Maryland girl on the hunt for more knowledge and FI

[Morgan Granetz]

Hello BP world!

I am excited to have found such a fantastic resource as I continue on my journey to FI through real estate.

I am currently based in Maryland but previously owned property in Virginia. I scored my first deal in late 2020, right before the housing market boom. I bought the home as a primary residence with the intention of living in it for a year and then renting it out. When it came time to follow through on my plan of turning it into a rental, I noticed that the houses in my neighborhood were selling for far more than what they were worth. I thought long and hard trying to make the numbers work so I could keep the property but at the end of the day, it made more sense to sell. I owned the home for a total of 15 months and managed to walk away with 90k.

The entire experience was surreal. I felt like a deer in the headlights while I was buying it but came out feeling like I had accomplished something huge. I bought low and sold high. Such a simple concept, right? Once I came down from that high, I realized that there is much more that goes along with real estate than I originally thought. Just because I lucked into a good deal doesn’t mean they will all be that easy. I pumped the brakes on pursuing another purchase and started educating myself with books, podcasts, etc. I wanted to narrow down what my main focus should be. My end goal is to be financially independent through real restate but I need to tackle how to get there.

With that said, there is something about the interest rates spiking that has my wheel turning. I am becoming more and more eager to jump in while everyone is backing out. To make a long story short, I have set a goal for myself to close on another property within 90 days (a few months before I turn 30)! I am absorbing as much information as possible while I begin my search. I really value the insight from the seasoned investors on this site, especially those willing to offer words of wisdom to beginners like myself. I am looking forward to learning more from this community and plan on posting an update when I sign those closing docs!

Looking forward to connecting with anyone and everyone!

Morgan

[Chris Seveney]

Quote from @Morgan Granetz:

Hello BP world!

I am excited to have found such a fantastic resource as I continue on my journey to FI through real estate.

I am currently based in Maryland but previously owned property in Virginia. I scored my first deal in late 2020, right before the housing market boom. I bought the home as a primary residence with the intention of living in it for a year and then renting it out. When it came time to follow through on my plan of turning it into a rental, I noticed that the houses in my neighborhood were selling for far more than what they were worth. I thought long and hard trying to make the numbers work so I could keep the property but at the end of the day, it made more sense to sell. I owned the home for a total of 15 months and managed to walk away with 90k.

The entire experience was surreal. I felt like a deer in the headlights while I was buying it but came out feeling like I had accomplished something huge. I bought low and sold high. Such a simple concept, right? Once I came down from that high, I realized that there is much more that goes along with real estate than I originally thought. Just because I lucked into a good deal doesn’t mean they will all be that easy. I pumped the brakes on pursuing another purchase and started educating myself with books, podcasts, etc. I wanted to narrow down what my main focus should be. My end goal is to be financially independent through real restate but I need to tackle how to get there.

With that said, there is something about the interest rates spiking that has my wheel turning. I am becoming more and more eager to jump in while everyone is backing out. To make a long story short, I have set a goal for myself to close on another property within 90 days (a few months before I turn 30)! I am absorbing as much information as possible while I begin my search. I really value the insight from the seasoned investors on this site, especially those willing to offer words of wisdom to beginners like myself. I am looking forward to learning more from this community and plan on posting an update when I sign those closing docs!

Looking forward to connecting with anyone and everyone!

Morgan

Morgan - welcome, I am just over the bridge in VA. This is a great site and great place to interact.

[Russell Brazil]

There really isnt any big jumping out. Now there is 5 buyers for every property instead of 10. We have a housing shortage, and it wont be solved for another decade or more. 

[Morgan Granetz]

Quote from @Chris Seveney:

Quote from @Morgan Granetz:

Hello BP world!

I am excited to have found such a fantastic resource as I continue on my journey to FI through real estate.

I am currently based in Maryland but previously owned property in Virginia. I scored my first deal in late 2020, right before the housing market boom. I bought the home as a primary residence with the intention of living in it for a year and then renting it out. When it came time to follow through on my plan of turning it into a rental, I noticed that the houses in my neighborhood were selling for far more than what they were worth. I thought long and hard trying to make the numbers work so I could keep the property but at the end of the day, it made more sense to sell. I owned the home for a total of 15 months and managed to walk away with 90k.

