All Forum Posts by: Account Closed

Congratulations! That's a big first move and the renovations look great!

I would drive in the Mongol Rally (cheap old car from London to Mongolia, unsupported) which might take a month and maybe $10k, but it's for sure top of my list. My father is a big cycling fan, so I'd fly him out to follow the Tour de France one year. Probably spend what's left on good stir-fry and a Saddleback briefcase.

Welcome to BP! Learning is always the best first step. Good luck with your first deal this year!

This may sound heretical, but there's more to consider than just ROI. Like @Edmund Ricker said, making a plan for your specific situation is a good idea. Stocks and index funds (and unless you REALLY know what you're doing, I recommend sticking with index funds) can see solid returns and are far more liquid than real estate. Also, gains from paper assets can be truly passive, unlike most real estate investments. But as with anything, diversification is key.

Once you have your plan mapped out, and some money saved, go for it! The biggest thing I'd recommend is to make sure the numbers look good and don't over-reach on your first deal. Far better to make a little money on your first deal than to get in over your head right away.

While meeting other investors and RE professionals like @Edmund Ricker said, you may consider partnering with someone on a joint venture. Their experience might help you learn by doing. Good luck!

Congratulations and welcome to BP! (I'll message you about my brokerage recommendation)

Those mortgage terms and no-vacancies are great, but since the cashflow isn't astonishing and it sounds like you plan on focusing more on NC anyway, sell it.

6% is a very common listing commission. That said, everything is negotiable, so it depends on the property, marketing plan, and whatever deal you can work out. Some agents/brokerages will work for less, and either way, an occupied student rental near a university shouldn't be hard to sell.

I agree with @Russell Brazil, Hagerstown should have decent cashflow if you stick to the better areas (North and maybe West of the city limits) and are careful screening tenants, but Frederick should have a balance of cashflow and appreciation. People are constantly getting priced out of DC and Montgomery County, and they have to move North on I-270 to Frederick and eventually Hagerstown.

An MBA would be perfect for real estate investing and the business side of things, you could always focus on accounting if you wanted to keep all the numbers in-house. Would a law degree (JD) be an option? That would relate to your current profession and might help you steer clear of any real estate / fair housing legal issues in the future.

You could also consider updating the window treatments, anything to make the kitchen bigger and brighter, which should be cheap. Tile backsplashes are also cheap and easy to DIY, but with a solid value-add. As for the counters, quartz or granite is what you want. I know they're expensive, but they're big selling points.