All Forum Posts by: Henry L.

@Clayton Mobley , Thank you so much for your insight - I really appreciate your length input. As you and others have mentioned, I will try to step outside the metro area and put more emphasis on B area.

@Russell Brazil Thank you Russell - I agreed saving money on rent and building up my equity is great. It has only been 3 months since I purchased my property, but I have this drive in me that wants to do more and more. I think part of it is because of all the success story i've been hearing lately. Also, the finance geek in me hates seeing capital not being deployed.  Like you said, there is no "immediate satisfaction" in real estate and everything takes time, rather it's saving enough money to invest or watching your properties grow int a portfolio.

Thanks, guys, I appreciate all the constructive feedback.  My intention was never meant to complain about my long hours or financial situation. Just thought would be good to see where I am coming from as everyone's situation is all different. 

Hi Everyone,

I feel "stuck" in my current real estate adventure, and I could really use some advice to pinpoint me in the right direction.

 I had purchased a ~$450K townhome, 3bedroom, 3 bathrooms, and put 10% down. We thought this would our home to live in for a long time, and we want to make sure it's a decent/comfortable one. The other two rooms are rented out for 850 and 800 each.

Right now the plan is to house hack for a few years and take the whole house back for ourselves once we have kids. The goal is to save up as much as I can and buy investment properties as fast as I can. I have 23K sitting in cash and after mortgage and personal expense, I anticipate to save ~2.5K/month (~30K/YR). My GF has ~30K sitting in cash. 

Sorry about the long post, but I wanted to show you where I'm coming from before I post the questions.

1. what would you do next in my current situation? Wait a year? or purchase with my GF?
2. As you can see my 10% down could barely cover my mortgage. How hard do you think it is to find cash flow positive properties in DC Metro? using the 3% down method? I barely see anything in the area covered by the 1% rule, let alone 2%
3. Since my commute to work is pretty far, I listen to Biggerpockets podcast in the morning. I noticed that most of the guys that are successful typically live in less expensive areas. This enables them to buy cheaper properties, larger quantities, take more risk, etc. However, for DC Metro, this would be tough to replicate and each risk has more weight/consequences
4. You can still leverage other investment strategies here like BRRRR, but I am sure it's not as effective as doing in other states. I almost feel like most people in the metro area tend to focus on buy and hold for cash flow. What is your strategy?
5. I know condos are not desirable due to HOA fees, but what about townhomes? I noticed that townhomes in the metro area tend to be higher quality than SFH with low HOA fees. The downfall is that I typically see townhomes experience little to no appreciation. What your thought on investing in a townhome in the area vs SFH or condos?

Sorry about the long post. I had so many questions that I wanted to ask and did not want to create multiple threads. I hope that by answering these questions, it would help others as well. 

Thanks, Everyone.