The entire experience was surreal. I felt like a deer in the headlights while I was buying it but came out feeling like I had accomplished something huge. I bought low and sold high. Such a simple concept, right? Once I came down from that high, I realized that there is much more that goes along with real estate than I originally thought. Just because I lucked into a good deal doesn’t mean they will all be that easy. I pumped the brakes on pursuing another purchase and started educating myself with books, podcasts, etc. I wanted to narrow down what my main focus should be. My end goal is to be financially independent through real restate but I need to tackle how to get there.

With that said, there is something about the interest rates spiking that has my wheel turning. I am becoming more and more eager to jump in while everyone is backing out. To make a long story short, I have set a goal for myself to close on another property within 90 days (a few months before I turn 30)! I am absorbing as much information as possible while I begin my search. I really value the insight from the seasoned investors on this site, especially those willing to offer words of wisdom to beginners like myself. I am looking forward to learning more from this community and plan on posting an update when I sign those closing docs!

Looking forward to connecting with anyone and everyone!

Morgan

Morgan - welcome, I am just over the bridge in VA. This is a great site and great place to interact.

Thank you, Chris! Appreciate your comment.

[Morgan Granetz]

Quote from @Russell Brazil:

There really isnt any big jumping out. Now there is 5 buyers for every property instead of 10. We have a housing shortage, and it wont be solved for another decade or more. 

Thank you for your comment, Russell.

[Jack Seiden]

Quote from @Morgan Granetz:

Hello BP world!

I am excited to have found such a fantastic resource as I continue on my journey to FI through real estate.

I am currently based in Maryland but previously owned property in Virginia. I scored my first deal in late 2020, right before the housing market boom. I bought the home as a primary residence with the intention of living in it for a year and then renting it out. When it came time to follow through on my plan of turning it into a rental, I noticed that the houses in my neighborhood were selling for far more than what they were worth. I thought long and hard trying to make the numbers work so I could keep the property but at the end of the day, it made more sense to sell. I owned the home for a total of 15 months and managed to walk away with 90k.

The entire experience was surreal. I felt like a deer in the headlights while I was buying it but came out feeling like I had accomplished something huge. I bought low and sold high. Such a simple concept, right? Once I came down from that high, I realized that there is much more that goes along with real estate than I originally thought. Just because I lucked into a good deal doesn’t mean they will all be that easy. I pumped the brakes on pursuing another purchase and started educating myself with books, podcasts, etc. I wanted to narrow down what my main focus should be. My end goal is to be financially independent through real restate but I need to tackle how to get there.

With that said, there is something about the interest rates spiking that has my wheel turning. I am becoming more and more eager to jump in while everyone is backing out. To make a long story short, I have set a goal for myself to close on another property within 90 days (a few months before I turn 30)! I am absorbing as much information as possible while I begin my search. I really value the insight from the seasoned investors on this site, especially those willing to offer words of wisdom to beginners like myself. I am looking forward to learning more from this community and plan on posting an update when I sign those closing docs!

Looking forward to connecting with anyone and everyone!

Morgan

 It’s worth playing with a mortgage calculator because interest rates have made it so even the 1-1.2 multi might not be cheaper on a monthly basis than just buying a 1-2 bed condo. Best of luck on your search!

[Morgan Granetz]

Quote from @Jack Seiden:

Quote from @Morgan Granetz:

Hello BP world!

I am excited to have found such a fantastic resource as I continue on my journey to FI through real estate.

I am currently based in Maryland but previously owned property in Virginia. I scored my first deal in late 2020, right before the housing market boom. I bought the home as a primary residence with the intention of living in it for a year and then renting it out. When it came time to follow through on my plan of turning it into a rental, I noticed that the houses in my neighborhood were selling for far more than what they were worth. I thought long and hard trying to make the numbers work so I could keep the property but at the end of the day, it made more sense to sell. I owned the home for a total of 15 months and managed to walk away with 90k.

The entire experience was surreal. I felt like a deer in the headlights while I was buying it but came out feeling like I had accomplished something huge. I bought low and sold high. Such a simple concept, right? Once I came down from that high, I realized that there is much more that goes along with real estate than I originally thought. Just because I lucked into a good deal doesn’t mean they will all be that easy. I pumped the brakes on pursuing another purchase and started educating myself with books, podcasts, etc. I wanted to narrow down what my main focus should be. My end goal is to be financially independent through real restate but I need to tackle how to get there.

With that said, there is something about the interest rates spiking that has my wheel turning. I am becoming more and more eager to jump in while everyone is backing out. To make a long story short, I have set a goal for myself to close on another property within 90 days (a few months before I turn 30)! I am absorbing as much information as possible while I begin my search. I really value the insight from the seasoned investors on this site, especially those willing to offer words of wisdom to beginners like myself. I am looking forward to learning more from this community and plan on posting an update when I sign those closing docs!

