All Forum Posts by: Sandra Holt

Great advice @Ariel Smith!  Thanks for taking the time to answer my question.  

I am an attorney and looking to get my broker's license because in my state I can sit for the exam without having to be a realtor for 3 years. I am getting it so that I can sell my home this summer, buy another primary residence, and buy one more rental property this year.  After that, I intend to buy my typical 2-3 rental properties per year.  I've sent in the requisite paperwork to waive the education requirements and am ready to start studying.    

Other than MLS fees, local real estate board fees, and possibly fees to get my hands on real estate contract templates, what other fees am I missing? I just want to make sure that I am going into this with eyes wide open.

Also, does anyone have advice on how to get some type of mentor to guide me through my first couple deals.  As I said, the deals will just be my own but I really don't want to screw anything up!   I've bought a few houses before so I least have that going for me.  Thanks for any advice!  

Thank you for the replies!

The property is in Howard County, MD.

I have two properties (soon to be three on Friday, woo hoo!).  My first rental was initially my primary home, and I moved out 6 years ago and it's been a rental ever since.  I'm thinking of selling it but want to know what others' thoughts are on when to sell a rental.  A little background about this particular one:  

It's on a 15 year mortgage and I squeak about $50 per month net on it.  Cash flow is not a problem for me since my husband and I have high paying jobs.  

It will be paid off in 10 years, then my net cash flow will be about $1,500 per month on it.  

I have about $120K equity in it currently.

I think the neighborhood is in decline since I've moved but that just might be my biased perception since I live in a nicer area now.  Maybe it was always a little rough around the edges and I just never noticed...

If I sell, I would like to do an exchange to buy something nicer/bigger, maybe even a commercial property (although I have a lot to learn before I buy a commercial property).

Anyway, if people could chime in as to the criteria they use when deciding to sell a property, I'd appreciate it!  I just don't want to hold on to something for too long if the equity in it could be working for me although the idea of a paid of property that cash flows nicely is appealing also.  Thanks!

@Anthony Evans thanks for your words of wisdom. I actually have an offer on a house in Baltimore County and I'm waiting to hear back. As much as I would like to stay in Howard County, I don't have access to those types of deals that would generate cash flow. I've also had pretty bad luck in marketing for off MLS deals in the past. For now, since Baltimore County is only about a half hour away from me and the numbers work, I'm looking there.

@Jason K.  I wish I had that type of insider information but I just Googled when Amazon will come out with their decision and the internet gods said next year. 

Thanks @Account Closed   I'll check it out! 

@Laticia Braxton  I hear good things about Harford County but I really want to self manage so for now that is a bit too far for me. I do love that Amazon is up there providing jobs that sustain the rental market though.