All Forum Posts by: James Melby

Hi All

I'm looking for the best path to take in regards to getting into rental properties in the Hagerstown, MD area (starting with a house hack).

I'm still currently living at home with mom and dad while I'm finishing up my last year in college and working full time making ~50K and am able to save/invest most of it due to my only real expenses being a car payment and insurance.

I have about $30k saved up between cash and a brokerage account and a pretty solid credit score of around 740 so I shouldn't have much trouble with loan rates.

My main question is - would it be more beneficial to wait it out and buy properties with a conventional loan and 20% down to avoid mortgage insurance or would it be better to use an FHA loan just to get my foot in the door and start my rental property journey.

Any and all advice/input is greatly appreciated. Also if anybody is local and knows somebody that I could go to as a mentor that would be awesome! 

Thanks!

@Sam Lewis

I actually work in Hagerstown currently so that could be a great route for me to take. I’d love to chat with you and pick your brain a little since you’re familiar with the area if you’d have some time!

I'm currently working full-time and am finishing up my undergrad degree and have been saving just about every penny I could since I started working full-time last June and have built up a savings/investment portfolio of ~$25,000 that I would like to consolidate into a rental property (preferably a duplex that I could house hack). 

I've had a family friend give me some tips as to how she has gone about buying her rental properties and would like some insight from the BP community if anyone could chime in!

Are there any banks in MD that you guys have used for conventional loans on investment properties that could be recommended?

Any preferences on websites that I could keep an eye out for foreclosure homes?

Any info, tips, or pointers are very much welcomed! Thanks!

I currently have $15k cash in my savings and I’d like to get started investing with real estate as soon as I’m capable of doing so. I currently work a full time job in college making $40k a year so I’m pretty able and willing to save money from my paychecks as I’ve been doing until I find the right opportunity.

I’m still living with my parents so I’m able to save a good bit of the money I’m making.

Main thing for me is knowing whether I should just keep saving money to buy a rental property or if I should get an FHA loan and "house hack" or where I should start

@Salvatore Lentini

My biggest problem is that I don’t know where to start. I’m finishing up college and working part time with about $10k saved up and I’d love to buy a rental property somewhere.

Not sure if I have enough money to start or where I should be looking for houses at.

Bought a few books and have been looking through bigger pockets in hopes to answer those questions and get started!

@Taylor L.

Thanks so much for the advice! I’ll definitely put that book in queue to read! I’ve looked into doing a house hack towards the end of this year just to at least get my foot in the door of RE investing and understanding how the buying and renting process works.

Thanks a ton!

@Tina Tsysh

Thanks so much Tina! I’ll definitely keep listening to podcasts and check out those books! I was pretty certain a mentor wouldn’t be the way to go so I appreciate you saving me from that decision haha.

Really appreciate the support and advice, best of luck!

Jp

Hi all,

I’m a senior graduating college in Maryland after this spring semester and I currently have a full time position at a financial advising firm making a modest $40k a year and have been able to save about $10k in cash since I started there 5 months ago.

I’m highly driven and have to be working, exercising, or playing golf constantly or I go crazy so I stumbled into real estate investing recently and read ‘rich dad poor dad’ and loved it so much that I convinced myself that I want to get myself into real estate investing but have little to no idea where to start.

I’m not sure if paying a gruesome amount of money for a mentor guru would be worth it or if BiggerPockets would supply me will all of the info I need. I’ve yet to decide if flipping homes or buying rental properties is the way I want to go, but I have a good family background in home renovation so I think I’ll be a good fit for either direction I go in.

My biggest questions are, where should I start? Are there some good books to read that would help me carve a path? Would a mentor be worth the money?

Thanks in advance,

Jp