All Forum Posts by: Tracey Hill

@Jessica Frasier That'll work.  Hopefully they'll reply.  Thanks!  

Hey, can you send me the info about that Meet up? My car goes to VA!

Hi @Jessica Frasier.   I am in the exact same predicament as you.  I live in Prince George's county and and in the spirit of trying to find a property close to home, I do searches for my county and only yield like, 3 results -- 2 of which usually aren't even MFDs.  So when I expand the search to all MD, most of the results are on the outskirts of Baltimore but many personal friends (and friends of friends) say they've lost a lot of money in B-more investments... 

     To be fair, I did see several duplexes in DC under $500K in SE - Congress Heights, Trinidad and NE (near Bladensburg Road and the MD line). Most look like they need a lot of work but I did see 2 that I would actually analyze.  While there is mass gentrification taking place throughout the City, I honestly don't know where to look.  I personally wouldn't want to purchase and house-hack a duplex in Trinidad and end up stuck there.  

     Jess, along the same lines, I also want a vacation property in FL, particularly Miami or Ft. Lauderdale because I cruise so much.  I figured it'd be good to have a place to stay when I travel that can earn money while I'm away.  

     I too started looking at TX (Houston) because I have a friend there who could be my boots-on-the-ground.  Plus there are exponentially more duplexes in the price range I'm looking to pay.  I don't think having a first rental that far away is a good idea for all of the obvious reasons but...           

I've been quietly doing my due diligence: I joined a local REI group and attended my first meeting this month; I'm reading articles, BP posts and books; listening to the podcasts and joining in on the webinars. The REI group encouraged us toward wholesaling due to the minimal risk and substantial the number of distressed properties in PG and surrounding counties. Wholesaling, for whatever reason, isn't really resonating with me. I'd really rather buy and hold a multi-family until I am more familiar with the process. This will be my first property purchase ever.

       I think I'll look a little harder within an hour or two of home but I hope other successful DMV investors chime in with best next steps.  

Jess, thanks much for posting. Clearly, you're not alone.  

Go with the lower cost of living. That, plus any cash flow or profits made from your RE sales and/or REIs, will give you the money to visit family.

I'm looking to move to a lower cost of living area myself.  Not spending money is the same as making money.  

After reading the articles here, and listening to podcasts and BP'so YouTube videos, I have pretty much settled into getting my MD real estate license but as i launch into this venture, I really wanted to offset my tax liability as well. I dont mind being under a broker for the required time frame, I was only hoping to be able to convert an abandoned LLC into something else so that I could claim RE license classes, mileage, resources (like BP Pro), business cards, blog, and other initial costs as business expenses.

     (Sigh) I guess I better consult my accountant since I'm not an agent YET or maybe call our DLLR.  

House hack the 4-plex; get a RE license; sell AND invest as your income grows.  If you want, get married and have a family AFTER you generate your first million.    

@Scott Trench Thanks for posting and @Jeff B. for adding acronyms. Some I knew, others like FMR - I had no clue.

 Who's managing your properties? 

Wow, that is a fantastic story.  Thanks for sharing and big congrats!  

Oh true, @Jennifer Drew.  I am not opposed to buying a property and living in it since it's just me now...Is Trinidad one of those neighborhood designated for gentrification?  Do you think there's a [high] probability of appreciation, like what happened in SW and what they're doing with Anacostia?