All Forum Posts by: Kelly Melrose

Hard money is expensive and I would avoid it if you can.  How's your credit?  If it is decent and you have equity, I would look at taking out a home equity loan.  Have you looked into that? 

Hi Justin,

I've been away from the site for a little while and came across just came across this thread. I live in in Gaithersburg myself and am relatively still a newbe investor. I'm sure there are other investors in the area but I'm with you I haven't been able to find something I can attend due my job, family or what not. I wouldn't mind meeting up with you over dinner/drinks and bounce ideas off each other.

I will send a connect request.

Thanks for reaching out.

Thanks everybody.

I have looked at Baltimore a little closer on Ned Carey suggestion and I think it really has possibility. The numbers can really make sense even buying directly off the mls. Even though I live in Gathersburg, I'm basically a tourist in Baltimore and don't know the aread very well. I may need to get a realtor that knows the Baltimore rental market fairly well so I don't end up too much in the gheto. Once thing that concerns me about Baltimore is that its population has steadily been decreasing since 1950. It may be decent now for rentals but will the same be true in 10, 15, or 20 years?

I do know I would like to make two purchaes in the next 2-3 months so I really need to decide on a market place and start looking at properties.

Thanks again for the advice and well wishes.

Hi all,

I'm just starting out and am about to form a LLC. My home state doesn't seem to have the most favorable LLC laws. I'm thinking about forming a LLC in another state but have a couple questions concerning the matter?
Do the state laws where you do business take precedence over the state laws where you formed your LLC? Are there any tax implications for forming a LLC in another state? If it can be more favorable to form an LLC in another state, does anyone suggest a good state that has excellent LLC protection?

Thanks in advance for the thoughts.

Ned Carey Thanks for the advice on Baltimore. I do know property prices are more reasonable but I also know you need to watch out where you invest. I have been thinking Frederick or Hagerstown for a little while but still really need to do some research what will work best for me. I'm to pop over to the website/blog. Maybe I can talk to you about the Baltimore market sometime.

Martha Chavarria Also want to say thanks for welcoming to the BP. I never really gave Anne Arundel or PG county much though but I will definitely look at there markets now. Maybe I don't need to find a city in the midwest somewhere. I would prefer to keep things a little more local just to keep a better eye on the property management company.

Hi all,

Been lurking on the site for a couple days now and finally decided to introduce myself.

My name is Kelly Melrose and I live in Gaithersburg, MD with my wife and baby girl in our single family home. We currently own a condo that cash flows but for the amount of equity tied up, I know I can do a lot better. I'm going to dive into real estate investment, sell the condo and use that equity and hopefully buy 5 or 6 other properties that cash flow.

The issue that I have and I'm sure that other real estate investors in this area have is that for the price of real estate, it is hard to make a decent ROI off of rentals in the Washington Metropolitan area. Saying that, I'm most likely going to invest out of state/area. Any suggestions on some good rental markets in the US?

I know I have a lot to learn and hope to share those experiences with the rest of the biggerpockets community.

Talk to you all later