All Forum Posts by: Andrew Michael

@Garrett PItts I do not own any rentals in Baltimore so sorry, I can't recommend anyone there.  I only wholesale Baltimore.  The closest I get is Carroll County but my partner manages our building there.  

You can become an assistant to someone that has access.  That is how I started.  I needed the access to run comps, verify data, etc for them.  

There is also a company called REMINE that will soon be open to all agents and investors. REMINE is quickly growing and being implemented into the MLS systems nationwide. The most notable recent integration was here in the DC with the Bright MLS.

REMINE is a UI overlay that centralizes big data in one place.  It's worth a Google search to check out some of the demo's and such.  I have been using it for my mailers and research lately. 

Full Disclosure: I am a seed investor in REMINE.

Your not missing deals. 99% of realtors are not going to let you wholesale their deals nor can they ethically do so in most instances. The point of wholesaling is to find discounted off-market opportunities so looking on the MLS for people whom are already represented is counter-intuitive.

The only exception to this, in my opinion, is if you have put together a really strong network and have access to buyers/ solutions that the agent might not otherwise.  For example, an agent who focuses on retail may be presented with an as-is property that is out of their wheelhouse and only fit for investors.  Perhaps in this case you can bring them a buyer but I'd still be shocked if they let you take any substantial commission from the deal.  Unless you bring a lot to the equation and make your position pivotal you're just going to cloud the transaction. 

Really depends on what your trying to do.  If rentals, I would come a little further into Frederick where there is much more economic stability, better tenants and a promising growth.  Montgomery county, though high entry price, will always rent out as well but the cash flow will not likely be as high.  For flips both the area's I mentioned will work.  I am seeing a ton of activitiy in PG, AA, Howard, Balt, and southern MD as well.  Due to your location I would check out AA, Howard and Balt on the MD side.  

I am saying this with 100% respect, do not proceed until you educate yourself more on the process.  I literally counted 4 errors in the two sentences above.  I am not up to speed on PA law but if you are this new to the process its very possible you may violate law unknowingly.  Furthermore, if you are having difficulty distinguishing things like emd vs downpayment, who holds the emd, etc it is very likely you will successfully execute a wholesale deal.

If you feel you have found a good deal find a veteran and JV with them to learn the process.

Flee the Country.  

There is no way to truly avoid it as far as I know.  You can continue to push the enevitable down the line, roll it into another investment, etc.  I would love for a CPA to correct me, perhaps there is a strategy I do not know about.

Your strategy will effect this to a degree. What qualifies as a good rental market will be different from a good fix and flip market. What are you looking to do. In any event, the following will be good metrics to look at.

- Jobs (growth, stability, etc)

- Schools

- Population growth or lackthereof

- Rent Rates

- Sales Prices

- New home sales/ build volume (market saturation)

- Crime

A good macro site is City-data.com but you will surely want to get feelers out into the local economy as well to determine the above. The best source is drive the streets, talk to residents and investors who already have a footprint in the area.

Dont know of any good books but beside BP podcasts Matt Theriault has a podcast that is very wholesaling centric. 

Your strategy will effect this to a degree.  What qualifies as a good rental market will be different from a good fix and flip market. What are you looking to do.  In any event, the following will be good metrics to look at.

- Jobs (growth, stability, etc)

- Schools

- Population growth or lackthereof 

- Rent Rates

- Sales Prices

- New home sales/ build volume (market saturation) 

- Crime

A good macro site is City-data.com but you will surely want to get feelers out into the local economy as well to determine the above.  The best source is drive the streets, talk to residents and investors who already have a footprint in the area.

Your comp range is too broad, especially if reno is only $5k. Get someone to help you figure out the ARV within $5-10k. I'm not sure where you are located but around here "light" reno wholesale deals are selling at 80%. Even if you take the higher end of the ARV range your looking at a 2k fee max. Also who pays closing? On tight deals like this that matters greatly.

I would try to get this lower than $217k IF and ONLY IF you have the backside systems in place to close the deal properly and are prepared to purchase the property should you not find a buyer.