I have a contract on my 1st rental property in Baltimore, MD which is 3/3, 82k with 18k in rehab, FHA 3.5% 203k loan (owner occupant). Agent says it should appraise for 130k and rental income in the area is 1400-1500. I am considering MBQ as my agent has 4 rental properties of his own. I am a quick study, and looking for someone to mentor me. I have already read the book, "Millionaire Real Estate Investor", spoken to a few investors and spent a hundred hours or so researching (I just found out about real estate investment as a lucrative option a couple weeks ago). I plan on purchasing 3 houses similar to the one listed above each year to start and use equity to speed up the process. I may be trying to throw some flips in as well. Basically I plan to build a portfolio fairly quickly with an end goal of living off the residual income. I am really easy to get along with and motivated. If anyone with significant experience is willing to mentor, that would be great!
- welcome to BP! There are a lot of DC/MD/VA members here with a pretty healthy B'more contingent represented. I would suggest attending some local REIA meetings and/or Meetups. You can Google any of the following -
Baltimore REIA (Towson/Timonium)
MAREIA (Owings Mills)
Baltimore/Washington Meetup (Columbia)
The Real Deal Meetup (Arbutus)
You have really jumped in with both feet which is admirable. I've been on this site about 11 months and sometimes I feel like I'm spinning my wheels but I know my time will come. There are a lot of willing people who are successful in this area who will freely share information - get out there, meet them and build some respectful relationships (successful almost always means BUSY), this website is a great resource to research those questions before you go to a live source (I'm sure you've figured that out already).
@Brian Anderson Welcome to BP! No matter what you are looking for can be found here on BP in the way of advice. We have experts in every given field and niche. Also, try attending some of your local real estate clubs and network. I'd suggest you fill out your keyword alerts listing your city, type of property you are interested in, etc., and you'll be notified when those subjects are being discussed.
As @Ned Carey mentioned, get a pic uploaded to your profile. Coming on and asking for a mentor, loans, etc. probably isn't going to get far with members that don't have a photo. If for some reason you don't like your personal pic online, try a photo of a local landmark, a hobby, or ? Anything to distinguish from the rest of the Brian Andersons.
@Christina R. - Thank you so much for your advice! I will definitely get to a meetup and start networking.
@Ned Carey - I will get a photo and thanks for your help
@Karen Margrave - I appreciate your insight and will get a photo. Yes I have almost completed the beginner's guide. There is just so much to know!ha
Thank you all for your input and sending me in the right direction!
@Brian Anderson - what area of Baltimore is this property in? I'm also a professional and trying to build up properties to create a lucrative income stream. I'd love to share some ideas with a fellow investor!
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