All Forum Posts by: Shirley Yousefie

Hey everyone, we are adding a new location to the REI Social saga: FREDERICK MD. We're having our first event on Feb 2nd at 6pm at Attaboy Beer in Downtown Frederick. @Elisabeth Pafford and I will be hosting these events monthly and would be happy to see some familiar faces. Join our facebook group to get notified of upcoming events. To keep the spirit of these socials, everyone is welcome to come get together and talk all things real estate. Looking forward to seeing everyone!

https://fb.me/e/3hjVl23aG

That's a great idea @Charles Borinstein, we have been posting the next meetup link on the last meetup post. I will try and set it up and coordinate with @Steven Silbert to get a post up to have people sign up for notifications as well as post it like this so people don't miss out.

Here's the link to the next meet up courtesy of @Steven Silbert !!

https://www.biggerpockets.com/forums/521/topics/1053257-central-maryland-rei-social?page=1#p6022835

Thanks @Michael Kissi !

Investment Info:

Retail commercial investment in Hagerstown.

Purchase price: $750,000

This purchase is two separate properties in Hagerstown. One is a restaurant plus a residential apartment on the upper level - fully leased. The second building has 4 commercial units on the main level with residential apartments on the second and third levels. 2 retail tenants in place at time of purchase and 2 added since. The residential portion has been vacant for decades prior to purchase, currently in the process of planning the build of 9 apartments.

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

Long-term wealth generator.

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

A lender I've previously worked with owned these properties with a partner who was the hands on operator. Unfortunately the partner passed away and the lender was not able to manage the property alone and was only in the deal as a passive investor. He brought it up and I agreed at the terms he came with, he needed to sell quick to payout the partners children as well so he priced to sell.

How did you finance this deal?

The lender who brought the deal also financed it.

How did you add value to the deal?

Property came with 3 tenants who just about covered all the two buildings expenses. Added retail tenants to 100% occupancy last year. Currently planning the construction of 9 residential units above the retail units.

What was the outcome?

Cash flowing properties with the additional income of a 9 unit residential build on its way.

@Steven Silbert Sounds good. Why don't we throw out a date in a week or so, a weekday evening or weekend?

We could start with the number of people on this thread plus a few. 

I'm interested, let's make it happen. Next weekend or sometime during the week? Anyone know of a good spot to meet in between counties?

Hey BP fam,

I've been on this platform for years and doing some flips here and there. I've been really focused on trying to create a house hack deal to allow myself some room to save and take off on my bigger dreams in commercial real estate. I'd love to hear from anyone in Maryland metro area or DC who is on this house hack journey and have found any success. In particular I would love to hear about certain areas that work the best and any lenders that would be ideal to get started (I would love to take advantage of FHA).

Hey BP fam,

I've been on this platform for years and doing some flips here and there. I've been really focused on trying to create a house hack deal to allow myself some room to save and take off on my bigger dreams in commercial real estate. I'd love to hear from anyone in Maryland metro area or DC who is on this house hack journey and have found any success. In particular I would love to hear about certain areas that work the best and any lenders that would be ideal to get started (I would love to take advantage of FHA).