Hello BP Community,
This is my first post, so please call me out if this is the wrong forum.
I am 25, currently living in Washington, D.C.. With my girlfriend (we will be engaged by October ;), paying an egregious amount for rent, I make right under $50k, and have about $10,000 saved up for making an investment / move.
I have been studying up the passed 6 months on the world of real estate, specifically with the goal of creating passive income and long term wealth.
I have been looking at buying rental properties down in Harrisonburg, Va around the JMU campus (my alma mater) to crack a student housing niche. However, I also have been looking into Ashburn, Va market. I found a nice townhouse for $300k, close to where the new metro line will be built. My thought process is buy a $300k townhouse, build my equity, continue to save, then invest into rentals later through a HELOC. Or continue renting and invest in a student housing market down by JMU - properties I could afford are 4 unit condos, cash flowing about $300 a month. Save money, learn, and grow a portfolio.
BP community, do you have any advice for me?
Thank you!!
Matt
