All Forum Posts by: Malik Johnson

 I recommend finding a mentor. I like to try to set up a meeting every month with someone I think I can learn from or who could be a potential mentor. I always come full of questions and ready to learn. Many are specific to the individual that I am meeting with but there are some questions that I have taken from John Maxwell's book "Good Leaders Ask Great Questions."

You may want to use them too:

What is the greatest lesson you have learned? - By asking this question I seek their wisdom.

What are you learning now? - This question allows me to benefit from their passion.

How has failure shaped your life? - This question gives insight into their attitude.

Who do you know whom I should know? - This allows me to engage with their network.

What have you read that I should read? - This question directs my personal growth.

What have you done that I should do? - This helps me seek new experiences.

How can I add value to you? - This shows my gratitude and desire to add value to them.

These can be a great starting point for you.

Hey Malik! Check out the Agent Finder on BP. Got a list of great agents in Maryland. Also, make sure they are the right fit for you. Ask some good questions. I'm sure plenty of folks here can help you with that. Good luck. 

BRRRR is amazing, but you will need to get the property on a discounted price, so that you have a big spread between purchase price and ARV.

You can also consider house hack. Split level houses with two kitchens or so work great as well as a starting point

I think all 3 of your goals are realistic in Baltimore, with one caveat - financing. A property that sells for 75% of the ARV is probably borderline in terms of "habitability" standards for getting a conforming loan. There are renovation loan options (FHA 203k is a popular one) that can mitigate that issue, but they come with their own challenges.

There are also plenty of homes in Baltimore that you can pick up that have room for forcing equity, they just may not be at 75% but still could be a win. Shoot me a PM if you'd like to connect and I can email you some options.

 What are your goals?

@Malik Johnson - I am sure you have already leveraged this as a resource, but if you follow the find an agent tab on this site, it will help you connect with some agents that are at least investment minded enough to be a part of this community. Beyond that step, I would screen the other agents based on their investing experience and their willingness to work with a new investor. There are a ton of agents who have never owned or invested in income properties of their own. If you can identify an agent that owns rentals, then they may be able to make many of the introductions you will need in terms of contractors, property managers, insurance providers, and the like. I had lunch today with a Baltimore native and that market sounds like one where you really need to be sure you are working with an agents that is familiar with each part of the market. 

Best of luck on your learning and investing journey!

Hi @Malik Johnson - Lender for 32 years here, so I thought I would chime in to help. Most of us are going to want to lend to an entity to make the deal commercial in nature. It's regulated differently. Have you established an LLC or S-Corp to borrow in? That will open up more possibilities for you. As a first timer, you'll be a little more limited in the programs that are available, but as you gain more experience and get more deals under your belt, that will open up a lot more options and lenders will be more aggressive on the amounts they will lend. Right now, most bridge lenders are going to be in the 11% - 12.5% range with points for shorter-term deals. When you finish the rehab, the longer-term deals for a non-owner-occupied rental are running around 7.5% - 8% right now. If you have any specific questions, I'm happy to answer them.

I've used Instalend, based out of NYC. But can close basically any type of investor transaction.