All Forum Posts by: Benjamin Seibert

@Jachob Almond welcome to BP! I'm in Frederick but primarily invest in the Hagerstown area (where I grew up).

Hey @Andrew Ramirez it's a small world! You should come to the I81 REIA meeting sometime in Martinsburg. @Bill Kenny and @Mike Webb host it - they do an awesome job. There are plenty of people there to network with as well.

Congrats on the deal @Edward Holland! If you're ever in the area would love to meet up for coffee and talk shop on the area (originally from Hagerstown but living in Frederick)

@James Melby good job on saving up and being ready to pull the trigger. I'd echo @Sam Lewis on the househack option. I did this on my first deal out of college. It teaches you a lot and provides an investment option to subsidize your living expenses whiles learning and saving for the next property.

@Geren Knight III that's a great deal, congrats! How did you go about finding a good contractor (not asking for the specific one)? I've talked to so many people about Cumberland and the number one hiccup is finding contractors and a solid PM in the area.

This is assuming you don't have any high-rate debt (maybe a personal residence and car loan). If you have any credit card or other personal debt pay that off first. Then create a small safety net (6 mos of expenses and keep that in a savings account). After that, assuming you have $250K left I'd open a ROTH or Traditional IRA and contribute to that. Then, look at either opening a brokerage account or investing in real estate. Real estate is a great investment, just have to understand that it can take a bit of time to get up and running and its very important to have a great team around you. Really depends on how passive you want to be and your liquidity needs.

@Chad Coon I may have someone who I've used in the past who could help as well. Feel free to PM me.

@Chad Coon what area of Maryland is this in?

@Marc Estepa I'm at a loss. Usually the letter of introduction (from the family) will eventually be a big help over time. That's tough...

@Jalen Carter congrats on making the decision to get involved with real estate! Even if you just purchase one or two solid deals it can change your wealth for a lifetime! I would continue to learn as much as possible and define your criteria (type of property, specific area, cost limits, etc...) and start building out a network.

For your question on LLCs - they aren't necessary but they can help with liability. I have property both in LLCs and in my personal name. Don't let setting up an LLC be a road block - you can always refinance into an LLC. I also never found getting my RE license to be worth it. I enjoy leveraging out RE agents relationships (since they do it day in and day out) rather than going through the hassle of getting my license to make a little extra commission or save some money.