All Forum Posts by: Bill Kenny

We are working on setting up a local Martinsburg Real Estate Investor Networking get-together. Our first meeting will be Thursday JANUARY 25 @ 7PM. We are working on a few locations and will update this post as soon as its finalized. Please feel free to respond to this post and let me know if you are interested in joining us for the first meeting in Martinsburg. The meeting will be held by myself and another local investor. I am a Investor RE agent / Wholesaler / Landlord of multiple Martinsburg Properties. I hope we get a great response. At the very least the goal will be to build some friendships and knowledge partnerships to help everyone achieve their Real Estate Goals. Who's In?

@Jocelyn Borg That is what I am saying. You should know how taxes and insurance will impact your monthly ownership cost. Along with all the other costs associated with owning a property. It's always important to look at the total cost of owning a rental property. I think most people in the beginning don't plan for Cap Ex and management costs. I know I didn't on my first few deals. I think the BP planning calculators have those things built in that you should consider when buying investment real estate.

There is a larger area of Hagerstown that is not within the City and as with anything the prices tend to move in relationship to the many factors. When a property is double taxed (both city and county) it would tend to be related in the sales price. Most of the multi family is concentrated in the city or closer to downtown.  The more highly regarded properties are not in the city tax district and are on the outskirts in different school districts. People need affordable housing and the further you go East the less affordable housing becomes.. As you come West Hagerstown meets that sweet spot where prices makes sense in relationship to rents. The cheaper the property the more management it will take.. the more expensive the property your looking at negative cash flows. Hagerstown City can be a pain in the *** and its well documented BUT I bet Baltimore is very similar, I don't know, but I'm guessing..  Higher Taxes is bad business.. its been proven that it doesn't work in the long run.. 

As for Frederick vs Washington County.. Frederick County is 2x more expensive and not sure how you cash flow in a market like that.. Unless you are finding off market deal in Frederick County which are few and far between it doesn't make sense to purchase in that area. 

In Washington county you need to purchase in the right spots and manage the hell out of it.. 

As with anything.. If it were easy everyone would be doing it.

Hi Jonathan, Welcome! If your into podcasts BP has lots of podcasts in the vault on every subject of real estate investing. I have learned so much and use it as a constant source of motivation. I would also suggest to join a local real estate investor group. There you can find the contacts and deals to grow quicker! good luck and let me know if I can ever help. Bill 

@Catalino Rodriguez I work with an investor who was stationed in South East Asia and bought his first 6 units in Hagerstown from the other side of the planet. He's under contract for another duplex and has managed the whole process without seeing his units in person. The true definition of leverage... He's built great relationships with his Agent, property manager, inspector, contractors, Lender & insurance all done with a cell phone and email. I think we had to fedex docs for wet signatures but that was it. He's smart and successful and making it happen. 

Is anyone having success using the 0% balance transfers credit cards for short term expense spending? I have often thought about how to take advantage of these.. Specifically for cash out refinances or flips.

Its a terrible time to be buying investment property in the inflated big city markets. I guess you will have a great apprecitation play but I'm thinking there will be a correction coming in the short term future. I would never be interested in waiting 30 years to get my initial cash investment back on a property like the DC example. My current goal is to get $250 cash flow a door in areas that I can self manage. I want to have as little money in the deal and refinance the private money out after a year or so..  I like to have my properties in areas I know and understand. 

If you have similar goals I think Hagerstown makes sense. North End is great, Robinwood area and Dual Hwy, South End are fine as well. they are all C+ to A areas. Some of these areas are outside the city. Downtown and the West End can attract tenants that can be difficult but what cash flow market doesn't have pockets and areas that are harder to manage than others. 

Sounds like people are having issues with selecting good tenants. As with any areas tenant selection is Job # 1, I'll turn them away until I find the right fit. I tell them keep communication open at all time and pay the rent. In turn I will be responsive to your needs. I have tenants that have stayed with me and moved into other properties based on this relationship. I own multiple properties in Martinsburg WV which is similar to Hagerstown. I also own in Md.

Hi David, no problem, let me know if you need help in the future.. thanks

Hi David, 

I have multiple rentals properties in Martinsburg and I am a licensed agent as well. Let me know how I can help.

If you dive into the deep end of the real estate Pool, you will find amazing challenges that will make you attempt to drown you.. but if you fight like hell you will learn so many valuable lessons AND become a better human being because of those challenges. Come on in... the water is warm! Heck you might even make a few bucks too ;)