Newbie in Hagerstown MD

Newbie in Hagerstown MD

Leesburg, VA · Member since 2015 · 14 posts · 3 votes

My name is Paulo and I am a newbie real estate investor looking to invest in properties primarily in Hagerstown MD but I am open to other areas in the country should I find the right deal. I currently live in the Northern Virginia area so Hagerstown is only a 45 minute drive.

I have been reading posts about real estate investing, listening to podcasts and books, taking classes and have been doing my own research for the last year and I feel that I am ready to jump in the game! I am looking to learn from and network with other BP members, wholesalers and other seasoned investors. I used to be in the construction industry and rehabbed and sold my first home about 15 years ago. I am still a licensed contractor in MD, VA and DC.

My goal is to purchase distressed properties below market for cash, fix, rent, refi and hold. I have been looking at smaller multifamily properties. I have recently attended the local REIA association (HubCity) and was very excited to hear from very seasoned investors, they have a very knowledgeable group.

Thank you for reading this post. Any leads towards these goals will be greatly appreciated.

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Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
10y

@Paulo Trindade

Welcome. 

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com

Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

Good Luck

Paul 

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  • Lender · Martinsburg, WV · Member since 2013 · 171 posts · 93 votes
    10y

    Paulo

    You have the experience and intangibles to be successful in this business just like you are in your current business.  I am looking forward to working with you. You've just gotta find the right deal and you'll be headed down that path..

  • Leesburg, VA · Member since 2015 · 14 posts · 3 votes
    10y

    Bill - Thank you, I appreciate all the help and insights that you have given me so far, I am looking forward to working with you as well!

  • Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
    10y

    @Paulo Trindade

    Welcome. 

    Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet wholesalers who provide deals and rehabbers (cash buyers). Find them through Google and meetup.com

    Two Great reads, I bought both J. Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbook

    Download BP’s newest book here some good due diligence in Chapter 10. Real Estate Rewind Starting over

    http://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets-community-book

    Good Luck

    Paul 

  • Rental Property Investor · Phoenix/Lima, Arizona/OH · Member since 2012 · 4k+ posts · 4k+ votes
    10y

    Welcome to BP nation, Paulo!

    Listen to the marketplace... it whispers in your ear :)

  • Leesburg, VA · Member since 2015 · 14 posts · 3 votes
    10y

    Paul - Thank you! I will make these tips my assignment for the day and week! Really appreciate it!

    Best of luck to you as well!

    Paulo

  • Leesburg, VA · Member since 2015 · 14 posts · 3 votes
    10y

    @Ben Leybovich - Thank you! 

  • Rental Property Investor · Carlisle, PA · Member since 2013 · 1k+ posts · 543 votes
    10y

    @Paulo Trindade, welcome to the posts. This is a great site for the networking you are looking for to get started. What drove you to the Hagerstown market? I am also in Northern VA and am curious what made that market appeal to you, other than just prices and proximity to NOVA. Good luck!

  • Leesburg, VA · Member since 2015 · 14 posts · 3 votes
    10y

    @Kevin Hunter - Thank you for the question. While price and distance were a great factor in my decision, I found that properties in Maryland (Hagerstown specifically) will allow me to get as close to the 2% rule as possible. Also, I think you can still find deals that are below market value which I can fix , hold and start with a higher equity. While properties may not appreciate much in value long term, I will get good cash flow. What is your view on the overall local market? Any advice will be much appreciated. I look forward to your feedback.

    Thanks again.
    Paulo

  • Tim JacobPro Member
    Real Estate Agent · Baltimore, MD · Member since 2016 · 520 posts · 379 votes
    10y

    hi Paolo,

    Im new to BP and invest in the DC area. I will probably attend an REI event in Frederick soon.

    Maybe we can network there.

    Tim

  • Leesburg, VA · Member since 2015 · 14 posts · 3 votes
    10y

    @Tim Jacob

    Hi Tim, Absolutely, please send me a PM in advance to confirm and we will network. I am planing to attend other local REIA meetings as well, let me know if you have any other meetings in the area that you would recommend.
    Thanks,
    Paulo

  • Investor · Silver Spring, MD · Member since 2016 · 92 posts · 42 votes
    10y

    Welcome Paulo! 

    I too am looking at Hagerstown primarily for multifamily and am always available to bounce around ideas or just to network. Don't hesitate to reach out. Best of luck! 

