newbie investor in western maryland
I am a new member and new investor. I have a full time high school teaching position, but thanks to this website and am now going to pull the trigger on something I've wanted to do for 20 years. Thanks BP!
Three questions:
1) What is the difference between the BRRRR calculator and the Rental calculator? The refinancing part?
2) I am in western Maryland. I a looking at a couple markets in western Maryland that are depressed areas or losing many jobs in the past 10-20 years when 2-3 large companies left. Still, I am buying my first property, a duplex, there from a wholesaler with great margins for a buy and hold. How do I know if I can find renters if I buy future properties there? I have placed an add already on Zillow and Craig's list and have many interested parties daily, and am screening tenants now, but am wondering if I should buy another house in the same market in here.
3) Should I always pay for a home inspection before buying these distressed properties while I am starting out? I am doing so with this first one, have already walked through it for 3 hours with my contractor, and am estimating 20K in rehab. The inspection is scheduled for this Monday, 2/20. If anyone has any advice on any of these questions, I'd greatly appreciate it. This is my first deal and I'm hoping the inspection doesn't go over budget by too much. It is a 100-year old home with a lot of quirks and issues... but my wholesaler, who has a vested interest in me coming back to him for more business, is telling me it's a homerun for my first deal. Pending the inspection, the ROI and cash flow are great, and I've been approved for financing at a small community bank and their AVM came back great as well.
Thanks for your time, Sean
