All Forum Posts by: Christopher B.

Hey everyone.  I'm definitely down to participate. 

I absolutely agree with both @Russell Brazil and @Account Closed.  The benefit of the area is the large population of federal employees, lobbyists, law firms, etc.  It's reasonable to say the market is somewhat "insulated" relative to many other markets in the country.  I wish I could be more on board with areas like Deanwood, but, having lived in the metro area, I can't.  As I look at properties -- and I look every day -- I still tend to follow a simple rule: If I would not live there myself, I don't bother.  I'm not saying that philosophy is right for everyone, but if you wouldn't live there yourself or wouldn't feel comfortable having your children running around in the area, that's pretty telling as far as I'm concerned.  It also speaks to potential issues with tenants in the future.  

Hey Mac, I am in a similar situation as you.  I read every response you've received, and I think folks gave some valuable insight.  For whatever it's worth, here are a couple things I'd make sure to consider -- and I'm doing this very thing myself:

1.  Growth.  Are the out-of-state or out-of-area markets you're considering growing (e.g., population growth, job growth, etc.)?  A real life example...there is an area of Southwest Virginia I really love, largely for personal reasons.  The area is pretty and SFHs are inexpensive.  But, that's coal-mining country.  And, the longer-term prospects may not be ideal for investment.

2.  True Numbers. Are your numbers solid? What I mean is: Are you accounting for maintenance & repairs, capital expenditures, etc.? I think it's easy for those of us who are new -- myself included -- to jump too quickly and think "Rent - PITI = Cash Flow". But, it doesn't. Not at all. We have to make sure we're planning for the first time the hot water heater explodes or the dryer burns itself out.

3.  CYA ("Cover Your xxx").  No matter what, if you've narrowed the options down to a property you're serious about, I'd absolutely recommend you pay for a home inspection.  Even if you have to shell out 300-500 dollars and ultimately decide not to purchase the property....imagine how much worse it could be if you didn't and then, only after, realized it needed a roof.

I am far from an expert, and I don't claim to be.  These are simply things I've had to consider as I begin my own rookie journey, and I thought I'd pass them along.

Nicholas, I'm newer and in a similar boat as you are, so please take this with a grain of salt, but I would probably focus on my primary residence first.  As someone who has moved a tremendous amount in my life, there is a certain amount of intangible value in having some "roots" put down.  If you were to then build some equity, perhaps improve the home and opt to pay for an updated appraisal to potentially increase that equity, it may position you to later pull some of those funds out to purchase a solely "investment-focused" property.   

Like most anyone who has been running headfirst into their "middle years", I have dealt with a few things in my life.  Some of them have been very hard on me, especially in the past few years.  But, something I've learned through those experiences is the importance in savoring the little victories.  Make no mistake, little victories are how wars are won.  What may at first like seem small, insignificant wins -- a skirmish here, a skirmish there -- are often what it takes to shift the momentum, and ultimately, turn the tide. 

In the fall of 2016, I left home to serve overseas.  It was something I’d worked hard for, trained for, and was deeply personal for me.  A few months later, things went sideways.  I nearly died & had to be MEDEVAC’d out.  I was heartbroken.  I watched all I had worked for, and all I’d hoped to accomplish, collapse around me.  I felt like a failure, and I was embarrassed.  I felt I’d failed my team, failed my girl, and failed myself.  For a long time after, I wished I had died then and there.  I spent far too long thinking about all that had already happened, and not enough time thinking about what could come next.  It cost me in many ways, including eventually losing the love of my life.  That was on me.  I was responsible.  Why?  Because I lost sight of the little victories.

Brandon (@Brandon Turner) and David (@David Greene) often speak of simply making a decision.  Doing something -- anything -- is almost always better than continued stagnation.  And, such a decision need not be singularly life-changing in nature.  It could be as simple as sending an email to a realtor for the very first time, asking a few questions about a listing that interests you.  Perhaps, it’s spending an hour researching credit scores to develop a solid understanding of how they work and which factors carry the most weight.  Or, you may choose to create something similar to the screenshot I’ve attached to this post.

Do I think my little calculator can compete with the professional tools offered here on BP?  No, of course not.  But, that really wasn't the point.  Taking the time to build it from the ground up taught me much about how to think, what to consider, and, arguably most importantly, why.

Although such baby steps may appear shallow at first glance, their depth is revealed through their effect on your mindset, and on your self-confidence.

If you are reading this, that must mean the day isn’t over yet.  Start your fight.

And, remember to savor the little victories.

So, I just finished listening to Episode 336 with Robert Jones for the third time.  Yes, I said third.  While I could say this about so many of the BP podcasts, I really do think this is one of the best for a newer investor -- myself included -- to listen to.  It's fun, engaging, and I think @DavidGreene24 is at his very best.  Honesty & transparency matter.  This episode brings both.  Just some two cents from a newbie.

Thank you all.  I really appreciate it.  I look forward to getting to know you.

Hey everyone!  My name is Chris and I live in the Washington, DC metro area.  I am relatively new to real estate.  I guess you could say I come from a real estate "family".  Before he died, my father had a long career in real estate, and my mother -- the greatest inspiration in my life -- did a flip entirely on her own and did very well.  

I have always loved taking long drives with a good cup of coffee & just looking at houses.  And, as I've gotten older, I decided it was time to get serious about it, for myself and for my future.  I found BP, and the rest is history.

I look forward to getting to know many of you and hope I'll be able to provide some value here and there, even if it's through my own mistakes.