Excited to start my real estate journey

13 Replies

Hi BP community, 

Long term lurker and newbie here. After a couple years of analysis paralysis, I have finally decided to take the plunge and invest in at least 1 property before the end of 2020.

I found bigger pockets through Choose FI, a financial freedom podcast, and have been hooked after listening to my first episode.

For my first property, I would ideally like to invest in a multi family or single family in either Baltimore City or county.

The tenants I'm targeting are students and young professionals.

I have worked with several real estate agents, but they either do not seem to know a lot about investing, or do not have enough time to even accommodate me to my requested showings.

To the more experienced investors in the Baltimore area:

Can anybody make any recommendations for smaller real estate investor meetups for 50 or less people?

I'm excited to start this journey, and to continue learning about real estate investing!

Eugene

@Eugene Choe First off, welcome to BP.  You'll find the network here in maryland to be strong and extremely attentive to questions here in the forums.  

I remember the feeling of realtors not taking me seriously prior to doing my first deal.  Some tips that may help you:

1. Get pre-approved prior to engaging a realtor.  I feel like this is critical if you are trying to establish a new relationship with a realtor and show that you are serious.  Presenting this letter to a realtor speaks to your willingness take unprompted action on your own and will give the agent an idea of your budget

2. Have established investment criteria to present to a realtor (i.e know what you are looking for).  There are many investors that simply do not know what they want.  There are numerous factors that come to play regarding real estate: single family, multifamily, condo, location, price range, square footage, bedrooms, bathrooms, construction type, access to highway, proximity to schools, nightlife, amenities etc.  establish your criteria and convey that to your agent.

"I'm looking for a 3/2 inside the city limits withing a 2 mile radius of "X" landmark at this price"

The more specific the better

3. Seek programs which provide incentives to both you and the agent to get a deal done.  I feel this is not brought up enough.  2 out of my 3 deals have been through a real estate program my bank (USAA) runs to provide a top notch agent to fill my need.  Essentially, they are somewhat obligated to do what they can to make you happy. This will keep them eligible to remain part of the program which funnels potential buyers their direction.  The program I'm in also provides a monetary kickback to me when I close!  The amount i'll receive is just dependent on the property sale price.  Check with your bank to see if this is something they can help you with.

Good luck

Hi @Eugene Choe

Welcome!!!

I try to go Wilkens Lunch once a month, I think it might help you. Most of the investors are buy and hold people and you can get good info.

I agree regular agents do not know much about investing, so I suggest to work with a realtor/ investor agents.

Multi units around the colleges are mostly expensive these days in Baltimore City, actually multi units are over priced all over the Baltimore City these days, so just be carefult not to pay too much.

Good Luck!!!

Originally posted by @Solomon Morris :

@Eugene Choe First off, welcome to BP.  You'll find the network here in maryland to be strong and extremely attentive to questions here in the forums.  

I remember the feeling of realtors not taking me seriously prior to doing my first deal.  Some tips that may help you:

1. Get pre-approved prior to engaging a realtor.  I feel like this is critical if you are trying to establish a new relationship with a realtor and show that you are serious.  Presenting this letter to a realtor speaks to your willingness take unprompted action on your own and will give the agent an idea of your budget

2. Have established investment criteria to present to a realtor (i.e know what you are looking for).  There are many investors that simply do not know what they want.  There are numerous factors that come to play regarding real estate: single family, multifamily, condo, location, price range, square footage, bedrooms, bathrooms, construction type, access to highway, proximity to schools, nightlife, amenities etc.  establish your criteria and convey that to your agent.

"I'm looking for a 3/2 inside the city limits withing a 2 mile radius of "X" landmark at this price"

The more specific the better

3. Seek programs which provide incentives to both you and the agent to get a deal done.  I feel this is not brought up enough.  2 out of my 3 deals have been through a real estate program my bank (USAA) runs to provide a top notch agent to fill my need.  Essentially, they are somewhat obligated to do what they can to make you happy. This will keep them eligible to remain part of the program which funnels potential buyers their direction.  The program I'm in also provides a monetary kickback to me when I close!  The amount i'll receive is just dependent on the property sale price.  Check with your bank to see if this is something they can help you with.

