Fenwick:

    Hey, I'm a new investor, Im looking towards getting some units under my belt but know exactly where to start im located in washington dc and i feel like this market is little bit out of price range. So, I was wondering if anyone has any good pointers on where to start im open ears


     If you got no savings...it doesnt matter if you're in an expensive market or cheap market. Start saving, hustling, get a side gig.


     Fo sho. Drive Uber, Deliver Pizza, whatever....You need money to play the game.

     I mean just look at @James Wise. To make extra money he goes to children's birthday parties as Papa Smurf. Gotta hustle.

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group545 Reviews
    WebsiteView Page
    0Reply
  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
    2y
    Quote from @Russell Brazil:
    Quote from @James Wise:
    Quote from @Russell Brazil:
    Quote from @Dathan Fenwick:

    Hey, I'm a new investor, Im looking towards getting some units under my belt but know exactly where to start im located in washington dc and i feel like this market is little bit out of price range. So, I was wondering if anyone has any good pointers on where to start im open ears


     If you got no savings...it doesnt matter if you're in an expensive market or cheap market. Start saving, hustling, get a side gig.


     Fo sho. Drive Uber, Deliver Pizza, whatever....You need money to play the game.

     I mean just look at @James Wise. To make extra money he goes to children's birthday parties as Papa Smurf. Gotta hustle.

     lol no no no Rusty. You're confused. When you go to work, I go to your house as Papa Smurf......It's what your wife calls her "side hustle."

    3Reply
  • Ben White
    Montgomery County, MD · Member since 2023 · 20 posts · 17 votes
    2y
    Quote from @Dathan Fenwick:

    Hey, I'm a new investor, Im looking towards getting some units under my belt but know exactly where to start im located in washington dc and i feel like this market is little bit out of price range. So, I was wondering if anyone has any good pointers on where to start im open ears


    Hey Dathan- As others have said, getting into the game without any capital will be tough. Partnering with someone who has cash would obviously work and often times your credit, income, and even labor could be beneficial to them. Still, DC is tough. Very competitive. I'd suggest going into Maryland or VA and utilizing some of the aforementioned loan programs if possible. Personally, I think Frederick is a decent starter location for whats thats worth. Good luck to you either way!

    1Reply
  • Dathan Fenwick
    OP
    Member since 2023 · 7 posts · 4 votes
    2y
    Quote from @Ben White:
    Quote from @Dathan Fenwick:

    Hey, I'm a new investor, Im looking towards getting some units under my belt but know exactly where to start im located in washington dc and i feel like this market is little bit out of price range. So, I was wondering if anyone has any good pointers on where to start im open ears

    Thank you so much for the tips and info, and ive been looking into the maryland markerts like capitol heights as well but i wanna first build capitol through saving and also wholesaling leverage that to expand myself. Itll definitely be very interesting journey for myself but thanks to the community and knowledge at range for me to it off its very possible 

    Hey Dathan- As others have said, getting into the game without any capital will be tough. Partnering with someone who has cash would obviously work and often times your credit, income, and even labor could be beneficial to them. Still, DC is tough. Very competitive. I'd suggest going into Maryland or VA and utilizing some of the aforementioned loan programs if possible. Personally, I think Frederick is a decent starter location for whats thats worth. Good luck to you either way!


    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free