All Forum Posts by: Ben S.

I've run into this before, the DMV has a process where they send out a notice and give the prior owner a certain amount of time to respond and if they don't they consider abandoned and then you can take title of it. If it's permanently attached you can then convert it to real probably. It's probably going to be a few months process though.

Just realized I never added pics of this paradise :)

First a few from when I first bought it

Anyone know of a good CPA etc for real estate investors in the Fredericksburg Virginia area? Thanks!

Has anyone tried renting stuff to their tenants? I'm always thinking about ways to make extra money from rentals. Seems a lot of people need stuff when they move, and may want to just add a bit to their rent payment for stuff they need. Of course it's slightly different business model with deposits and rent and equipment damage and such. Wouldn't consider buying new stuff, would deal hunt for good used stuff that I can make my money back on quickly. 

@Malcolm Lawson Yes, this is the Maryland Forum right? Do you know of anyone in the area you would recommend? Thanks.

I've been working on my big project (10 home rehab) in Charles county, have a decent crew together now, but need to be able to split up work on separate homes now with another carpenter working with a couple guys. Need someone consistently for the next few months working full time or as much as possible. 

Earlier this year I purchase a 10 unit (10 SFH) property in Maryland. I've been working on the past couple months and have the first unit about ready to rent. I had initially planned to finance the rehab with cash and creative financing (lines of credit and such), and then financing it all through a bank. That's still an option, but it will be a bit tight, so I want to find out who might provide a bridge loan or landlord financing for this property. I've been looking around at a few and it seems many will only lend on multi-family up to 4 or 6 units, and many don't fund for rehabs. I currently own two rentals in Virginia as well, so would be interested in a portfolio loan and working with a single lender (if longer term). Thanks.

My mix for the past few years of flips or rental rehabs:

Unsecured Lines of Credit (have $50k available).

Various Credit Cards (especially those with no interest for 18 months or big percentage back).

Had a baby just before starting current rehab, called the hospital and asked if I could pay the bill on a payment plan, $10k "loan" interest free paying off at $350/month. I'm part of a healthcare sharing program instead of normal insurance, so I get reimbursed the $10k within a couple months.

Some bills, including some property taxes, assign a fee if not paid on time, that amounts to a few percent for paying later. I think it's a bit of a scam by them, but it is basically a loan then from them for sometimes cheap.

Sold vehicles I had paid off and got a vehicle with 100% financing (could also refinance vehicles you own I think, but needed a bigger van anyway, so worked out).

More credit cards and lines of credit from parent are available. 

Refinance on personal home.

I think the most important part of financing is getting a great price on the home(s), and a great price on the labor and materials to rehab it. You don't need that much to buy and rehab a home really. If you don't have that much, start with something small and work your way up. 

I considered coin laundry, but thought since these are single family homes and people would have to walk outside to the laundry place that would be too annoying. I have a decent space in each house for laundry, so was planning to make sure they were plumbed, though I never provide washer and dryer.