New Baltimore Area Investor - Introduction & Financing Question

[Brady Udovich]

Hi All!

This is my first post on here; so would like to do a brief introduction of myself. My name is Brady Udovich, I'm a 24 year old from Maryland living in the Baltimore–Columbia–Towson metro region. I currently work as an internal auditor for a F500 and am aspiring to build up a portfolio of properties in the area, over the next few years. I am currently living back home to build up a nest egg for my first investment, which I plan to make in the next 3-4 months. Looking at my core four three (property management not needed yet), I have a solid network of contractors and real estate agents, but am lacking on the lending side.

My plan for my first investment is to purchase a property as my primary residence that is in livable condition, but has opportunity for value creation. I would call this a live-in flip, but I do intend to live here for the foreseeable future (not sure how to categorize this). After reading David Greene's book on the BRRRR method, I am not positive what I am looking to do fits the method perfectly. I imagine that there would be two stages of financing, but I am unsure of what this would/could look like in my scenario.

If anyone has any insight or advice, it would be greatly appreciated.

Regards,

Brady

PS: If you are in my area and would like to connect, shoot me a note. I am always looking to connect with like-minded individuals!

[Matthew Porcaro]

203k was exactly how I got my first property. It's what jumpstarted my career. 

Focus on looking for distressed 2-4 units on homepath.com and other foreclosure websites. If you want to expand, work with a local realtor and tell them you're looking for the same. 

However, before all of that, I'd look for an EXPERIENCED 203k lender that understands the loan and can tell you how to get started.