All Forum Posts by: Marylin OShea

I got my license in Maryland two years ago. I did it primarily to help my investment goals, but I was also in between jobs and not motivated for a 9-to-5. Since then I have learned a lot and made some good deals. But I have also regained full time employment a year and a half ago (not something I was actively looking for! More of a headhunter situation) and having a W-2 job remains for most of us the easiest way to qualify for mortgages!! never forget this. 

I’d say getting licensed helped me better learn the market, network with peers, learn the mortgage industry, how to make strong offers, find deals, etc. but it takes time to ramp up the income.

Somehow I got the best of both worlds with a steady paycheck with a job I get to do from home, and the flexibility to keep up with my real estate deals. I love it!

Look for a property with a potential upside. For example a 3 bedroom home could be a four bedroom if the layout was altered. Find something hidden, that only you notice, and make the numbers work!

For example I bought a (distressed) duplex that wasn’t listed as a duplex but a 6-bedroom with two kitchens. I snatched it at a good price within 2 weeks of being on the market.

Regarding PA, I bought a rental in Lancaster last year. Love the town, lots going on lately and nice appreciation. I cash flow about $500 a month. I am thinking about renovating it to BRRR but it's not an urgent need right now. Maybe in a couple of years. I have a friend living in it with roommates. He manages the tenants and the property and he gets a great deal :)

That’s another trick. Sometimes it pays to find the tenant first. All my leases are two year leases (I own three properties, technically 4 doors).

Good luck @Franklin Urbaezj!

One thing I have learned between managing one property 10 minutes away from me, and another 100 miles away in PA... I’d much rather have my investments closer to home. Perhaps something to take into consideration as well if you are an active investor. Cash flow is always better when you self manage 😃

@Maxwell Kaplan when picking an agent, make sure you’re comfortable enough that you can eventually “break up” with the agent and still have the friend/cousin etc. 

Good luck!

In case you missed it, here is the latest development in the short term rentals saga in Annapolis: https://www.capitalgazette.com...

You're right, the multi families are harder to come by in AA Co however there are opportunities with ADW, basements, etc. The demand for short term rentals is high around Annapolis and I personally take advantage of this in various way (roommate, in-law suite on my property). Hope this helps!

Welcome to BP & real estate investing! I have a few contacts I'd be happy to share, feel free to ask. Best of luck to you.

Let's organize a small meetup already :) I am a RE agent & investor. Just bought in a duplex in Edgewater and I own (half of) a duplex in Eastport. My primary residence is near downtown and I am watching with a careful eye the developments re: AirBnB legislation... Coffee in January? Let's pick a date. Would be lovely to reconnect with @Ben Bannister :) And meet new friends! @Joshua Shull @Jacob Evans @Jeremy Willis @Briyana Hawkins @Will Bowman

@Maxim Gaudreault Join the local roommate exchange group on FB and you'll see posts from people doing just that. In Homewood/Germantown, private room + private bath can yield $900-$1,000. Hope this helps!

Investment Info:

Single-family residence buy & hold investment in Lancaster.

Purchase price: $112,000
Cash invested: $23,000

Single family home with 4 bedrooms in the heart of Lancaster.

What made you interested in investing in this type of deal?

I was looking for a 4+ bedroom property for my friend to live in and manage with short term rentals by the room.

How did you find this deal and how did you negotiate it?

The house was listed on the MLS and had not been on the market this long. I moved quickly with an aggressive offer and negotiated further when I realized there was a PPA on solar panels for this property. A big nightmare in most real estate deals... So I used it to my advantage (11% below asking).

How did you finance this deal?

Conventional loan for investment property (20% down).

How did you add value to the deal?

I intend to rehab it little by little, I know I bought it right based on comps. Meanwhile cashflow will fund my next down payment.

What was the outcome?

Have a one-year lease and an on-site manager with reduced rent. A win-win!

Lessons learned? Challenges?

I had made an offer on another house just prior, and the condition was horrific, glad I didn't panic, decided to move on and found this deal instead. Lancaster home values have been going up steadily!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I used internal referrals to get a fellow agent in PA, she wasn't anything special but she got it done, and I got 1/3 of the commission. My lender was excellent! Title company, meh.

Well done, @Jon Peterson, please keep us posted!