All Forum Posts by: Bakary Bojang

If wholesaling a good place to start would just be driving around your local community looking for properties and taking those addresses down and skip tracing the owner somehow if you are on limited funds, however if you have money available you could leverage that into a site such as prop stream where you could put together a list of properties with a certain criteria and then batch skip that list of homes with something like REI skip and look for properties all over the united states. it really just depend on where you are financially and how much time you have but there are tons of youtube videos you could check out that would show you how to get started no matter which path you choose.

depending on the type of property my understanding with commercial is that the loan is based on the income generated by the property, so if thats what the appraisal is based off then that would make sense I believe 

Great Deal! What did the 6k go to?

For the most part i've found that groups of already well established people do tend to cost a lot just because they are trying to bring you up and would therefore be reaching down so they try to make sure you are serious normally by making you pay a lot. depending on your market i'm sure you can find a group on meetup or a facebook group that is free. I would suggest instead of looking for the top dog it might be better to look for someone who is just a step or two above you so that they won't feel such a drop off from where you are to where they are and will probably be much more willing to help for less hope that helps and wish you luck

Welcome to the area! I know a little bit about Baltimore after going to college in the area and i have a close friend who just purchased his first property and is looking to get his next one soon I focus on Northern Virginia and like my side of MD near silver spring now but I'm available to help with anything I can 

Yeah I agree house hacking is definitely the best way to start, if you cant get a multi unit right away you could always start off even smaller for instance if its just you theres single family and you can rent out all the rooms individually or you could even get a place with a full basement and make that its own unit or short term rental on Air bnb or such just depends on exactly what you're able to do

Yeah Olivia had good points, I would try and call a variety of lenders and see what they normally accept it might be you're able to find a local lender in your area that's willing to do it or you might find an out of town lender somewhere. typically if you have a good deal you could even find hard money somewhere as long as the numbers make sense for all parties involved, and if you can't get it on your own a partner would be a good way to go my best suggestion would probably just be to find a good deal because even if you get it under contract and cant close there are usually protections available to buyers to get you out of a sale before closing and as long as you have a deal you'll be able to find money somewhere.

Far from an expert but I feel like option 3 might be best. Although building material prices may drop I don't see it happening for a long time with just how backed up Builders are because they were all trying to wait out the pandemic to purchase when prices drop and they still haven't because demand has only continued to rise. In a market like Washington DC with such great appreciation and this being long term for you I would just focus on the necessary now and push back what you can

I would recommend whatever maximizes the income of the property without over doing it. for example if the property is extremely outdated and far sub par to other homes in the area and a full gut is whats needed for you to get rent at market value (and you have the funds for it) then sure full remodel makes sense. But if light work around the property would bring it current then that might be your best course of action. Especially for a rental property some people tend to overspend in certain parts that aren't really necessary

I agree with Will at first free is the way to go for sure. Once you have a budget for it Propstream is a good website to look up the owners of the properties names and see the home values in the area.from there i would use a skip trace site such as "REIskip" to find the Phone numbers and e-mails of the owners you've found. I'm sure theres tons of other sites out that do the same things as the two I mentioned it just depends on exactlyhow much you would like to spend