All Forum Posts by: Ntiense Inokon

@Jake Thomas congratulations! This is particularly helpful for me as I'm about to start my first 1031 Exchange and was debating between purchasing multiple properties in mediocre areas vs one property in an area with a strong history of consistent appreciation. Instead, I’ll look into doing a combination of both.

Hi Henry,

If you feel "stuck", I challenge you to see your situation from a different angle. 

You own a property in an area with consistent growth and property appreciation. You're able to cover nearly 60% of your mortgage with income from tenants. You then split the remaining balance with your girlfriend. By doing this, you're able to save cash while generating income on an appreciating asset. You are not "stuck" you are in the midst of growth.

If you want to grow your real estate portfolio more quickly, continue to save cash because it is truly king. While doing that, research multi-unit properties with good cash-flow and lower purchase prices in other states. Using the forums on BP, I'm sure you'll quickly identify a few good cities to consider. 

Remember, you chose a long-term strategy and your current process is working! Instead of being discouraged by it, recognize your success and apply that knowledge to your next project.

Hi Lisa,

I know of a property management company that's based in MD; however, I'm not sure if the company services Baltimore City. Here's the website:

http://www.perrydavis.co/zero-headache-landlording/

David Zheng congratulations!🎊🎉🍾 This is an inspiring story and reminds us that good deals are out there if you are persistent and patient. Please post a few pics of the finished interior. Thanks & keep at it!

Kami S. great job, congratulations! I'm glad you mentioned your experience with wholesalers. I agree, they can present a good deal, it just depends on what you're looking for. You stated that your contingency budget covered the cost of the sewage line repair. How did you determine the contingency budget & what % was it?

@Calvin Watson & @Angela DeBorja It's great that you are scouting different REIAs and meetups where you can meet more investors. I've attended the BWI REAI meetup which is free. They have monthly meetings with 30 minutes of networking before the main presenter. 

Check it out.

https://www.meetup.com/BwiMeetup/

I haven't had any issues with this meetup and, as with everything, think twice before opening your wallet.

Hi Joe,

It sounds like your taking the first, most important, step..education. You don't need a wealth of knowledge to get started, but you do need to be aware of the options and the potential pitfalls. As a BP member, you can connect with investors and RE professionals who are willing to help you. 

I suggest setting up BP Keyword Alerts so that you are notified when others are discussing the exact topics and locations that you're interested in. Then, connect with them to begin building your network. Ask questions to those who have done something that you haven't, or who've done it in a different way. Also attend real estate investor association meetups (REIAs) to make more connections.

Good luck and congratulations on making the move!

Hi Harold, 

I agree with Russell. You don't need to live in the area where you invest. The affordability of housing is really a function of access to capital. I suggesting leveraging BP and various real estate investment associations (REIAs) to extend your reach. There are realtors on BP who will help you locate properties in strong cash flow markets and connect you with property management companies in those areas. Also, you can always get started with a house hack in your current area. Once you're ready to relocate, you can lease your primary residence and get started with your next house hack.

Here's the link to an REIA near you.

https://www.meetup.com/BwiMeetup/

Hi Isaac,

Welcome to BP. I'm glad you've researched REI; it's time to take action and close your first deal.

In addition to the Gaithersburg meetup, there's another meetup near the BWI airport. It's one of the largest in the region. Definitely check out both groups so you can expand your network quickly.

https://www.meetup.com/BwiMeetup/

Hi Jerry! The most important question is what documentation do you have? I'm not an attorney; however, wether you take this to small claims court or hire an attorney, you will need documentation of what was discussed and agreed upon with the tenant. I assume you have documentation that your PM was obtaining repair quotes. If you don't have written proof that the tenant was instructed not to hire a contractor and/or if your lease agreement doesn't identify responsibility for unauthorized repairs, you may want to reimburse the tenant. Either way, address the topic of unauthorized repairs made by the tenant, in writing, for the remainder of the lease.