All Forum Posts by: Joel M.

@Jassem A. @Account Closed, I had read your other post and you are definitely doing great! I personally would love to get down and dirty to rehab a property since it will save me a lot of money and I will be learning in the process but my job and classes limit me. Do you also invest in Baltimore city?

Thank you all for replying to my question :) Its great to have similar minded people with the same goals on been financial independent!

Hope everything have a great day and looking forward for any more insight about Bmore

Thanks

-Joel 

@Jassem A. Thanks for reply back on my question. Option A was my first goal, I do have cash to purchase the property and could get line of credit easily for the rehab projects but what got me thinking is how long it could possibly take, off course it depends on the property condition and I know I could save a lot of money if I am hands on with the rehab myself. 

This is going to be my first REI so I don't have any good contractor at the moment and would appreciate it if you could refer anyone you had work with previously.

Hello Biggerpocket family,

I am looking for some insight views on which strategy would work best for Baltimore city.

A) Purchase a cheap 10k property and rehab the heck out of it.

B) Purchase a ready to move-in 60K property with little or no rehab.

I understand that choice A would take more time to bring it up to the market after rehab and choice B could have some mean surprise if I fail to do my due diligence properly. 

Looking forward in hearing the pros and cons from both choices and if anyone can suggest a choice C & D I would greatly appreciate it. 

Thanks!

Joel

Thank you all for adding valuable information for my first jump. I could manage to get 50K but that would drain me a lot and any mistakes or bad luck would put me in hard spot to recover. I really do want to start REI sooner than later but I also understand the risk that I have to take with it.

@Lisa Phillips I been following your video and website... Love what you are doing and I hope we could talk some more about your projects.

@NA NA It seem that you are doing exactly what I am trying to do. I would greatly appreciate it if we could talk more about it. As you know this is my first move and I really cant approve to make huge mistakes. 

Any other advice or strategy on starting up would be greatly appreciated. 

Thank you all for your advises! :)

@Account Closed @Eric I have about 15-18K saved up and I plan to get a loan to help support my REI plan and if need I have family who can be potential hard lender as well. My goal is to start REI and learn as I grow in the business. Currently I am working full time job and going to school which make it little tricky to balance off but I am sure I can handle it. Once I have a good portfolio I can quit my job and focus more on REI.

Thank you everyone for the valuable information. I really appreciate the advice. I will definitely look into it more before purchasing a shell house. 

Good Afternoon BP!

I am working on getting started in REI, I have been particularly interested in the Baltimore area for my first property. Could anyone help me get started on what is the best way to get started. Also is it best to purchase a solid row house for 30k and rent it out with a little rehab or buy a shell property for cheaper price tag and build it up as a new property.

Any advice would be most appreciated!