All Forum Posts by: Account Closed

Thanks Ned. The new Meetup is called Maryland investors Network and can be found on meetup.com

Then please explain to us what you think DMV stands for. I think we are coming from different perspectives. I think of DMV as being short for Delmarva. In that instance the D would refer to Delaware and it would include everything in the three states including Baltimore and Virginia Beach. 

DMV stands for Delaware, Maryland, Virginia. Baltimore is in Maryland so it is a part of DMV. I have been investing in rentals here since 2002. It is one of the cash flow capitals of the USA but there are challenges. Before you spend any money, pick an area where other successful investors are working and learn the area. 

You might want to check out the Baltimore Investors Network on Facebook. 

In my mind, over leveraged is when you are upside down (owe more than the property is worth) or have very little equity. When those things happen, you may have to come to the table with money if you have to sell it. Some of the ways to protect yourself are to use the BRRR method so that you have some equity built in. (But requires more work) But remember, equity doesn't pay the bills. Cash Flow will always be king.

Network as much as you can. None of the books, seminars, etc will benefit you more that getting to know others in your market that are doing it. You can meet them at Meetups, and REIA events. When you meet someone that is doing what you want to do- ask them if you can take them to lunch. Ask them how they started, what they like and don't like about the business. People are busy, so don't let the people that say NO discourage you! Also look for a local FB group. If there isn't one- Start one. I did!

I agree with @Ned Carey. I have bought properties without ever getting inside- but I do assume that the property will need significant reno on the inside. 

If you are able to speak to the tenant- ask them what needs to be fixed. If you are able to build a rapport with them they may let you in. 

Yes, they are.

Mark

Thanks @Ian Barnes. If you are interested in the tribes here is a FB group with 3 short videos explaining them. Please watch them in order.  https://www.facebook.com/groups/301986696934710/

What are your goals? I'd love to help you to navigate through some of these decisions, but understanding your "why" might lead me to a different answer. For instance, if you want to convert a single family property to a 2 unit with separate gas, electric and heat then the cost of that rehab may make it unfeasible, etc. Yes, Hampden is hot! That is where I started 16 years ago. Remington, Wood Berry, and Medfield border Hampden and are also great places to look.