New member, living in Boston, investing in Baltimore

[Jack M.]

Hello all.

I'm new here, but I'm not an entirely new investor.

I did the "house hack" of owning a property with an FHA loan and rented out the basement to help pay the mortgage on a property in Maryland. This was back in 2006. After the housing crash, my long time tenants moved out and I was moving off to grad school, and I could not sell my house (I was way underwater on the mortgage), so I ended up renting it out.

I only recently got above water on that house, and it is not the best investment property, but I'm keeping it for now since it is finally generating a positive cash flow.

I've recently come into a lot more money (self-employed), and am now in a position to buy even more properties, but I want to do it right this time. So, here I am

I moved to Boston for grad school and I love it up here, but I feel the market in Baltimore is a lot better for what I want to accomplish (buy and hold, mainly), and I know the market better (in addition to already having a management company in place). 

Anyway, hi. Nice to meet you all. 

[Account Closed]

Jack, welcome to BP and Charm City Baltimore where the city is about to break records for the most _______________in America.  Can you guess what?

I was born and raised in the City and learned about investing techniques when I was in my 20's, now 73 still going strong and doing bigger and more profitable transactions. But started buying junk properties for under $10,000 using all the creative formulas I could think of (credit cards, commercial over draft protection, credit lines, partners, lots of Subject to Existing Mortgages, delayed settlement, flips and seller/contractor partnering). 

My systems of investing was called "Trial and Terror", my motivation was "Fear of Poverty".

Now after 47 years of Trial and Terror, I still find myself learning about and perfecting unusual alternative financing and acquisition of properties and developing commercial real estate methods.

We are developing two buildings on Charles Street now into, what might be, the largest Night Club in Baltimore. Due to open March 2016.

If there anything I can do to help you, let me know.  I admire and have lots of respect for anyone who is in business for themselves, it's not easy to keep your head above the financial waters, while paying taxes, taking care of production and baby sitting employees.

As business people this is why we need real estate to shelter our business income and to have a cash flow back-up for the times when cash flow is low in our businesses.

Good luck.....Charles