Updated almost 11 years ago on . Most recent reply
New Member from Baltimore, MD
Hi all! I'm Lois Stern from Baltimore County in Maryland. I'm a project analyst for Johns Hopkins Health System. My son recently became a Real Estate Agent and we will be teaming up on flipping houses.
My husband has always rented an office suite and then rented out the other offices to keep his own payment low. I encouraged him to do the same in the office suite next door and he is now working rent free with a small income! I figure we will eventually do the same in rental units, but want to start with flipping for some immediate cash and hopefully less headaches.
I am reading and listening to everything suggested here on Bigger Pockets to learn the lingo and how to make good decisions. I love the culture of helping one another succeed.
In my past life [20 years] I was an entertainer and agent for private events. I have drive and a tiny bit of [dangerous?] know-how. I'm also looking for information on how make one's IRA or mutual self directed - and then how to utilize that income for investing.
Can't wait to dive into these blogs... thanks for your comments and support in advance.
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
Welcome to the site @Lois Stern! Knowing just enough to be dangerous can keep things fun. Just remember, flippers make money at the buy. A lot of agents will send you a 'good deal' at 92% of FMV. Know your numbers, what you need, and stick to them! if you're not flinching a little at the offer, you're offering too much. Leave a cushion for the job taking longer and costing more than you expect. Good luck and glad to have you!