Hi I'm a new member in the Baltimore MD area

[Mindy Pearmon]

Hi all I'm Mindy! I'm really excited about this site it seems like there is ALOT of information to sift through and learn. If anyone has any pointers on how to obtain your first property I'm all ears! All so what was your first mistake? And how could you have avoided it?

[Nicole A.]

Hi Mindy! Lots of good deals to be found in the Baltimore area.

My first mistake was not buying my first rental sooner. Instead I just thought about it for 2 years.

Next, I highly suggest you go to one of the local real estate investors associations (REIAs). I'm a member of the Baltimore REIA:

http://www.baltimorereia.com/

I met lots of smart people there and that's how I found my first two deals....met a landlord who's selling off most his portfolio. There are some great speakers who come as well as our own members who speak. Sometimes, "programs" and "boot camps" are pitched, but you definitely are not pushed into it and you still learn something from their speech. They have other types of meetings throughout the month that are more intimate, such as members sharing their deals and getting everyone's feedback on what to do about it.

Oh, and if you'll be a landlord, you must be tough and give no breaks. If you give a tenant a break or believe their word of "check is in the mail", then you'll never get paid. Be tough, but fair. Friendly, but not friends.

Welcome!

[Mindy Pearmon]

Hi Nicole thank you so much for the feedback! I have been thinking on this for about 2 and a half years and am finally ready to jump both feet in. I have a question for you. There is a house literally right next door to me that is a REO. It's a great deal I've been in the house and I think I know what needs to be done outside of an inspection completed. My concern is exactly what you stated about professionalism. How smart is it to purchase a property less than 15 ft from your residence?

[Jeff K.]

Hi Mindy! Welcome on board where there are lots of people who will give you their ear. Plenty of Baltimore/Md. people around to help out.

I would tell you that my first mistakes went hand-in-hand. Putting too much trust in people without fully verifying the information, and rushing into a deal. I wound up having to sell the property for a large loss after I had sunk a lot in the rehab already. An expensive lesson indeed, but one that has propelled me forward with wisdom.

One of the main things I would recommend is to network with others (as Nicole W. said) and assemble a great team of people whom you can trust (RE agent, contractor, lawyer, possibly a prop. manager if you wish), as they can help keep you on the straight and narrow. Without under or over-analyzing a deal you can find the right balance of due diligence and pulling the trigger.

Everyone makes mistakes, especially at first, but by having a good team, attending meet-ups and networking you can learn from other peoples mistakes!

Best of luck,

Jeff

[Chris Pastrana]

Hello Mindy, welcome to BP! It's great that you're finally jumping into the game. I wouldn't worry to much about buying a property too close to your primary house. I live in my quadplex with three other families. My only advice would be to keep your house in the same manner as the ones you want rent, that way you're setting the example for tenants. Good luck with your investments!

[James Wise]

Welcome to the site Mindy

[Ned Carey]

Welcome to BP @Mindy Pearmon Since you ar new check out the Ultimate Free Beginners Guide Also check our the Podcasts. They are very popular and a lot -f great info there. As Nichole said there are a number of good investing groups in the area. My favorite is the BWI meetup in Columbia MD.

The biggest and most common mistake investors make is paying too much for a deal. It is easy to do becuase there are a lot of hidden costs in Real Estate. The is a lot of information here to keep you out of trouble. Good luck - Ned

[John D.]

Hi Mindy-

I wouldn't let living close stop you, especially if it's a good deal. If it was your 20th property, maybe, but as your first, embrace the intimate knowledge you have of the property and go for it!

I owned a few properties closed to where I lived, and rented places to people that worked for me at my day job (in Locust Point actually!). Knowledge is power.

[Brandon Turner]

Hey @Mindy Pearmon Welcome! You've definitely come to the right place to learn more about investing. If you haven't yet, be sure to check out the The Ultimate Beginner's Guide to Real Estate Investing and The BiggerPockets Podcast. They are both great at learning the fundamentals.

Oh - and don't forget to set up your Keyword Alerts!

See you around the site!

[Scott Demots]

Welcome to BP Mindy, the community here can definitely help you navigate the REI waters. I have received a wealth of information and assistance from fellow members. Search around and ask questions as needed.

Good luck!

[Christina R.]

Welcome Mindy,

Lots of good advice above and this website is just awesome. Wishing you success!