New Member in the DC area (Northern VA)

New Member in the DC area (Northern VA)

JJ ConwayPro Member
Financial Advisor · Stephenville, TX · Member since 2016 · 163 posts · 85 votes
Hi Everyone!

I'm Janine "JJ" Conwaywho has been involved in "real estate investing lite" since 1999.  I say "lite" because up until last year my experience was basically military-driven: Move somewhere, buy a house, rent it out, move somewhere else buy a house, rent it out... and so on... 

A couple years ago our government went through a furlough and that's when I realized I could afford to retire and move home. I didn't, because I have other goals, but that realization pushed me into adding "education" to what I already did as a financial planner. Real estate investing is the #1 recommendation I make to clients who need to start over in mid-life with their wealth-building efforts.

I have also been involved in private lending deals where I contributed to other investors. Two years ago I invested with someone who overbuit the property, couldn't sell it, and then walked away. I lost enough money in that deal that I realized I could have put that money into my own property.  And so that's what I did: last year I bought a cash house in Baltimore City, rehabbed it and got it rented out.  Had a lot of issues and learned a lot.  Guess I caught the bug because I can't wait to save up and do it again.

I came to Bigger Pockets because I needed a property manager.  I've had **bad** experiences with property managers, but I was 9 months pregnant and I couldn't keep driving up there to a) finish out the property and b) work on finding a renter.  I found some recommendations here and one of those has really worked out for me.

I've been lurking for about 6 months now, and really excited to finally "join."  

Take care,

JJ

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Russell BrazilBusiness Member
Moderator
Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
10y

Welcome to BP @JJ Conway. If you are looking for a property manager in Baltimore I might suggest reading @Ned Carey's blog post about the best property managers in Baltimore. A couple of the people mentioned in the post are BP members themselves.

https://www.biggerpockets.com/blogs/3225/42370-property-mangers-in-baltimore

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    10y

    Welcome to BP @JJ Conway. If you are looking for a property manager in Baltimore I might suggest reading @Ned Carey's blog post about the best property managers in Baltimore. A couple of the people mentioned in the post are BP members themselves.

    https://www.biggerpockets.com/blogs/3225/42370-property-mangers-in-baltimore

  • JJ ConwayPro Member
    OP
    Financial Advisor · Stephenville, TX · Member since 2016 · 163 posts · 85 votes
    10y

    Thanks for the welcome @Russell Brazil !

    I did find a property manager 6 months ago when I came to this site.  They helped me get the project finished and rented in about 2 months - a week later my son was born!  

    BTW, @Ned Carey came and spoke at my Building Wealth Together meeting a couple weeks ago - GREAT GUY!

  • JJ ConwayPro Member
    OP
    Financial Advisor · Stephenville, TX · Member since 2016 · 163 posts · 85 votes
    10y

    Ok, so why was Ned's name highlighted and Russell's not?  Newb error?

  • Ned CareyPro Member
    Moderator
    Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
    10y

    @JJ Conway If you type the @ sign and then a ? it will show a list of people who contributed to the thread. Like this @?  for  me your name and Russel's show up.

  • Professional Auctioneer · Baltimore, MD · Member since 2015 · 1k+ posts · 1k+ votes
    10y

    Good luck, and welcome to BP, I have been in Baltimore all my life, investing and selling real estate as an auctioneer.

    Good luck saving for you next investment, however, if you understand creative financing you could be controlling real estate now without the need for saving for a down payment.

    With some creative techniques you could be buying real estate without money now.

  • Real Estate Broker · Bowie, MD · Member since 2014 · 242 posts · 44 votes
    10y

    Hi @JJ Conway, welcome to BP!!! There is tons of information on BP, so you are at the right place to be educated and to find great resources. I always check out the podcasts and listen to great tips and tricks provided. Happy learning and earning!!

  • Towson, MD · Member since 2015 · 161 posts · 44 votes
    10y

    Welcome @JJ Conway! I am approaching 40 quickly and I feel like I'm in that midlife stage of starting in real estate! So much to learn on these forums. Best of luck and keep in touch! 

  • Orlando, FL · Member since 2015 · 79 posts · 21 votes
    10y

    Welcome @JJ Conway!  I'm looking into investing in Baltimore City as it has a lower price for entry than NoVA. Can you share any tips for investing in Baltimore City?

