All Forum Posts by: Eric Salgado

@Anna Laud - WOW, thank you for all of your insights and taking the time to share all of that information. I appreciate it. I am really toggling between whether to get into the multi-family game in the New Haven, CT area or in my "home base" city of Washington, DC.  I live and work overseas (rent free) so it's like my career is built to allow people to leverage real estate investing for wealth building purposes. I have not thought about anything outside of those two areas (to start) and think I probably wouldn't feel comfortable until I get my first couple of deals done. Right now I'm just incredibly motivated to get this first purchase down. 

In any case, I will reference the resources you provided and I hope you won't mind if I stay in touch with questions!

Hi @Cassidy Burns - thanks for sharing your thoughts.  I just want to clarify, do you mean buy now in DC (condo or single family) or line it up for when I'm coming back state side?  The thing is I'm about to head overseas for 2 years for work and will plan to get a domestic assignment for Spring/Summer 2023.  

Either way, those are great nuggets of advice. I appreciate the time. 

Hello fellow investors: 

I am just getting started and trying to soak in as much as possible as I navigate finding my first deal.  I wanted to ask about how folks here approach doing research on a rental area to determine if it's a good place to be and how granular do you usually get?  

The issue I'm running into is that I'm thinking of investing in my hometown area - where I no longer live but still have family - and I believe more emotional perceptions may be dictating whether I think I want to invest in one area over another. It would still be useful to know what resources people usually consult to learn more about an area - especially a relatively low profile place that may not be a DC/LA/NYC etc.

Thanks so much in advance! 

Hi @Noah Chappell - thanks so much for the encouragement. I definitely agree with you regarding the value of investing in both. A good mentor of mine who I posed the same question too said to me that she's a huge proponent of "doing this AND that..." as in New Haven AND Washington DC.  I have been way more aggressively looking in New Haven so let's see if I can find that first deal. Thanks again. 

thanks for the information @Samuel Whelan! Can you share some insight as to what would allow a lender to require less than 25% down? 

Hi @Matthew Brill - Thanks for your thoughts. It's definitely a decision that needs to be weighed. I can say that for now, I have my nest egg sitting in a lower risk brokerage account that has had a 5.22% ROI. I guess my fear is that I'm wasting time by accumulating more of it and doing little else with the cash when I could use a portion of it to start with my first property. But you are right, it's about the risk/reward assessment which I'm going to need to do a lot more thinking about. I hadn't thought about the 3.5% with the house hacking for a DC property so that's a useful nugget.

My situation is a little tricky but I am seeking thoughts from anyone willing to offer them! 

I am a federal government employee who lives and works overseas. My goal has been to purchase a home in the DC/MD/VA area in the spring 2023 time frame because that's when I hope to return back to the area for 2-3 years. The idea would be to find a property that would allow me to house hack. The DC market is becoming more and more expensive and areas that used to be affordable are pricing folks out...you all know how that goes in many cities across the U.S. Nevertheless, this has been the goal.

Recently though, I have been wondering whether or not I am wasting time/money by not getting into real estate and going for an investment property. It is a goal of mine, I know I want to do it, but fear and the general reservations are holding me back. I am originally from the New Haven, CT area, still have family here, and there seem to be interesting opportunities to invest in 2 family homes that may be able to produce modest cash flow. I have been seriously thinking about putting some of my money in such a property but of course it would eat away at the resources I had been saving for a DC property.  At the same time, I still have two years to make up what I invest in New Haven but it may price me out of a house-hackable property that I had in mind. 

I guess I'd love to know what folks would do in my position. I have a sizable nest egg at this point and can easily put down 10-20 percent on a great multi-family in New Haven but are my aspirations to get in the game as soon as possible damaging my potential to be successful in the DC market, too? Should I prioritize the time value of purchasing a home over waiting? Would it make more sense to begin the process in DC instead of an area that I don't plan to live in?  

If you read this far - thanks so much - I know that I wrote a novel and posed plenty of questions but could really use some wise advice from the community. 

Hey folks, I have been having a really hard time getting in touch with solid agents regarding interest in investing in New Haven. I am mostly browsing but some guidance, particularly in obtaining rental comps, would be incredibly useful. If anyone here can recommend, would appreciate it.