New Investor in Baltimore Region

[Brian Smith]

Hello everyone, I'm Brian. I recently made the decision to start a Real Estate Investing business. Originally I wanted to flip a few houses for extra cash, but after researching the subject (and reading Bigger Pockets a lot), I've decided to set much higher goals.

I currently have my first home (owner occupied) under contract, and once it is settled I plan to search for some single family rentals to start my portfolio. I have lived in the Baltimore/Harford County areas all my life, so I'm pretty familiar with many of the neighborhoods.

Anyway not to make this too long of an intro, but if anyone (especially in the Baltimore/ DC region) have any advice or suggestions for a green investor like myself, or would like to connect, please do so! I'm always into meeting new people.

[Leo C.]

Baltmore county you can get mortgage financing if you have 2yr income on tax return. But in the county the pricing is generally 100-120x rent to acquire, maybe 8% net cap self managing. It can work fine for patient investors going for the long long term.

In the city for under 60k properties, its probably more hassle than its worth to jump through the hoops to get a mortgage, banks will have laundry list of stipulations and it might not compute after all the fees. Probably need access to cash to make acquisitions or great skils to get a dump and fix it it up.

After a rental is in place, a few banks still do equity loans on rentals if sufficient income or co-signer exist to get equity out of the rental; some require 2yr reporting of the rental income to count it, some don't.