All Forum Posts by: Blaine Brown

@Todd Sullivan

Mind if I ask why you are intending to move down there/here?

@Edward Lalo

Shoot me a text Edward.

I own properties from Laurel to Dover.  Where are you located or what do you consider close to you?

@Rashied Tolson not to hijack the thread but yes there are multiple CU's that work with investors depending on the area. They also have no issues with LLCs. The ones I utilize work with a financial services manager who specializes in "investment" loans. So you work with them and not the CU. Each CU seems to have different stipulations to become a member.

Thanks @James Masotti.  Yes, @Andy Hathaway we can chat sometime about the area. First of all thank you for your service. Most of my properties are in Dover itself and they are all single family. You are exactly correct in the fact that there is not much in the multi-family market here. Regarding your niche question, I found myself worrying more about the deals and opportunities than staying focused on one niche. If the deal is in multi-family or commercial then so be it. In Dover the deals I have found are Single Family. Yes, $300/month while still pulling out every dollar you put into a house is doable in our market. But like anywhere else, finding the deal is the hardest part. As far as your bang for your buck question, my answer would be whichever target is the best deal. I'll take lower cash flow if it means a much higher ROI, especially if you get into the house for free (i.e. pull all of your money out in the refi). That's the best way to recycle your capital as @Adam Jason put it.  Just bear in mind that $300 over your mortgage is probably a break even scenario depending on the scope of your initial rehab.  Best of Luck to you!

Appreciate that, but I far from have it down. I've made many mistakes and will continue to make mistakes.  Fortunately nothing has been so big that I couldn't get out of it.  Everything I do now is because of a great team or great partners.  What I feel I have done correctly is establish genuine relationships in this field.  Many of those developed into friendships and started right here on BP.

@Jonathon N.

I do not work with agents for residential; however, I do for commercial even if it's off market. We speak directly to sellers and my attorney handles everything else once a contract is signed. I do not have a license nor do I intend to ever get one at this point since there isn't really a point for me. I have a separate job to chew up the rest of my time. Listing houses and showing houses is just something that does not interest me. I'm not against it, just impractical for me at this point.

@Jonathon N.

Just to clarify I do not wholesale, meaning that I do not sell contracts. I work directly with sellers and purchase the house myself. But yes, I market to the entire state as well as surrounding states.

@Jonathon N.

I pretty much do all the same techniques that most wholesalers that you read about use. Except I don't sell the contract, I just buy the house.

Don't think the lack of postings on here is an indication that there's not a lot of Delaware investors that are still around.  Just not a lot keep posting over the years.  

I do buy and hold "BRRRR's" in Kent and Sussex. I don't get too concerned with area of growth or much of anything for that matter. I just stick with the fundamentals and find that people need good homes to rent almost anywhere. If the numbers work and I feel the area I'm looking at is worth the trouble then I buy it. I find that like anywhere else in the country I can't seem to get REOs to work so have had to take other routes over the last couple years.