All Forum Posts by: Andrew Leung

Ideally I would like to house hack it, yes, or at least have a tenant in a bedroom or two to pay some of the mortgage. Do you mean "low return" as in cash flow or appreciation or both? And are you saying I should wait for the housing market to crash? Are there any other areas you'd recommend in the DMV?

Was looking at $500k-$650k with a FHA loan 3.5% down. 3-4BR townhouse/SFH renting out a room or two. Goal is to own my first home to break into real estate and a move out of the parent's house into my own place to live! Would be nice if a tenant or two could help pay the mortgage, but it's ok if they can't cover much. Appreciation over 10 years or so would be nice. Don't really care about schools because I don't plan to have kids for another 8-10 years or so, in which I'd probably buy another home and move by then, or just homeschool them. :P

removed

I've saved to buy my first home, a new townhouse in one of these areas. They seem pretty similar, but I was wondering if anyone who knows the areas better or has lived there has any preferences, or things to keep in mind? 

From what I can tell, Reston Town Center is pretty nice (for a similar house Reston seems to be an extra $100k over the other areas), and there isn't much to do in Ashburn, etc. I also work from home, so I don't have a commute.

Thanks!

26 years old, $150k salary, would be first-time home owner, $800k house

Wondering what you more savvy folks would do in this situation. A relative of mine is selling her $800k 5br single-family house in Merrifield area, walking distance to Mosaic District. I really love the house and area. They are able to successfully rent it for about $4k/month. 

They asked if I was interested in buying it from them, but I don't think I can afford it. I'm aware of that no more than 3x your income rule of thumb, but what if I was thinking of it being my first house hacking with FHA 3.5% down loan, living in 1, renting out 4 of the bedrooms? Is that any more feasible?

Any advice would be greatly appreciated!

I'm a total newbie who doesn't know anything, but omg I wanna come! :)

@Russell Brazil

Thank you for your input!

I certainly have patience, as time is on my side. I'm looking at 30-40 years from now when it's time for me to retire. I'm 25 now, and I hope $10k passive income by the time I'm 65 sounds reasonable.

Would you mind elaborating on your suggestion? I don't make a ton of money, so are you still saying I should be going for things like the $500k single family homes Rockville, D.C., Silver Spring, Fairfax, Arlington? Well I would assume D.C. and Arlington you're talking more about apartments because that seems to be what's hot there. I would imagine I can't afford much of what you're talking about?

Hello, new here!

I heard real estate was one of the best ways to generate passive income. Specifically, accumulating rental properties throughout life. My goal would be something $10k/mo passive income before I'm an old man, and I'm currently 25 yrs old.

So what I'm working with here is a $100k+ salary. I'm going to spend 2018 learning as much as I can about REI and saving for my first downpayment. From what I've read so far, it sounds like the cool stuff such as apartment complexes in Washington D.C. are completely out of my reach, haha.

What areas, unit types, and method of REI do you all suggest for someone like me? I've heard my home of Northern Virginia is not the best to cash flow rentals.

Feel free to shoot me a message if you want to help a newbie out! I've noticed I usually fail the 1st time I try something new, so any guidance and advice is sincerely appreciated. Thank you. :)