  • Leesburg, VA · Member since 2015 · 14 posts · 3 votes
    10y

    @David Alvarado Thank you – good to hear and I will definitely reach out, I appreciate the offer. Please do the same and good luck to you as well!

  • Real Estate Investor · Charles Town, WV · Member since 2015 · 35 posts · 12 votes
    10y

    Hi Paulo,

    I'm just north of you in Charles Town, WV. I invest in Hagerstown for the same reasons that captured your interest - proximity and cash flow. I believe your contracting ability is a huge advantage and there are several small multi families that fit your criteria on the MLS. The beauty of your approach is that it is scalable, you can pull your downpayment money back out after your rehab is complete by refinancing. This gives you the ability to reuse your original downpayment over and over. Due props to @Brandon Turner for his appropriately named Brrr strategy! Good luck and feel free to reach out with any questions or potential JV deals.

  • Leesburg, VA · Member since 2015 · 14 posts · 3 votes
    10y

    @Ray Arends Thank you. It is good to hear that you are investing in Hagerstown, very reassuring to me. Your description of my strategy is perfect and I am open to JV as well so please reach out at any time and good luck to you as well!

  • Investor · Sterling, VA · Member since 2014 · 24 posts · 17 votes
    10y

    @Paulo Trindade, welcome to BP! I have found great advice on here and people are really willing to help.  There's plenty of investing to go around. I am also in NOVA and my husband and I invest in Baltimore County. We currently have 6 rentals and close on the 7th next week. Let me know if you want to connect and we could possibly do a jv. 

  • Leesburg, VA · Member since 2015 · 14 posts · 3 votes
    10y

    @Eliza Luna Thank you! I have been wondering about Baltimore county, lots of potential deals but need to know your neighborhoods. I am planning to attend one of their REIA meetings this week and I will definitely stay in touch with you, let me know of any JV opportunities as well. Good luck in your ventures!!!

  • Real Estate Investor · Richmond, VA · Member since 2016 · 133 posts · 31 votes
    10y

    @Paulo Trindade Welcome to BP! I am also starting out in real estate investing and have found BP to be a great community to learn from the experienced investors and also network and share ideas. If you're ever looking to do a deal in central VA please don't hesitate to message. Wishing you well in your investing.

    PS* I saw you mentioned you listen to the podcasts .  Here's a link to a few favorite BP podcast episodes of BP members. Thought this may be of interest!

  • Investor · Leesburg, VA · Member since 2015 · 54 posts · 19 votes
    10y

    @Paulo Trindade Welcome to BP! I have Hagerstown and Baltimore on my radar as well. I see you are in Leesburg, we should link up. It's on my list to do but I have not made it to a MD REIA meeting. I have been going to Capital REI in Fairfax. They also have a good facebook group.

  • Winchester, VA · Member since 2016 · 1 post · 0 votes
    10y
    Hi Paulo Trinidade! Welcome to BP. I am a new investor moving to Winchester , va soon. Let's meet up in one of the REIA soon.
  • Leesburg, VA · Member since 2015 · 14 posts · 3 votes
    10y

    @Chris Strokes - Thank you, I will lookup Capital REI in Fairfax. Yes, Hargertown and Baltimore are on my radar also. Good luck to you and let me know if I can be of help!

    @Krishna Koshta - Thanks, love Winchester! good luck with the move. I am available should you have any questions as well!

  • Frederick, MD · Member since 2015 · 654 posts · 256 votes
    10y

    @Paulo Trindade - we're just up Route 15, feel free to join us:

    https://www.biggerpockets.com/forums/521/topics/27...

    There's a lot of smart/talented folks at the Capital REI in Fairfax - I highly recommend it (and make the trek there when I can).

  • Investor · King of Prussia, PA · Member since 2014 · 1k+ posts · 339 votes
    10y

    @Paulo Trindade welcome to BP! Best/first thing to do is get educated. Read read read! Continuing reading books on investing in real estate, listening to the podcasts, attending webinars and staying active on the forums while connecting with other investors in your area and pick a niche. Best of luck

  • Leesburg, VA · Member since 2015 · 14 posts · 3 votes
    10y

    @Ayodeji Kuponiyi - Thank you for the tips, will do! best of luck to you as well.

  • Leesburg, VA · Member since 2015 · 14 posts · 3 votes
    10y

    @Account Closed - I will be there! thanks.

  • Investor · DMV Maryland · Member since 2013 · 867 posts · 370 votes
    10y

    I think Hagerstown has a REIA too - HubCity I believe. Welcome to BP!!

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