  • JJ ConwayPro Member
    OP
    Financial Advisor · Stephenville, TX · Member since 2016 · 163 posts · 85 votes
    10y

    Hi everyone thanks for the welcome!  I do just want to address one thing real quick - as a financial planner, I am pretty familiar with the concepts of creative financing and leverage. I'm not above working a sub2 deal or lease option (working one now) where I'm not on the loan, but I personally no longer take out loans for real estate investing. Been there, done that.  Works for many of my clients, but didn't work for me. Left me nearly bankrupt when the market crashed.  

    Nowadays I buy cash deals and I don't stress when I can't find the "right" tenant fast enough because there's no mortgage hanging over my head.  Gone are the days about rushing to get someone into one of my properties there b/c I had too many mortgages going unpaid.  Not saying it doesn't work for others (it does), just isn't for me.

  • JJ ConwayPro Member
    OP
    Financial Advisor · Stephenville, TX · Member since 2016 · 163 posts · 85 votes
    10y

    @? 

    @Kadian F. one piece of advice is to have a local investor walk you through the ropes, even if it means compensating (paying) them for their time.  I did this with the last rehab - a really good rehabber came and walked through the property and told me all the things she would have done. She also alerted me to some lead safe issues I didn't realize I was going to have to deal with and showed me where I'd overspent. It honestly never occurred to me to have asked her to come out like that- she did because I bought and wished I had bought her lease.  She then took me to one of her rehabs and showed me how to "do it right." The couple hours we spent that day and the couple hours we spent later discussing the lease and clauses were WELL worth what I paid.  I just wish I'd have done it earlier because Baltimore City is not the rest of the world!  I also wish I'd have found THIS site earlier!

  • Investor · Baltimore, MD · Member since 2015 · 152 posts · 231 votes
    10y

    Welcome to BP @JJ Conway and Good Luck! A good mentor is invaluable! A know in my experience probably the most helpful advice I have received from my mentor were attention to the small aspects of rehabs that are often overlooked. In the last 6 months I have done three successful rehabs in Baltimore and I owe all their success to his mentoring. 

  • Investor · Fairfax, VA · Member since 2015 · 239 posts · 90 votes
    10y

    Hi @JJ Conway

    Welcome! Glad you're here. There are lots of ways to learn more and get involved in the local real estate investor community in NOVA. Bigger Pockets is great. I'd also recommend joining a local group or two... I'm a member of Capital REI, which is run by @Roger Lin, @Justin Pierce, and @John Rubino. This is a great group that meets in Fairfax City each month. Nice group with lots of good people in it. I can provide more details if you're curious.

    Also, I'd be happy to point you in the right direction for things to think about and consider as you make a decision regarding your next steps.

    Please check out my profile and reach out if you think I might be able to help you. I have lots of clients in the same boat- just getting started and trying to make the best possible choices as they move forward. It's great that you're reaching out for advice. That's a VERY smart first step. :)

    Liz  

  • Rental Property Investor · Waldorf, MD · Member since 2015 · 155 posts · 76 votes
    10y

    @JJ Conway again welcome to BP and congratulations on not giving up and charting your own course in real estate.  There are so many helpful people on this site, I'm also very glad I found it. 

    Your method seems similar to @Lisa Phillips Sub30k approach. Are you familiar with her? @Kadian F. this may be of help to you as well! 

    @Angela DeBorja I'm approaching 40 as well. I feel like I still have enough time and these next 10 years are critical to my success. I've been thinking about for the last 5 years! It's time to make it happen! 

  • Orlando, FL · Member since 2015 · 79 posts · 21 votes
    10y

    Hey @Kim Coleman I've viewed a few of Lisa's videos and I've found them to be very helpful. I'm researching areas of Baltimore now and hopefully I'll find a property that works in the near future.

  • JJ ConwayPro Member
    OP
    Financial Advisor · Stephenville, TX · Member since 2016 · 163 posts · 85 votes
    10y

    So I guess we're the firce, fabulous, 40s investors haha

  • Towson, MD · Member since 2015 · 161 posts · 44 votes
    10y

    Lol @JJ Conway sounds like a great group name. Our goal is to get few flips under the belt and then start adding buy and holds single family. Definitely open to the sub30K approach. I think I listened to her podcast about that. 

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