Navigating Baltimore real estate market & Tech w/ Tristan Toliver

OPA 2 OPM

Summary
In this conversation, the guest, Tristan, shares his journey into real estate investing and his transition from the mortgage industry to the tech industry. He discusses the concept of house hacking and why it was the strategy he chose to get started in real estate. Tristan emphasizes the importance of thorough screening when selecting tenants and shares his process for vetting potential renters. He also provides insights on finding a realtor, choosing a bank or credit union, and using software platforms for background checks. Tristan explains why he chose to invest in Baltimore and highlights the city's potential for both cash flow and appreciation. In this conversation, Tristan and Alex discuss the importance of being intentional and seeking out information when it comes to real estate investing. They emphasize the need to stay informed about local developments and trends, and to visit potential investment areas in person. They also discuss the $1 home program in Baltimore and caution that while it may seem like a good deal, it often requires significant investment and may not be suitable for everyone. Tristan shares his experience with the BRRRR method and using a HELOC to finance his real estate investments. They also touch on the importance of learning from mistakes and setbacks, and the value of sharing knowledge and experiences with others.
Keywords
real estate investing, house hacking, tenant screening, finding a realtor, choosing a bank, credit unions, software platforms, Baltimore, real estate investing, information, local developments, trends, $1 home program, Baltimore, BRRRR method, HELOC, mistakes, setbacks, sharing knowledge
Takeaways
House hacking is a low-barrier entry strategy for real estate investing that allows investors to live in one unit of a multi-unit property and rent out the others to offset their mortgage.
Thorough tenant screening is crucial to ensure reliable and responsible renters. This includes conducting background checks, verifying employment and income, and checking references.
Referrals and research are key when finding a realtor and choosing a bank or credit union. Attend meetups, use online platforms like Bigger Pockets and Eventbrite, and read reviews to gather information and make informed decisions.
Investing in Baltimore offers opportunities for both cash flow and appreciation. Research the market, look for properties that need work, and consider the city's path of progress and affordability.
Embrace discomfort and be willing to take risks in order to achieve financial independence and success in real estate investing. Be intentional and seek out information when it comes to real estate investing
Stay informed about local developments and trends
Visit potential investment areas in person
Be cautious when considering the $1 home program in Baltimore
Consider using the BRRRR method and a HELOC for financing
Learn from mistakes and setbacks
Share knowledge and experiences with others
Chapters
00:00 Introduction and Excitement for Valuable Insights
08:40 Transitioning from Mortgage Industry to Tech Industry
24:16 Choosing the Right Bank or Credit Union for Financing
31:05 Embracing Discomfort and Taking Risks for Financial Independence
39:01 Considerations for the $1 Home Program
49:31 Learning from Mistakes and Setbacks