Looking forward to connecting with anyone and everyone!

Morgan

 It’s worth playing with a mortgage calculator because interest rates have made it so even the 1-1.2 multi might not be cheaper on a monthly basis than just buying a 1-2 bed condo. Best of luck on your search!

I'm finding that mortgage calculators are becoming my new best friend! Appreciate your comment, Jack!

[Leslie Swart]

Hi Morgan.  I love your enthusiasm and think that it is great that you set a goal for yourself.  I would love to help with any questions you have about investing in FL or at least point you in the right direction.  I own a mortgage brokerage in FL. My business partner is from MD. My brother-in-law is also from MD and has a wholesale real estate company in FL...soon to have one in MD as well. So again, happy to help in any way I can.

[Jeff Fountain]

Morgan, def keep in mind capital gains and don't be surprised by them. Well done on your profit margin. Real estate is addicting especially when you are making money at it. You're hooked now. It's all about the math. 

[Morgan Granetz]

Quote from @Jeff Fountain:

Morgan, def keep in mind capital gains and don't be surprised by them. Well done on your profit margin. Real estate is addicting especially when you are making money at it. You're hooked now. It's all about the math. 

Thank you, Jeff! Unfortunately, I did not do my research on capital gains prior to selling and learned about it after the fact. Definitely not excited for the tax bill. It is a hard lesson but luckily I can carry that knowledge with me to my next purchase. I appreciate your comment!

[Morgan Granetz]

Quote from @Leslie Swart:

Hi Morgan.  I love your enthusiasm and think that it is great that you set a goal for yourself.  I would love to help with any questions you have about investing in FL or at least point you in the right direction.  I own a mortgage brokerage in FL. My business partner is from MD. My brother-in-law is also from MD and has a wholesale real estate company in FL...soon to have one in MD as well. So again, happy to help in any way I can.

Thank you, Leslie. I will keep that in mind!

[Julio Gonzalez]

Congrats on diving further into real estate, Morgan! 

Best of luck investing!

[Morgan Granetz]

Quote from @Julio Gonzalez:

Congrats on diving further into real estate, Morgan! 

Best of luck investing!

Thank you, Julio! Much appreciated. 

[Joaquin Camarasa]

Quote from @Morgan Granetz:

Hello BP world!

I am excited to have found such a fantastic resource as I continue on my journey to FI through real estate.

I am currently based in Maryland but previously owned property in Virginia. I scored my first deal in late 2020, right before the housing market boom. I bought the home as a primary residence with the intention of living in it for a year and then renting it out. When it came time to follow through on my plan of turning it into a rental, I noticed that the houses in my neighborhood were selling for far more than what they were worth. I thought long and hard trying to make the numbers work so I could keep the property but at the end of the day, it made more sense to sell. I owned the home for a total of 15 months and managed to walk away with 90k.

The entire experience was surreal. I felt like a deer in the headlights while I was buying it but came out feeling like I had accomplished something huge. I bought low and sold high. Such a simple concept, right? Once I came down from that high, I realized that there is much more that goes along with real estate than I originally thought. Just because I lucked into a good deal doesn’t mean they will all be that easy. I pumped the brakes on pursuing another purchase and started educating myself with books, podcasts, etc. I wanted to narrow down what my main focus should be. My end goal is to be financially independent through real restate but I need to tackle how to get there.

With that said, there is something about the interest rates spiking that has my wheel turning. I am becoming more and more eager to jump in while everyone is backing out. To make a long story short, I have set a goal for myself to close on another property within 90 days (a few months before I turn 30)! I am absorbing as much information as possible while I begin my search. I really value the insight from the seasoned investors on this site, especially those willing to offer words of wisdom to beginners like myself. I am looking forward to learning more from this community and plan on posting an update when I sign those closing docs!

Looking forward to connecting with anyone and everyone!

Morgan

Congrats on making 90k within such a short time.

I bought around the same time in VA my second househack and it has definitely been crazy the appreciation, I decided to keep it. I am closing on my third property also in northern VA in 10 days, I personally target single family homes.

You now have more negotiation power than in the last two years. It is likely in the next few months you will have even more negotiation power. Hard to tell how long it will last. 

Bet on the areas that you think will hold better/appreciate more over time and that you will also have the best pool of tenants to lower the amount of headaches. Once you have a solid plan, go for it and always have exit strategies ready in case selling becomes a little difficult.