All Forum Posts by: Brian Tome

@Marcelle Thong

My wife and I are investors and we run a small REIA on the Eastern Shore. Most of our properties are in Cecil County, but some of the investors who attend are also in Newark/Wilmington Delaware area. We also have some STR investors who buy in Sussex County and Ocean City. Check us out at https://www.facebook.com/groups/846713759601226

It's a great group with a lot of knowledge and a lot of "action takers." And as you know - action takers are money makers!!!

@Daria B. - Sounds like you have a problem property.  We fix problems.  What's the address and how much do you want for it?

Sonia,

My wife and I are investors and we run a small REIA on the Eastern Shore. We have one duplex in North East, Maryland. The rest of our properties (save one) are also in Cecil County, but some of the investors who attend our REIA are in Newark/Wilmington Delaware area. We also have some STR investors who buy in Sussex County and Ocean City. Check us out at https://www.facebook.com/groups/846713759601226

It's a great group with a lot of knowledge and a lot of "action takers." And as you know - action takers are money makers!!!

Al,

I don't have any experience in Baltimore or house hacking, but there is a lot of awesome information in this thread.  Thanks for asking the question.

My wife and I are investors and we run a small REIA on the Eastern Shore. Most of our properties are in Cecil County, but some of the investors who attend are also in Newark/Wilmington Delaware area. We also have some STR investors who buy in Sussex County and Ocean City. Check us out at https://www.facebook.com/groups/846713759601226

It's a great group with a lot of knowledge and a lot of "action takers." And as you know - action takers are money makers!!!

Hey Brandon,
My wife and I are investors and we run a small REIA on the Eastern Shore. Most of our properties are in Cecil County, but some of the investors who attend are also in Newark/Wilmington Delaware area. We also have some STR investors who buy in Sussex County and Ocean City. Check us out at https://www.facebook.com/groups/846713759601226

It's a great group with a lot of knowledge and a lot of "action takers." And as you know - action takers are money makers!!!

Hey Jules,

My wife and I are investors and we run a small REIA on the Eastern Shore. Most of our properties are in Cecil County, but some of the investors who attend are also in Newark/Wilmington Delaware area. We also have some STR investors who buy in Sussex County and Ocean City. Check us out at https://www.facebook.com/groups/846713759601226

It's a great group with a lot of knowledge and a lot of "action takers." And as you know - action takers are money makers!!!

Quote from @Brian Tome:

@Account Closed - We invest in Cecil County, Maryland and we are looking to move toward Kent County as well.  We do BRRRRs and often get in for a total that is right around $100K ($105-130K with purchase and reno) for a property that appraises for $140-180K and rents for $1250-1650 per month.  We leave some cash in some of our properties and get more than we put into some of them on the refinance.

After 3 years we have 7 properties generating $3000 a month cash flow on an investment of $300K.  We have 15 year notes on each of the properties and the total portfolio is worth right around $1M of which we have $450K and growing in equity.  So we are getting about a 10% cash on cash return with another roughly 12% on equity pay down.

As you can see we haven't hit any home runs, but lots of base hits.  Plus, the homes we have purchased are in very stable neighborhoods in communities within minutes of the I-95 corridor and easily commutable to Baltimore/Wilmington/Philadelphia.  We are pretty happy with the market and our investments/returns.

As an update, our strategy remains the same and we now have 12 properties with 19 doors generating around $8000/mo. on the same original $300K investment with approx. $1.5M in equity.

In addition, we built about $500K in equity by buying and restoring a distressed property as our primary.  We have discussed selling it to realize the Sec. 121 non-taxable gain, but we love the property and the neighbors so much we might just stay.

Kudos to BiggerPockets and the community of contributors for giving us the encouragement and education to take the leap.  We are never going back!

@Wade Susini - I don't need a job, but I like the sound of a DSCR in the 6s! Let's talk.

Y'all should attend this event!  The Failaevs are "action takers!"

Go to the DelREIA Meeting at the Christiana Hilton on February 7th at 7 pm.  Attorney Bill Dolan will be presenting.  He is well respected in the area, and barred in Delaware, Pennsylvania, and New Jersey.