All Forum Posts by: Mike Shahi

My friend gutted a home in DC (2513 SQ FT) and spent $150k. He's gutted quite a few homes and it was between $100-$200k- depends on the size

Great job- thanks for the awesome breakdown

@LaQuan Bates There's a meet up that's supposed to take place next Tuesday Nov 4th in Gaithersburg. It will be my first time attending. This will be a good start

@Russell Brazil Thanks- on meetup.com now- what's the meeting title/name of the group?

Hi @Russell Brazil ...do you have to register for the upcoming network event at the country club or do we just show up?

Any way to confirm that this meeting is still taking place next week? Thanks

Good question Ken- I to am a newbie and looking to take the hard money route. I got in touch with a lender off BP and we're scheduled to talk later this week. I'll let you know how it goes and what I learned

I live in DC and with such a hot market, you need to close quickly and have financing in order

One thing to also keep in mind is that with high interest rates and all the fees you pay up front, this is a task that will require you to have everything in order- subcontractors ready, permits, materials etc....delays will only cost you more money down the road. You need to get in and get out quickly

Really great input from all of you. Thanks for all the responses. Going to contact a few of you. 

Thanks for all the replies- @Chrissa Carlson I can go as high as 200k- I actually have a team ready for repairs if any are needed. My parents flipped homes in Bethesda a good part of early 2000's so I have the resources if any repairs are needed. I'm not a "newbie" per say- my family and I have always focused on the Bethesda, Chevy Chase area so that's where my expertise is. It's just that I'm no longer in the position to purchase 700k homes to tear down/rehab- life happened- not to mention the market in these areas is VERY competitive. 

I don't mind if the house needs a bit of work- my team and I can make it look like a million bucks- but the price/location/reno costs all I have to make sense. I'm just clueless when it comes to Baltimore. 

My goal honestly is to build a portfolio of rental properties, get them paid off by the time I retire and have a stream of passive income. Another reason why my budget is low- I can pay it off quicker. 

Hi Everyone,

Looking to invest in real estate (rental or flip) but I'm facing a couple of challenges-

1) I live in DC and own my home. I have about 200k equity in my current home.

2) I have no debt except for my mortgage. No credit card balances, no student loans, nothing- Both of my cars are paid off, I have about 25k saved up

3) The challenge- DC and surrounding areas are expensive. I looked at some homes in Baltimore priced under 100k but they were located in bad neighborhoods. I looked into other areas which I was familiar with and most home prices started at 250k. The higher the price, the more money I have to put down which I don't have right now unless I dig into my equity.

4) I was thinking of sticking to my 100-150k budget and invest out of state- but again, I don't know where to start. I thought Delaware, WV, PA and even as far as Detroit.

I see a lot of potential across the country but I don't know anything about these markets. I can work with an agent but that would also require me to fly out and familiarize myself with the area and see the properties listed- I'm thinking that I should stick to what I know and/or buy in a part of town/state with easy access. (Philly is 2 hours way)

Anyone investing in baltimore or the surrounding area? Any advice for investing out of state? I'm really lost and confused and have no idea where to start. Thanks

Hi Everyone,

Looking to invest in real estate (rental or flip) but I'm facing a couple of challenges-

1) I live in DC and own my home. I have about 200k equity in my current home. 

2) I have no debt except for my mortgage. No credit card balances, no student loans, nothing- Both of my cars are paid off, I have about 25k saved up

3) The challenge- DC and surrounding areas are expensive. I looked at some homes in Baltimore priced under 100k but they were located in bad neighborhoods. I looked into other areas which I was familiar with and most home prices started at 250k. The higher the price, the more money I have to put down which I don't have right now unless I dig into my equity. 

4) I was thinking of sticking to my 100-150k budget and invest out of state- but again, I don't know where to start. I thought Delaware, WV, PA and even as far as Detroit. 

I see a lot of potential across the country but I don't know anything about these markets. I can work with an agent but that would also require me to fly out and familiarize myself with the area and see the properties listed- I'm thinking that I should stick to what I know and/or buy in a part of town/state with easy access. (Philly is 2 hours way) 

Anyone investing in baltimore or the surrounding area? Any advice for investing out of state? I'm really lost and confused and have no idea where to start. Thanks