All Forum Posts by: Blaine Brown

Your attorney will pull title for you in Delaware.  Do you have a deal in hand right now and just need a contract signed?  My attorney can provide that, although I just use a one page contract and the attorney executes it for me.  Reach out to me to discuss further if you'd like.  

@Mike M.

Shoot me a DM or PM or whatever you call it. I'll get you the info of my Property Manager. He manages multiple properties for me in Dover. Very happy with him.

@Tien Nguyen

Hello Tien. Kent and Sussex have pretty much become my focus. I would say mostly homeowners isn't a bad thing in these areas. All of my properties are surrounded by homeowners and renting them out has not been very difficult; probably due to lack of nice rental properties. There's still enough going on in Dover and Milford for people looking to rent.

Welcome.

Hello @Agyei Axum. Most of my investing is done in Kent and Sussex. A handful of SFRs are in Dover itself. Like anywhere else, deals are hard to come by. Knowing your criteria for cash flow would be helpful to answer your cash flow question. I have been successful at cash flowing a property while still pulling out all of my capital. Others I know can purchase off the MLS and put 20% down and cash flow. Regarding military, only one tenant is military and is great. Everyone else I rent to is great too. As you know Dover has a lot more going on than just the base.

As far as student rentals I don't know much about.  I guess what I would consider a part of town where a student rental would be located is a part of town I will not buy a property.

If you're looking at Wilmington then James if your guy.  Too complex of a place for me to attempt to learn.

Hello Scott. Welcome. This is a great place to get started. I've met some great people and some good friends on this site. I was stationed at Dover twice. Now I live about 2 hours away but still go there once a week or so. The majority of my properties are in Dover itself. Shoot me a message and I'll let you know when the next time I'll be headed that way. If your schedule allows you're welcomed to stop by a place I'm working on.

Hello @Kiran Kumar. I accomplish this fairly often in Delaware, although none of my properties are in New Castle county as I own everything in Kent and Sussex. The credit union I work with can only do a 5/1 ARM at a 25 year amortization but they have no seasoning and lend on appraised value vs purchase. Also I don't interact with the credit union at all rather a relationship manager. Fees are good and rates are reasonable. It can really accelerate your capital. Fastest I've completed one of these things is 40 days from initial purchase to cash out refi. Bought the house for 30k and did a small amount of work that I could with tenant in place and then placed a 60k loan on it. House appraised for 140k so I accessed the rest via a HELOC from a separate credit union that goes up to 80% ARV. Can dip into the cashflow when I need the capital. Houses are owned by my LLC so that wasn't an issue either. Shoot me a message and I'll get you both contact info. There are stipulations to become a member but it may be worth the talk. Now that I'm a member they dont care where I buy houses as I've also purchased out of state and accomplished the same task. Hope this helps.

I find that military or other type of work that forces you to move every few years are prime people looking for higher end rentals in my area.  When I lived in Oklahoma a few years ago rent in small towns was high.  Oil workers knew they were there for a year or two and this drove the rental market.  Both had good incomes with good credit.  Not having to deal with a sale of a home and eat the sales commission after living in a home for two years is appealing for these types.  It sure was to me when I was active duty.  Obviously buying to rent out after you leave is an option; however, many do not want to play that game.  

Ah, makes sense now @Thomas Clancy.  I am going to start a flip in Felton in December.  I don't normally do flips, but this one doesn't fit the rental model I want.  Hit me up when you move down here and we'll do lunch.  

Welcome Tom.  I do stuff in Dover and Felton myself.  Just curious, why are you looking this far south if you're going to do most of the work yourself.  I've been wanting to start looking farther north just because there seems to be more opportunities than down here, but I don't really want to take on anything that far away at this point in my RE career.

dover here!  Don't see many people south of me.  Welcome!