Columbia, MD · Member since 2013 · 11 posts · 2 votes
Hello I am new to the real estate investing. I have been interested in joining the real estate market as an investor for some time now, and like most people I have spent tons of money on programs from "gurus". Some were informative and some were just a waste of money. Intimidation and fear have kept me from taking that leap into the deep end so to speak. I am hoping that I could find a mentor/coach in the Washington, DC, Maryland, Virginia area who would be willing to work with me and guide me in the right direction.
Also for someone who I new to Investing, what would be the recommended area to begin? I have researched Wholesaling, rental properties, Flipping. I would greatly appreciate some advice
Yes, Tracy check out the article. You can't decide which way you want to go without knowing your goals about what you want to accomplish and how much time and energy you want to spend doing whatever it is you decide to do. All of those things you mentioned are totally different from each other in terms of what they accomplish.
Investor · Maui, HI · Member since 2009 · 13k+ posts · 3k+ votes
12y
Hey @Tracy Walker welcome to the site! It's hard to say what the best way to get started is, cause it differs for each person, based on location, personality, etc.
Investor · Reston, VA · Member since 2013 · 54 posts · 15 votes
12y
Hi Tracy, we're from DC as well, focusing on Baltimore now. Have solid landlording experience and am getting more active as a way to transition away from the turbulent government job market. Good Luck to you!
martinsvile, VA · Member since 2013 · 90 posts · 16 votes
12y
No I have not, And not sure when. I am reading and learning while working on my credit. I am hoping for my 2014 Christmas present to be a home purchase for rent.
But there is so much to read and remember here it may be dizzying. You really are at a good place here.
Investor · Odenton, MD · Member since 2012 · 105 posts · 9 votes
12y
I live near Fort Meade and all 7 of my MD properties are in Crofton and Odenton. They cash flow well. A friend of mine and I are searching for properties to flip. I find that niche to be more confusing than buy and hold. Buy and hold you can spend $10k more than you expected but you'll get it back in rent or when you decide to sell. More pressure to stay within a budget and sell in a certain amount of time to make it viable.
Columbia, MD · Member since 2013 · 11 posts · 2 votes
12y
@Billy...you are absolutely right, there is a lot of information to read and digest as well as wonderful advice from more seasoned investors on this site. I am glad I found it.
@Scott....I am definitely heading in the direction of flipping. I believe this area is a good one to be in. Of course being a beginner there is major trepidation about jumping into that avenue without learning everything I can and possibly mastering a less risky one first. I wish you much luck with your flipping. Please keep me updated on how things are going for you. I would love to hear
Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having 40 past ones to catch up on.
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. There are several large clubs in your area.
Consider checking out HUD homes for small multi's owner occupied gets first crack.
Yes, Tracy check out the article. You can't decide which way you want to go without knowing your goals about what you want to accomplish and how much time and energy you want to spend doing whatever it is you decide to do. All of those things you mentioned are totally different from each other in terms of what they accomplish.
Deciding on a strategy has a lot to do with your available time, and level of experience. If you're looking for a passive investment to build a real estate portfolio, then consider turn key (rent-ready) real estate investing. This offers minimal time invested. If you're looking to buy-and-fix properties then be sure you're clear on the time you have to put into it, what people and resources you have, and what your exit strategy is.
This is just a starting point, as there are other questions you could/should be asking yourself before getting started, but be clear on your strategy.
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
12y
Welcome to BP @Tracy Walker I see you are in Columbia. You may want to check out the Columbia MD BWI Meetup It is this Wednesday Nov 13. Several BP members usually show up and I should be there.
Fairfax, VA · Member since 2013 · 3 posts · 0 votes
12y
Hello Tracy:
Welcome to Bigger pockets. I am also new, from Fairfax, Virginia. I think you will get online coaching on this forum for your questions. I wish you much success.
Rental Property Investor · Richmond, VA · Member since 2013 · 17 posts · 0 votes
12y
Hey Tracy,
I understand the fear of the leap and over education. But take the leap enjoy the process. I am making the final move to Richmond VA this week. I am leaving a good business, family, and comfort of friends being minutes away as well as all things familiar to me for the majority of my life. I'm ready..... And so are you...I don't like to say Good Luck....I prefer Good Journey......
Investor · Montgomery County, MD · Member since 2012 · 34 posts · 4 votes
12y
@Tracy Walker, Hello!
I'm from Montgomery County, Maryland and am also new to investing. Working on my first deal now. There's a great REIA meeting every 3rd Monday of the month in Bethesda, MD check it out it's a great resource and networking exchange.