New Maryland investor
Hello BP world!!! Six or so months ago I decided I needed to find an alternate, non w-2 source of income that can supplement my current source so I can leave my job (eventually), and all those other reasons we invest in real estate. I've been around buildings my whole life and always interested in real estate but oddly enough never really saw it as a way for me to make money. Without knowing the term, I started house hacking my condo a year ago and things have been working really well. My wife and I decided investing in real estate may be a good way to go.
I found the BP community through a MF developer who told me to immerse myself in the BP world, so I've started. The information the podcasts, books, forums, and comments provide are simply awesome! There's so much it makes my head spin sometimes.
One thing I haven't seen much about, and maybe I'm just missing it is, how we should hold these assets. My plan is to hold long term rentals. My attorney recommends each unit be its own separate LLC to protect each unit and myself individually. If I house hack, the unit is likely in my own name, not an LLC (though I guess maybe it could be? just less favorable lending terms maybe).
I would love to hear about peoples recommendations and experiences, trials and tribulations to help guide and inform by development as I build up my empire.
Thank you for your contributions! and looking forward to being a contributing member as I move through my journey.
Welcome to the BP community Scott! It sounds like your goal is cashflow, and there are plenty of markets within an hour drive of Columbia where you can find deals that will cashflow in Year 1. Good luck!
Hey Scott I'm in Morgantown and would be happy to chat. Do you have any deals you're currently working on? In my experience finding the DEAL is the the hardest part and everything will fall in place when that is in place.
Hey Scott, welcome to the BP community!
I'd love to offer advice and get the ball rolling for your future investments. Feel free to reach out if you'd like to discuss LTRs.
Quote from @Joe Norman:
Welcome to the BP community Scott! It sounds like your goal is cashflow, and there are plenty of markets within an hour drive of Columbia where you can find deals that will cashflow in Year 1. Good luck!
Thank you Joe! I'm looking in the Odenton area as a good location for rents to Fort Mead employees and/or College Park area for students. I'd like a house hack in the Odenton area. If I can get any cash flow, I'll be happy, but I'm ok with finding a great house hack deal that doesn't cash flow initially. I'm looking long term but need to be able to afford it as I get started.
Quote from @Seth Timmerman:
Hey Scott I'm in Morgantown and would be happy to chat. Do you have any deals you're currently working on? In my experience finding the DEAL is the the hardest part and everything will fall in place when that is in place.
Hi Seth, thanks for your post. The last two offers I submitted were turned down and the two fixer upper's I was looking at are either out of reach or in a bad part of town, so I don't have anything at this moment but like many, I'm combing through the usual places to find something and driving for dollars.
Quote from @Alli Breighner:
Hey Scott, welcome to the BP community!
I'd love to offer advice and get the ball rolling for your future investments. Feel free to reach out if you'd like to discuss LTRs.
Sounds great, thank you Alli!