All Forum Posts by: Christina R.

@Daniel Waldo - I agree with Russell... you'd have to weigh the possibilities of special assessments due to age, the  foreclosure rate and the deferred maintenance.  That being said there is a lot of activity in the areas around Laurel Lakes, the Vistas being one of those communities.  The city is also finally dredging the lake which is very nice for those living near it. 

Laurel is actually split between 3 counties - PG, Anne Arundel and Howard  that I definitively know of.  It could actually be 4 because there is a portion that runs right up to the MoCo line and it could still be considered Laurel.. not Burtonsville quite yet.

There are good schools and "bad" schools in every county.  The reality is not everyone can afford to live where there are "good" schools.  Thoroughly analyze your areas based on your investing goals.  There are plenty of people that want to live in Laurel because of the amenities it has and they can afford it. 

Check out local reias and meetups in NoVa... there are probably several and most likely someone here on BP can point you to some of them.

PM me for meetup information that may benefit you expanding into areas other an commercial (which I want to learn more about myself)

I have rentals in Baltimore City. You just have to know your market. Before I became an agent I wholesaled deals in my zip code where I live. I marketed and worked the marketing plan I had developed.  There are deals everywhere but tenacity is key. I spent alot of time at meetups and networking . Start local until you feel more confident.

welcome to BP. The guides available here will definitely guide you in the right direction. There is a learning curve with REI and you can easily be overwhelmed. I would suggest attending some local meetups and REIAS . Im in MD so I cant speak to Virginia. Im also a Realtor. Let me know if I can help in any way. Good luck!

This is from an only child, who is the child of an only child (mother)....

use leverage to the best of your ability. You need to repair your credit because good credit opens a lot of doors with real estate investing. I HATE debt but that mindset enabled me to build an extremely high score that, ironically, I now use to leverage my credit cards for real estate (this is something I do and wouldn't necessarily recommend it to anyone as you have to be extremely disciplined to do this effectively). You also have young children and believe me the costs only increase with them. I would get the debt-monkey off my back. Keep the 35K liquid, continue paying down your debt as you are now.. .build up that credit score because unless you paying cash for th entire build, you're going to need good credit score for the banks... kick the money you pay off debts with towards your house build or some other liquid fund. As far as investing, get involved with your local REIAs and meetups. Build relationships and over time you'll have people willing to invest in you -with their money. You'll have the knowledge on how to do it right (BRRRR or another rinse-repeat strategy). Ask me how I know... :-)

Good luck!

One thing I can say that seems to be pretty on the money is the "50% rule" - or should I say 50% test.. and that is that generally speaking over the lifetime of owning the property, about  50% of the gross rent is going to go towards expenses.  Take your rent, divide it in half.  If you paid all cash - you now have your true net cash flow.  If not, minus your mortgage  P and I and THAT is now your true net cash flow (over time).  

Like when you have a rehabbed rental but the market demand is very slow for your bed/bath configuration - though just 6 months ago it wasn't, that same configuration leased up pretty quickly - and you're up on a cash-out refi but have no tenant in place yet, so you'll be paying out of pocket for that mortgage shortly until it's leased.. oh and there's  leaking pipe you now have fix in that same place... 

ask me how I know how this test is apparently a very valid one :-)

Welcome to BP. I'm an agent, I have rentals in the city and I'm currently helping a client here from BP get her first city rental up in the Waverly area of Baltimore.  Let me know if I can help in any way.  I second @Ned Carey for the BWI meetup - excellent place to start networking and meeting people.

2nd Weds of every month.  See you next week!

http://www.meetup.com/bwimeetup

another thing to prepare for in additon to the fact that multis are in short supply..... its very expensive around her. Actually Alaska may rank up there too but when you mentioned buying in lots you'll have to have deep pockets for that. 

Good luck!

numbers please.. as mentioned above.

I agree with Russell.  Much easier on all ends if its vacant