All Forum Posts by: Raymond Simms

@Ika Sargeant Thanks for the help. I'll be looking at LLC university. There are a lot of websites that offer help, and its not clear which ones make sense for real estate investors.

I moved to Baltimore MD from Fairfax VA, but kept a rental property in Annandale.

Is it better to create a Virginia LLC just for this rental property, or should I place it into my existing MD LLC?

I've done some research and it seems like the MD LLC would have to register as a "foreign" company to VA, and it's not clear how much the annual costs would be. My reading of setting up a Virginia LLC requires a registered agent with a VA address - operationally it means that I'd pay a website or layer annually to act as a registered agent.

Does anyone have a similar experience?  

+1 to all that has been said before.  Like @Marc Cohen said, there aren't many negatives, so the prices are relatively high.  There aren't many distressed properties, and they are picked up quickly.  I live in Towson and am looking to invest in the nearby areas like Hampton and Parkville

@Chris Leier.  I'm starting out in this area as well.  What draws you to this area?  I live in Towson so its easier to visit properties, coming from Montgomery County will be a bit of a drive.  

@Jon K., do you have any lenders that you recommend?  I'm establishing a relationship with Eastern Savings Bank, but would appreciate any other options.  

There looks to be a big difference in pictures between your redfin listing and your zillow listing.  I think that redfin is growing, but zillow is usually where I start.  

https://www.redfin.com/MD/Baltimore/2718-E-Chase-St-21213/home/10797758

https://www.zillow.com/homedetails/2718-E-Chase-St-Baltimore-MD-21213/36455110_zpid/

I love Excel - I know I'm weird, but it's something that I've used pretty much everyday for the last 20+ years, both at work and home. If you're willing to help a newbie investor, I'd be happy to create excel sheet(s) that can calculate things much faster or in more detail than what you're doing now. Present value calculations, buy vs hold scenarios, or wherever the standard BP calculators aren't quite scratching your itch. I'm also good with IT in general.

I'm starting my investing in Baltimore County, and I'd like advice on

- Review my business plan
- Recommendations for team (attorney, accountant, contractors, insurance, etc...)
- What do you know that I should know?

Investment Info:

Townhouse buy & hold investment in Annandale.

Purchase price: $392,000
Cash invested: $40,000

3/2 Townhouse in Fairfax VA. Bought as home, then turned to investment property in 2014. Refinanced in 2013 for cashflow