All Forum Posts by: Mark Wasko

Welcome Ryan!

I have a couple rental condos in Ocean City MD. Feel free to reach out or connect.

-Mark

Hi and welcome! I'm being relocated to the Woodlands in three weeks. Good luck and hopefully see you around!

Welcome! I lived in Bethlehem for a number of years and still have family there.

Welcome Jonathan! I'm also from Bethlehem PA. Lived there for about 20 years!

Good job! The place looks great. Congrats on those solid numbers.

Hello and welcome from AZ as well!

Originally posted by @Lee Kendall:

I am a bit younger than you and do realestate and own rentals in Ocean City MD as well.. Glad to see another on the site! 

 Thanks for the connection, added now!

I'm 27 now. Real Estate investing is currently a secondary source of income as I've been self-employed for 8 years with an E-Commerce website that I started when I was 19. The income from that business has allowed me to begin purchasing rental properties. I joined BP around June of last year right before I purchased my first rental property (1BD/2BA condo) at 26 (bought cash for around 20% lower than asking price/comps and immediately took out a HELOC on it). Last week I purchased my second rental property (3BD/3.5BA townhome) using personal funds as well as some of the HELOC funds so I didn't have to liquidate brokerage holdings that are making higher returns than my HELOC interest rate. Thanks to BP I also purchased property #2 at a great discount (bought at about 22% lower than asking price/comps).

Both properties are beach resort/short-term vacation rentals in Ocean City, MD about 500ft from the beach with ocean views. I plan on holding and renting these for awhile. They are producing decent ROI and I figure if they stop renting for whatever reason then I can at least enjoy living in them myself as they're right by the beach. I self manage both of my vacation properties now and I'll be moving back to my Phoenix house in the upcoming months so I'll likely be turning these beach rentals over to a local property management company. The next plan is getting my RE License, attending AZREIA meetups, as well as give flipping houses a try for a new challenge as well as try to get some seller financed properties under my belt.

Congrats on your 25th and great job! Thanks for sharing your story

I'm quite sure that you'll still need to file. A few years ago we opened a LLC in late December '07 and since we didn't have any income within 2007 we assumed we didn't need to file. We were wrong. The IRS contacted us a few months later and hit us with a fine of approximately $1500 for failing to file.