New investor in Maryland

[Charles W.]

Hello BP Community!

I've only just discovered this forum last week, and can't believe the wealth of knowledge and sharing that I never knew existed! For months I've been reading BP articles and never noticed the forums...

I am 27 and lived in Maryland for two years now. My wife and I own our own home and since last fall I have been seriously looking into getting into REI. Since then it has been a burning passion. I have learned a tremendous amount about the business from J Scott and his blog (which eventually led me here!) that I've been reading regularly ever since. My long term goal is to do buy and hold investing, using fix and flip to raise capital along the way.

I have not actually purchased my first investment property yet, but I am learning what not to buy. My very first offer in September was written on a condo unit in a building that all units had been foreclosed upon :oops: . At the time I was incredibly depressed the offer was rejected, but knowing what I know now I know it would have been a nightmare had the bid been accepted. It is amazing how much I now know I didn't know, and how much more I realize there is to learn.

I looked at properties for months in Baltimore city, only to realize that for my strategy Baltimore city is not where I want to be. Baltimore is incredibly anti-landlord, and only seems to get worse every time I read a new article. I've re-scoped my target area to Frederick MD, and am focused on learning the neighborhoods and valuations. I expect our first deal to end up being a 3/2 town home on the southwest side of town.

I'm also looking for contacts: a good local REI group, a REI CPA, Realtor familiar with the Frederick area (and willing to submit many offers), wholesalers, and other investors in the area.

I'm very excited to be joining the community and looking forward to sharing my experiences.