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Updated almost 9 years ago, 02/04/2016

User Stats

23
Posts
3
Votes
Michael Corbin
  • Real Estate Agent
  • Bronx, NY
3
Votes |
23
Posts

wholsaling property in Maryland

Michael Corbin
  • Real Estate Agent
  • Bronx, NY
Posted

Hi,

I'm a new real estate agent licensed in NY. A friend called me about a house she has in Maryland and wants to get ride of. Its been vacant for 12 years  in that condition. There are taxes due of $700 and a water bill due of about $250.  I would like to wholesale it to an investor since I don't live in Maryland. I was thinking of putting it under contract with an assignable clause, (where I can also pull out for any reason if need be), I don't know anyone in Maryland, but would really like to deal. Your thoughts as to what are the steps I should take in sequential order. Thanks  

User Stats

8
Posts
5
Votes
Damion Gerald
  • Waldorf, MD
5
Votes |
8
Posts
Damion Gerald
  • Waldorf, MD
Replied

Hi Michael,

I am currently buying properties in Maryland. Contact/message me the address and any other info you may have on the property. If the numbers work I will pay cash and can close within 14 days.

User Stats

15
Posts
3
Votes
Greg Fisher
  • Frederick, MD
3
Votes |
15
Posts
Greg Fisher
  • Frederick, MD
Replied

Hi Michael, could you tell me where in Maryland? Thanks Greg

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User Stats

74
Posts
7
Votes
Aj Bowman
  • Damascus, MD
7
Votes |
74
Posts
Aj Bowman
  • Damascus, MD
Replied

What part of Maryland is it located in?

User Stats

543
Posts
121
Votes
Justin Pierce
Pro Member
  • Rental Property Investor
  • Woodbridge, VA
121
Votes |
543
Posts
Justin Pierce
Pro Member
  • Rental Property Investor
  • Woodbridge, VA
Replied

Michael,

It's as simple as you just said.  Get the home under contract, an assignable contract would be best.  Then find a buyer for the contract.  You can put in inspection period or due dilligence period in the contract so that you can back out for any reason without penalty.

Where is the home?  If the home is in an area that I work I'd be happy to analyze the deal for you and tell you what I'd pay for the home.  If the numbers work I'd certainly take the deal and be happy to pay you a finders fee.

Good luck,

Justin

  • Justin Pierce
  • User Stats

    65
    Posts
    17
    Votes
    Georgia H.
    • Investor
    • Catonsville, MD
    17
    Votes |
    65
    Posts
    Georgia H.
    • Investor
    • Catonsville, MD
    Replied

    Hi Michael,

    I would be happy to work with you and your friend on the deal; no pressure reach out to me if you like.  Have a blessed day!