All Forum Posts by: Mike Wheeler

I recently saw a couple homes in an auction that I thought would be potentially good deals.

Do you think that auctions are good for finding investment properties? Has any had any experience in investing in a property purchased from and auction?

I’m currently in my primary residence which I purchased in 2011 but I want to purchase a second home to rent for cash flow.

I have 20k for a down payment but having the first mortgage the amounts that I’m qualifying for with lenders are way low. I live in MD and it looks likes I may have to look out of state for a descent property.

I really want to get a rental property but I don’t want to get something crappy because of low cost.

Please help with suggestions!!!

Thank you for the input Jaysen,

Your right I'm sure i would have to put at least 20% I'm not sure what I was think on that. I estimated 70k because i've seen the property estimated in the high 60's this is a FSBO property asking for $50k. I just ran accoss it and decided it see what it was pan out too.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Heyguys can you please give me some feedback on these numbers. Now I know I plugged in a 15 term but I plan on paying this loan off in less than 5. There is a move-in ready to rent Town home.

Hello everyone my name is Mike Wheeler. I am a new real estate investor in Maryland. I am 42 yrs old and after reading Rich Dad Poor Dad and listening to numerous podcasts which include BP, The Real Estate Guys, and some others I feel its time I take action. I can't wait to close on my first deal!  

I retired as a Master Sergeant from the Air Force after 20 years and 7 months of honorable service. Currently I work as a Human Resource Specialist for Staffing Alternatives Inc (SAI) at the Defense Intelligence Agency (DIA) in Washington, DC.  I graduated from AMU with my BA in Criminal Justice and I am currently looking at getting my real estate license here in MD.

My goals are to buy properties in Maryland so that I can 1. buy hold and rent the properties and 2. rehab the properties and sell them for a profit; not necessarily in that order. My ultimate goal is to acquire enough rental properties that will produce enough positive cash flow so my family will be financially free.

I'm looking forward to learning and networking with everyone here. 

Mike