All Forum Posts by: Eddie Brady

@Taylor Lovett Germantown can be very competitive from my experience representing both buyers and sellers there. Homes often go for more than list price.

There tends to be less buyers going into late fall and early winter, then pick up again in February. Prices also drop during those times. Buying in that time frame should get you a better deal and time to make any repairs before the market picks back up in early spring.

@Kevin Cranford

Hey Kevin! Glad you're starting out. It might be helpful to consider the difference between trying to flip houses for your capital versus using your savings for a down payment and financing your first rental property.

There are benefits to both. Flipping in Maryland can be tricky with the tight numbers but it is doable. On the other hand, financing a rental with good cash flowing numbers will get you started much quicker with rentals and with a little less risk.

You could do everything right with a flip and have the market turn and be in the negative.

Feel free to private message me with any questions about Maryland real estate!

@Nimra Muhammad I am in the Maryland area. Always willing to talk shop with local investors. I'm also a real estate agent in Maryland.

As far as finding reliable mentors, they will come when you engage with other seasoned investors on here and meet the pros. Most BP members are happy to help you and provide advice. This forum is a "mentor" in itself. Interact as much as possible on here and you will learn a lot.

@William Yanez why Baltimore? Not advising against it by any means. But if you are going to be an out of state (OOS) investor, why not buy where margins are better like Indiana, Texas, or Ohio to name a few?

Maryland taxes are crazy and it's easy to put yourself in a situation where you don't cash flow if you're not very knowledgable of the area.

@Mike Webb sounds awesome! Where will the meet up be?

@Atta Bari that depends on if you are a sole proprietorship (single member) LLC or are in a partnership. For single member sole proprietorship LLCs, the LLC is seen by the IRS as a disregarded entity and also a pass-through entity. You file everything on your personal returns.

So in that case, no there are no additional tax benefits. The tax benefits come from where the income is generate and your eligible expenses.

I highly recommend talking to a CPA. I'm am not an tax expert. I have a single member LLC myself so my knowledge is limited to that area.

@D'Andre Byers one of the most important skills you can have is communication with your future wife. Everyone on here can give you a million reasons to give your fiance but if you don't show her that her opinion matters then they are for nothing.

Now is the time to learn your future wife's goals and aspirations and yes, I'll say it, her love language. Don't try forcing this down her throat. You have time, regardless of what anyone on here says. You'd be surprised how much more open she is to your ideas and goals after you spend time listening to hers. It took me a full year until my wife seemed even remotely interested in investing in real estate versus buying a new 4Runner. Be patient!

@Steven Tawresey I know this is a very old post but how did you end up resolving this? In a similar situation myself.

@Madison Theiss the benefits are in the protection of assets.

Investors use LLCs and Series LLCs to protect one investment property, or group of properties, from a lawsuit of another.

Look at both possible scenarios. Let's say your client has two properties, let's go with 123 Main St & 456 Maple St, which are owned by your client in their personal name. Then 123 Main St has a tenant who slips and falls down the stairs. They decide to sue the owner, your client, for a large sum. That tenant would also be able to come after all other assets owned by your client, including 456 Maple St and your client's personal assets, to settle the lawsuit.

The other scenario is having 123 Main St in it's own LLC, and 456 Maple St in another separate LLC. In n this case, the tenant who Sue's the assets of 123 Main St is only able to sue and come after the assets of that single property. 456 Maple St and your client would be safe, assuming they structured the LLC properly.

If they decide to form an LLC, I personally recommend using a Series LLC if their state allows. I am not an attorney and I recommend your clients contact one for information on forming a business entity.

You could:

• -Lend it to another investor as private money
• -Invest in Fundrise.com properties (I have not done this myself so can't review it)
• -Go to your local REIA meetings and find reputable partners to go in on a deal with

Just a few options!