All Forum Posts by: KK A.

Hi @Molly B. Thanks for the additional resources. I will definitely check those out as well!

I'm also a fairly recent grad (graduated in 2012 from JMU). If either of you ever want to meet up or go to one of the events together, feel free to reach out!

Thanks @Jack Butala! I've already been reading so much and have already found it very useful so I'm excited to see what the future will hold.

Nice to meet you, @Jerrell Jefferson!

I'm also very new to this so I'm interested to see what people say back. That said, here are my initial questions/thoughts: 

1. Are you doing this full time or do you also have a job on the side? I ask because if I'm reading what you wrote correctly, you're monthly payments (PITI & taxes) are about $1500 and your income would be $1200, meaning you're paying $300 a month. To me, that sounds pretty good to start out considering once you've paid of the pmi, you may be able to break even/make a profit... plus more than likely, that's still cheaper than the rent you're probably paying now which would help you to keep expenses low to start saving for another home.

2. When you calculated gross monthly income, was that with renting out two of the units only? Or with renting out two of the units AND also getting roommates for the unit that you occupy? (Assuming the one you would live in has more than one bedroom). If your unit has more than one bedroom and you're open to roommates, that would help increase your income and lower your portion of the rent.

Again, i'm very new to this... (As in just started this past weekend lol) So I may be COMPLETELY off... But those are my initial thoughts... Curious to hear what others say back.

Good luck!

@Ricketa Buckhalter Have you also read the free BP e-book: The ultimate guide to real estate investing? I started reading it last night and have found it to be very helpful already. 

@Blake Harper I'm also new to REI and looking to do something similar to what you're talking about in Virginia. One idea I came across through articles I've read is to buy a duplex, rent out one side and live in the other. However, for the side that you live in, find roommates to live with you. You might want to consider that option as it would lower your portion of the rent (or allow you to live rent free) but you could still satisfy the requirements for the loan.

Good luck!

@Ricketa Buckhalter What you're describing sounds a lot like me this past weekend :). I started talking to someone I know on Friday.. by Saturday morning, I signed up to get my Real Estate License, by Sunday I found this site and had spent 5 hours reading/saving articles and by yesterday, I created an action plan for the next 9 months. 

I also love meeting like minded people. Hopefully I'll see you at one of the REIA meetings this summer.

@KIMARD EGLETON Awesome! I just started listening to the podcasts yesterday and already love them. I also just joined the REIA group on Meetup so hopefully I'll see you out there soon.

Hi Everyone!

My name is KK and I live in Richmond, VA. I currently work in the Corporate World in Financial Services. I have always had an entrepreneurial itch and have always loved real estate so I figured I would start looking for ways to marry the two and turn it into a career.

My short term goal (next 12 months) is to buy my first Multifamily property and stay in one of units while renting the others out. My long term goal is to build my portfolio to create passive income so that I can have more flexibility later on in life.

I don't currently have much experience but have signed up to take my real estate exam later this year and plan to use the time in between to save, put together a business plan and learn everything I can! 

I am also new to this and recently signed up to get my RE license but have been wondering the same thing so thanks for asking. Curious to hear others opinions.

Good luck!