ANY SUGGESTIONS FOR A NEWBIE?!

[Lauren Thomas]

My husband and I are new to REI. We are in the Baltimore, MD area. This is something I have had a passion to do for a long time and we are finally in the space in our lives to do it!

We have done extensive research, studying, networking and are interested in rehab/sell and buy and hold properties. To be honest we’re not sure which one to start with. They both have their pros and cons and either way at sometime or another we will have both a flip and buy and hold properties it’s just where should our 1st investment be?!

We would love to hear from experienced or not so experienced investors on things that we should or should not do. We are open to all suggestions and stories.

We would also like to connect with local wholesalers and investors in the Baltimore, MD area. We look forward to hearing from you and connecting!

Lauren A. Billups, MBA

[Greg Dickerson]

Hi Lauren,

The best place to start is an individual and personal decision. It’s all about what you feel most comfortable with, your level of experience, knowledge about real estate and your resources. 

 Wholesaling is a great way to start if you’ve never done a deal, flipping can generate bigger returns and chunks of money but you really need to know what you’re doing and have great contractors you can rely on. if you are interested in long-term buy-and-hold I would start with apartment buildings and go bigger faster as apposed to single family.  Again that’s just me. You’ll find plenty of people that like single-family homes for rentals. That just takes a long time to create any kind of serious cash flow. I would also recommend finding a good mentor to shorten the learning curve and help you scale your business quickly. A good mentor will save you a ton of time and money.