Baltimore native looking for first deal and mentor

10 Replies

Happy New Year everyone. I've been on BP for a while doing my research. One of my resolutions is to buy my first deal in 2018. Does anyone know a local REIA in the Towson area or an investor looking for help on managing properties. I am a finance professional and am willing to do some physical labor or other services in exchange for mentoring. Thanks guys any info or tips would help.

Mid-Atlantic REIA ... MAREIA is a most excellent resource

mareia.com

@Andre Mudiay Happy New Year!!  I really like a group called Rehabber Pro Baltimore!  You can find them on meetup.  They meet once a month usually at a location of a project that is being worked on and the cost is Free!  Hope to see you around!

@Andre Mudiay welcome to BP. The only group I know that meets in Towson is the Baltimore REIA already mentioned. I wouldn't limit myself to Towson as there are a lot of groups in the area. Certainly the Baltimore REIA is a good one. you can find others by searching REIA or Meetup.

@Andre Mudiay Congratulations on setting that goal! This is really important to get you going!

I've been to a few MeetUp with Baltimore REIA, and there are a few you can search for on the MeetUp app. 

More importantly, I think it's absolutely important to figure out what your investment personality is? What do you like doing? Are you sure you like physical labour or the thrill or like closing a wholesale deal? These are pertinent questions. 

Now, you may ask: how do I know what I like and what I don't like? 

  1. Start  reading Real Estate books (perhaps start with Rich Dad Poor Dad
  2. Talk to a variety of Real Estate investors (wholesaler, rehabbers, syndicators etc)
  3. Truly give away your time to an investor who needs help in your market

Lastly, you mentioned you are a finance professional, so you want to start thinking about how to balance your day job with your real estate activities

Hope this helps. Good luck. Thanks! - Ola 

Hello Ola thanks for the advise, I've actually been looking into real estate investing for 2-3 years now reading multiple books like rich dad poor dad and others. I'm currently reading one about investing in fixer uppers and properties that you can add value too and that seems like that would be my niche. I haven't had a chance to meet with many investors so if you have the time it would be a pleasure to run some ideas by you.
@Oladantis

Hey Andre I'm a newbie in Baltimore I am member of the Baltimore Reia if you are looking for mentorship I would recommend going to the strategies south meeting out in Hartford there are less newbies because it is so far and you are more likely to meet someone who can mentor you. You can look on the Baltimore Reia Website to see when the next meeting is it's usually in the beginning of the month I believe the next one is on the 5th of February. The Reia also has an inner circle membership where you can get mentored by some of the local investors depending on your real estate niche it does cost money to join that program. Hope this helps much success in 2018

@Andre Mudiay

Welcome to BP

Here are my top three for where you are

BWI meetup

Baltimore REIA

Deals Meetup at National Harbor in Oxon Hill

All very good

Your "investor personality" lots of times is driven by your circumstances.  If you need to start out with little money, wholesaling could be your gig.  If you know how to rehab things and have some cash to get going, fix and flip could be your thing.  Talk to a lender to find out exactly what you can do and then back into what you want to do.

Just one girl's opinion

Stephanie

I'm no mentor, but I can offer you a JV opportunity in the near future depending on your financial situation. I have a Baltimore property on Scott street scheduled to sell the end of February and plan on locking in another property around the same time frame. Message me if you're serious

There is much you can learn from REIA's, my REIA is in Parkville, meets the first Tuesday of each month, MDREIA -

Be aware that some of the REIA's will have speakers from out of town selling all kinds a crazy and sometimes useless courses, CD's and classes. BE CAREFUL before you believe all that is promised.

I have been investing in B-more for over 40 years - my suggestion is to study the market, learn creative financing, make offers and look at 20-30 properties every month until you feel you understand -

  • values - in Baltimore the values change from one block to another - understand that.
  • comps, be sure you have access to comps and understand the real comparison 
  • financing - hard money - soft money - seller financing - delayed settlement - joint venturing -etc.
  • contracts - what will you use a MAR 35 page contract or a skinny one page with one contingency
  • understand the auction business - learn how to use auctions to sell your deals
  • attend auctions - meet REAL INVESTORS
  • meet real investors (many of the attendees at REIA's are not pros and looking for help from each other
  • learn to recognize BS from real good information - talk is cheap - KNOW-NOTHINGS like to talk - talk is is free, it makes them feel important!
  • always verify - verify and verify everything - rent, expenses and the history of the property you are considering getting involved with.
  • How many days on the market - known as DOM, how many times has the price been reduced, read the comments section of the listing - ask the agent why it has not sold.
  • Talk to the listing agent - gather information - why has it not sold, what are the problems with the building, what is the zoning, why is owner selling, how much will they financing, how much will the seller contribute to settlement cost, can you have possession before settlement
  • Ask what the balance of the mortgage is - see if you can do a "subject to" and seller financing for the balance of their equity
  • Always act professional - look and dress like a pro -
  • Remember when you are asking questions - you are in control - when they are interrogating  you, they are in control. 
  • If you don't want to answer their questions (how much money do you have, what's your credit rating, how are you going to financing this deal, when can you make a decision) defer to a higher authority - your wife or account - you can always say you are a cash buyer and don't need financing - remember controlling real estate is a great way to earn money
  • Don't tell on yourself - they don't need to know that you are new, that you don't have cash, that you don't know much about investing, that your credit is in the dumps - don't give away your secrets. those comments will go against you being successful.
  • Understand if you can, that you DON'T NEED TO buy real estate to profit --- you need to CONTROL properties with a well written skinny contract of sale - do this and you will become wealthy! learn assignments - flip your contracts after you control the deal ---

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