Currently Own two properties with with 450K in Equity.

[David Crump]

Hello Bigger Pockets Family,

I am seeking advice from all. My name is David and I am 34 years old Morehouse college graduate who lives in Laurel Maryland. I currently own two properties, one is my primary residence with about 200k in equity and another is great grandmother's house which is paid off and worth about 285k ( appraisal done less than a month ago) I am engaged to be married and it is my goal to create enough passive income through real estate to eventually cover the 6k intended mortgage on our dream home. I know i am interested in owning a multiunit/ apartment building/ or even a mixed use building. My market the DC Metro area is a burning hot sellers market were prices are through the roof. I am seeking advice as to how is the best way to pull/refinance/leverage my equity to get a commercial property, would you recommend buying a apartment building(if not what other types would you suggest), and what are market location would you suggest I look into. Also I would love to find a mentor in my area. 

Thanks 

[Jack Seiden]

Quote from @David Crump:

Hello Bigger Pockets Family,

I am seeking advice from all. My name is David and I am 34 years old Morehouse college graduate who lives in Laurel Maryland. I currently own two properties, one is my primary residence with about 200k in equity and another is great grandmother's house which is paid off and worth about 285k ( appraisal done less than a month ago) I am engaged to be married and it is my goal to create enough passive income through real estate to eventually cover the 6k intended mortgage on our dream home. I know i am interested in owning a multiunit/ apartment building/ or even a mixed use building. My market the DC Metro area is a burning hot sellers market were prices are through the roof. I am seeking advice as to how is the best way to pull/refinance/leverage my equity to get a commercial property, would you recommend buying a apartment building(if not what other types would you suggest), and what are market location would you suggest I look into. Also I would love to find a mentor in my area. 

Thanks 

Hi, David 

I know some great lenders if you want some contacts to refi, However in the D.C. metro area multi family’s are extremely hard to find. One of the strategies a lot of investors use to make similar returns is the rent by the room strategy.