New Member from DMV area

[Ray Dorsey]

Hello fellow teammates! Fresh on the bench is a highly motivated team member with a lot ideas and vision. I can not say I'm a new REI but a player that went to a junior college to play ball before enter to the big leagues. If we were talking in sports lingo. I am currently looking in the Baltimore City area. Yes, where's there's blocks of rows houses for cheap or free because of the crime rate and lack of upkeep. The city is making improvements in areas in moderates steps. It will take a visionary to set this city on firer. In the mean time while I'm getting myself ready I am interested in buying a block of row homes and rehabbing the whole block. Creating my own market. I know the price I'll will get each home for will be relative cheap but these home will full rehabs. 😳 I am looking for a few good contractors and few investors if you are interested. I'm hoping to used private lending or hard money for the venture. My vision is to go block by block of a neighborhood and create a small community. Wish me luck! I am open to any advice? Very humble.

[Michael Lee]

Hello and welcome to BP!  It sounds like you have a plan.  Education is the key for success and to minimize mistakes.  Do not cut any corners to make something look better.  Find/Get a local Team full of people to make you better.  The typical Team members are Attornies, Real Estate Agents, CPA's (or accountants, Inspectors, and General Contractors.  Always do the projects numbers to make sure they are complete and real and try to look at it before you make an offer or at least have a clause in the sales contract that allows you some time(usually 15 days) to look at the property and possibly back out of the deal without a penalty above your earnest money.  Do not try to do everything yourself.  Be patient but consistent.  Just keep on going.

I am 59 years old and I found BP about 8 months ago and I am still trying to decide what to do.  I went to college, not that it is mandatory, and I got a degree in business that emphasized real estate.  Since I was in Texas and planned on staying there I found out that I was qualified to take the test to be a broker.  I kept that license for about 30 years.  I did a few deals for other people.  Regardless of what I had I felt more comfortable in the construction business.  I have been in that business since I was 17.  My father has been in real estate sales for about 40 years and he has taught me a little bit.  If you think that I can help you please contact me through BP at any time.  Good luck!