Looking for My First(ish) Property

Looking for My First(ish) Property

Silver Spring, MD 路 Member since 2016 路 10 posts 路 1 vote
Hello BP, I need your input. I found someone (a colleague) who is willing to help me purchase my first investment property. He's been investing in real estate for sometime and has the resources to pay cash for a property. I want to buy and hold properties for long-term/passive income but he wants the two of us to flip a property so I can start my own bankroll and have cash to invest in future properties. Obviously I have no objections to this! He's also willing to split the profit on the first flip 50/50. I have no exceptions of a 50/50 split in a property that I didn't invest any of my own money into so that isn't a motivating factor. Well, not completely! I'm really just appreciative for the opportunity to get started. That said, I'm having a hard time finding the right property to invest in. He wants me to stay away from foreclosures and short sales because he believes the process is too long and doesn't want the headache. I have no skin in the game so, again, I have no objections. Where/how should I go about looking for a property? Am I overthinking this? Also, I'm not a Pro member yet but I still have four more free property evaluations on BP and want to use them wisely before I upgrade. 馃槈 Appreciate your feedback! Mb
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  • Wendell HallPro Member
    Investor 路 Houston, TX 路 Member since 2016 路 30 posts 路 43 votes
    9y
    Sounds like he's paying you to shadow him. If you trust him, what's to lose? You're within 30 mins of Baltimore/Baltimore County, where you can find cash properties for under $40,000--way under. Scour the sites and find a few. Find an area where you wouldn't mind being a buy/hold owner. Learn. Flip the first one. Get the cash, and repeat the process if you made enough cash to buy it for cash--just hold onto it. But know the BMore laws on renting. Get started (ish) again.
  • Silver Spring, MD 路 Member since 2016 路 10 posts 路 1 vote
    9y
    You are correct! All good advice. I appreciate it. At the moment, I guess I'm trying to find a house in a location that we are both familiar with. He's more for theRockville, Silver Spring, DC market.
  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent 路 Washington, D.C. 路 Member since 2012 路 17k+ posts 路 30k+ votes
    9y

    Flipping will be much easier in DC than in SS or Rockville. PGA County as well. Most of MoCo doesn't offer high enough price spreads for flipping.

  • Silver Spring, MD 路 Member since 2016 路 10 posts 路 1 vote
    9y
    Thank you, Russell Brazil , I appreciate the feed back. Perhaps that's what my issue is. I haven't seen many houses in SS and Rockville where the numbers seemed right. On another note, I heard the podcast BP featured you on. A got a lot of insightful information. I hope you don't mind if I reach out to you in the future considering the proximity.
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