All Forum Posts by: Alex McLean

@Katherine Kesselring Arredondo Thank you for the advice! We will definitely look for something that we can add that type of big value to.

@Grant Rothenburger Thanks for the tip! I will definitely be reaching out soon with some questions for you having gone through the same process yourself. We would like to try and get as much right on the first swing as possible. Thanks again!

@Russell Brazil Thank you for the tip! We were thinking further north than Rockville anyway to get any type of decent price on a property. But good to keep in mind that it might be difficult to obtain a 203k loan in the area.

My girlfriend and I will finally be looking to buy our first place in the Fall and we want to do a live in flip for our first place! We believe this will be our best opportunity to get into real estate and open up a couple of paths to go from there. We wanted to ask the BP community for any advice/tips on 1. finding the right property to do this, 2. What to focus on renovation wise when moving in, and 3. any other general advice on how to do this successfully. We plan on using every advantage we can as first time home buyers (FHA 203k loan.) Any help would be greatly appreciated! We are located in Maryland, just North of D.C.

@Vic Vega I'm not 100% on the specifics with the funding for rehab but a person who I like and trust who does buy and holds in that area said getting the construction loan shouldn't be an issue. As far as your question about getting private money for all cash deals, I haven't thought about it too much just because I have this saved up and I just want to go ahead and get started. I know having a first deal done gives you credibility for private funding in the future which I would definitely be interested in. Thanks again!

Hey @Vic Vega thank you! Anywhere I can find a good deal in the 50k to 60k range. I'm looking at Salisbury over on the Eastern Shore currently. Around the college campus and hospital.  

@Rich Baer Thank you for the advice and the vote of confidence! I may reach out in the near future for guidance. I am looking at lenders now.

@Brian Pendergraft I have considered using these skills. I think they will come into play a little later on after the first property and I am ready to really ramp up in acquiring properties. Thank you for the advice I appreciate it!

@Ali Boone I am definitely looking for something I can put some work in, not necessarily rent-ready. Thank you for the advice in Baltimore! I will definitely look at that after a doing a smaller property in the 50k to 60k range to learn the ropes.

Hi everyone! My name is Alex and I am new to BiggerPockets. I am a web developer living in Maryland and looking to invest in my first property very soon, hopefully locally, but I'm not opposed to out of state. My goal for the rest of 2017 is to purchase my first rental property and begin learning the ropes with renovating and landlording. I have saved up enough for 20% down on a 50k - 60k house and am searching for a good first deal. I would appreciate any advice that can be offered and I can't wait to get to know the community here on BiggerPockets!