All Forum Posts by: Andre Martin

Thanks I was really hoping to keep the home in the family and not sell it.

Hello everyone I have a question regarding the best way to transfer property within a family so the the previous family member gets proceeds for transitioning to a senior citizen community. Quick background on the property about 130k is owed on the property and in the condition it's in it may sell for about 180. The basement has a serious water leak issues but other than that just updating of kitchen, flooring and bathroom and paint are needed. My first choice was quit claiming the property then I perform needed repairs. After the repairs I would refinance out the money to give back to my family member what they would have recieved from a normal sale. I am open to any suggestions. Help is gravely needed.

Congrats I will be taking my test within the month.

There is a great meet up in gaithersburg. you can go to meetup.com to find it.

Good luck in your investing. Baltimore has some properties that are turn key for that price range. 

Congrats on making a decision to further your knowledge. The experience you have gained managing your first home will prove vital for your next rental. Househacking is the appropriate term for what you are doing. I started with a 3 bedroom and rented the other 2 rooms, making a slight profit and living for free is amazing. Make sure you run the numbers so the properr proves to be a valuable rental. Good luck

Does anyone have suggestions for a CPA who works well with buy and Hold investors. Preferably someone who can make suggestions about how I can take full advantage of all tax benefits.

@Maggie Atilus I am in Capitol Heights and truly believe it is on the verge of a nice boom being on the outskirts of DC please let me know if you have anything. The area makes great rentals.

I typically dislike a lot of the REIA's in this area so I am glad you said this one is different. I just sent a request to this meet up as well.

@Dan Waugh Welcome to BP you have a similar structure to me. I am based out of Prince Georges County MD, I currently have one rental and my GF/ Business partner has just passed her RE exams and is in the market for a broker. 

If I can offer any advice for your rental it would be to use the tenant screening that BP recommends it really helps on the back end with limiting potential tenant issues.