Good luck

 Hi Solomon,

Thanks for the detailed response!

1. I have a pre approval, but never took the time to inform the agents I worked with that I actually have one. Now that I think about it, it makes more sense to tell them up front about it.

2. This is really good advice that is touched upon a lot in the podcast. I will definitely work on this when approaching realtors.

3. I have never heard of programs like these. Thank you for providing me with such a valuable opportunity to look into.

I'll close with one more question. Are you part of any real estate meetups in Maryland?

Eugene

Originally posted by @Aaron Belt :

Hey @Eugene Choe and welcome to Bigger Pockets! You just took a big step towards starting off in real estate investment. Bigger Pockets is a great place for networking and getting deals done. It's one step for real estate investing, the other step for great success! Congratulations and I wish you all the success.

 Aaron,

Thank you for the warm welcome, and appreciate the positive energy! I wish you success in your real estate journey as well.


Eugene

Originally posted by @Ozzy Sirimsi :

Hi @Eugene Choe

Welcome!!!

I try to go Wilkens Lunch once a month, I think it might help you. Most of the investors are buy and hold people and you can get good info.

I agree regular agents do not know much about investing, so I suggest to work with a realtor/ investor agents.

Multi units around the colleges are mostly expensive these days in Baltimore City, actually multi units are over priced all over the Baltimore City these days, so just be carefult not to pay too much.

Good Luck!!!

Ozzy,

I'll definitely check out Wilkens Lunch. Thanks for the tip. Any other real estate meet ups that you frequent?


Eugene

 

@Eugene Choe Welcome! I agree with @Ozzy Sirimsi that multis in Baltimore City--especially in better areas--are overpriced. Once exception is the area around Morgan State where there are still deals to be had on duplexes. Have you thought starting with a house hack then going into a traditional investment play? That is one way to mitigate risk a bit. 


Good luck! 

Seb 

@Eugene Choe check out biggerpockets.com/events and you can filter via distance for events happening around us.  There are also some not advertised you can find through google.  I am not a regular at meet ups due to irregular work requirements but I have been to a few. @Ned Carey   spoke at one I've been to.  I had a great time and met a few good people.  One I'm definitely looking forward to is :

https://www.biggerpockets.com/forums/521/topics/774330-dc-rei-rockstars-premiere-wahington-dc-area-investor-meetup?page=1#p4552157

This one from my understanding is being arranged by @Russell Brazil , another heavy hitter in our area.  @Alexander Felice @Joseph Asamoah @Kevin Leahy are scheduled to be there as well including other prominent RE investors in the DC metro area.  I'd recommend you keep an eye on that event as it develops more

@Solomon Morris Thanks for the shout out.  The event should be pretty rocking.  We have a good lineup of BP Podcast guests in the coming months including the ones you mentioned and more. @Eugene Choe would love to have you out at our event.  

Thank you all for the warm words of welcome. I'm getting so much good information from this one intro post alone, so I'm kinda kicking myself since I didn't become more active on the forums earlier.

See you all on the rest of the forum!

@Eugene Choe welcome to BP.  If you want a small group I recommend the Friday Lunch At Spirits West in Baltimore. Search here you should find something about it. 

@Eugene Choe Congratulations on making the decision to take action! I would challenge you to set your goal sooner, BP has the 90 day challenge but even 6 months wouldn't be bad. I don't focus on rentals but meetup website has alot of groups for real estate investing Baltimore REIA does have a membership but when i first started I paid to be a member for year and was totally worth it. You meet a lot of people and I have learned the more people you have to go ask questions or bounce ideas off of will make the process a whole lot easier. You have so many parts when it comes to real estate it is good to have multi people to go to when you run into a problem. Good luck and keep us updated!

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