Looking to buy in Maryland near Baltimore

[Nick Halula]

Greetings everyone,

I am Nicholas, a 28-year-old travel nurse embarking on a new chapter in San Diego for the foreseeable future. Despite being a first-time homebuyer, I am highly motivated individual looking to dive into the world of real estate. My brother, a safety science manager in Severna Park, MD, possesses a wealth of connections in the construction industry, aligning our interests in venturing into real estate investments. Given San Diego's challenging market, we are exploring opportunities for long-distance investing in the more affordable Maryland region.

I am bringing approximately $150k to the table, while my brother has $20k. I seek advice on establishing a fair system that will eventually lead us to a 50/50 split as equal partners. Considering my brother's hands-on expertise and willingness to contribute through repairs and sweat equity, similar to a property manager to an extent. But are there any other recommendations on how to achieve this equal partnership? 

Our target lies in the $300k-$400k range, ideally a property with potential for improvement, whether as a fixer-upper or through strategic additions like square footage, extra baths, rooms, or an ADU. I am prepared to make the upfront investment for renovations, with the goal of increasing the property's value, getting it reappraised, and refinanced when interest rates are favorable.

In preparation for this journey, I have educated myself through various resources, including books such as Rich Dad Poor Dad, The Book on Rental Property Investing, BRRRR, Long-Distance Real Estate Investing, Short-Term Rental/Long-Term Wealth, and The Book on Tax Strategies for the Savvy Real Estate Investor. I've also begun engaging with the Bigger Pockets forum and podcasts. I welcome any additional book recommendations or connections with experienced agents, lenders, or investors in this market. Hopefully we could create a mutually beneficial relationship!

Thank you in advance for your contributions to this vibrant community.

Best regards,

Nick