New Investor Located in Maryland

New Investor Located in Maryland

New to Real Estate · Silver Spring, MD · Member since 2019 · 6 posts · 4 votes

Hello everyone! I"m a 23 year old who recently graduated from college and is already sick of the "real world". I graduated from PSU in May of 2019 and landed a Civil Engineering job in Windsor Mill, MD in August. I moved to Silver Spring, MD with my girlfriend who also graduated in May, and who has a job in Frederick, MD. Yes, I know, not the smartest idea moving to a more expensive area - but we're young and wanted to live close to D.C.! 

I've always found an interest in ways I can use money to make money. I actually credit my initial interest in money making to a video game I played when I was maybe 12. I've known for a while that real estate is a solid method of producing passive income, but have never acted on it until now. 

My commute from Silver Spring to Windsor Mill typically takes an hour each way, so I take advantage of the time and attend the Education on Wheels University. If I don't listen to the BP Real Estate podcast, I'll listen to a book about real estate investing they've recommended. Or call my mom and see how she's doing... 

My main interest right now is House Hacking. I'm hoping to implement the hack by July of 2020 - when my lease runs out in Silver Spring. I'm interested in Duplexes, Triplexes, Quads, and other ideas anyone has! I've been saving as much of my income as I can each month. Thankfully I have no credit card debt to pay off, and my college student loans are low (relative to the national average, that is). 

All in all, I'm really looking to get more involved in real estate than just listening to the podcasts and doing research on my own. I'm great at finding ways to create systems, I work well with spreadsheets, and I am very precise when it comes to dealing with numbers. If anyone has something that I could help with, let me know! I look forward to meeting up with those of you on the forums!

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Property Manager · Baltimore, MD · Member since 2014 · 1k+ posts · 1k+ votes
6y

There are plenty of opportunities for house hacking in and around Baltimore.  Inventory is tighter in the DC market but there are deals to be found.  I will second what @Taylor L. said - don't wait.  Get serious now so that if the right deal pops up you can jump on it - if its a good deal then it'll be worth a month-or-two's rent to break your lease.  Good luck!

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  • Rental Property Investor · RVA · Member since 2016 · 5k+ posts · 4k+ votes
    6y

    Welcome! Don't wait until just before your lease ends to start looking at deals. A good deal should make you more money than the cost of ending your lease early. Taking action early is soooo important, and getting the first deal under your belt is critical as well.

  • New to Real Estate · Silver Spring, MD · Member since 2019 · 6 posts · 4 votes
    6y

    Good point! I'm hoping to and analyze a lot of properties to familiarize myself with the market, with the July date in mind for a purchase. Didn't actually consider how a great deal could make it worth ending the lease early. Thank you Taylor!

  • Investor · Washington, DC · Member since 2017 · 428 posts · 205 votes
    6y

    @Brandon Smith hey Brandon, welcome to BP! I started out by house hacking as well (just a single family house renting by the room), and it worked super well and more than covered my mortgage. Definitely sounds like you have a great plan and are doing exactly what I used to do when I had an hour long commute. I grew up in Howard County and went to UMD, and my girlfriend is from MoCo, so Im pretty familar with the area. Happy to chat more about my experience sometime and Id be happy to refer you to a great investor-friendly Realtor if you arent already working with someone. Best of luck! Kyle

  • Property Manager · Baltimore, MD · Member since 2014 · 1k+ posts · 1k+ votes
    6y

    There are plenty of opportunities for house hacking in and around Baltimore.  Inventory is tighter in the DC market but there are deals to be found.  I will second what @Taylor L. said - don't wait.  Get serious now so that if the right deal pops up you can jump on it - if its a good deal then it'll be worth a month-or-two's rent to break your lease.  Good luck!

  • Ned CareyPro Member
    Moderator
    Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
    6y

    Welcome to BP @Brandon Smith There is lots of opportunity closer to Windsor Mill than you'll find in Silver Spring for house hacking. 

  • Virginia and Maryland · Member since 2019 · 1 post · 0 votes
    6y

    Welcome! I'm local to you!

  • Rental Property Investor · RVA · Member since 2016 · 5k+ posts · 4k+ votes
    6y
    Originally posted by @Brandon Smith:

    Good point! I'm hoping to and analyze a lot of properties to familiarize myself with the market, with the July date in mind for a purchase. Didn't actually consider how a great deal could make it worth ending the lease early. Thank you Taylor!

    You bet! At the beginning most of us need to eliminate all possible counter-points, and be as objective as possible. Generally our biggest mental blocks are the ones that tell us we can wait until "later" for one reason or another. Well, bad news - the timing is never perfect! Don't wait, take action! Best of luck. 

  • New to Real Estate · Silver Spring, MD · Member since 2019 · 6 posts · 4 votes
    6y
    Originally posted by @Kyle Deutschmann:

    @Brandon Smith hey Brandon, welcome to BP! I started out by house hacking as well (just a single family house renting by the room), and it worked super well and more than covered my mortgage. Definitely sounds like you have a great plan and are doing exactly what I used to do when I had an hour long commute. I grew up in Howard County and went to UMD, and my girlfriend is from MoCo, so Im pretty familar with the area. Happy to chat more about my experience sometime and Id be happy to refer you to a great investor-friendly Realtor if you arent already working with someone. Best of luck! Kyle

    Hi Kyle, thank you for the welcome! Sounds like Nashville is treating you well. Have a few friends who moved out there that say they love it. I would definitely enjoy hearing more about your experience, and could also use a reference to a realtor in this area.

  • New to Real Estate · Silver Spring, MD · Member since 2019 · 6 posts · 4 votes
    6y
    Originally posted by @Ned Carey:

    Welcome to BP @Brandon Smith There is lots of opportunity closer to Windsor Mill than you'll find in Silver Spring for house hacking. 

    Hey Ned, thanks for the advice. I for sure plan on finding a place to hack outside of Silver Spring. Everything from dinner to movies is too expensive (in my opinion) in SS anyways 

  • Investor · CA · Member since 2019 · 56 posts · 25 votes
    6y

    @Brandon Smith welcome to Bigger Pockets! It seems like a simple thing but reaching out in BiggerPockets about getting started as a real estate investor is a great first step. Congratulations and I wish you a ton of success.  

  • Rental Property Investor · Brooke Park Drive · Member since 2018 · 1k+ posts · 2k+ votes
    6y

    Check out 11300 galt ave

    6 bedroom house and a 2 bed ADU

    Wow what a house hack

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