All Forum Posts by: Chris D.

Happy 4th BP'ers!

Would love feedback on which site you prefer and why for property information. AND...if there are others (realtor.com), let me know. I know the zestimates aren't that reliable. Looking for feedback on both rental and sale info. 

@Jim Tiernan Hey Jim, do you subscribe to Local Market Monitor? Would be interested in hearing feedback from anyone who subscribes. It seems like it might be a good thing for out of state investors to consider but I know it is expensive. I think they report on how accurate (or not) their projected rates of appreciation are. Brandon Hall, CPA wrote a GREAT Blog post May 10, 2015 on how to analyze out of state markets. I am having trouble cutting and pasting it. Well worth reading IMO. 

Hi Jesse:

Welcome. Make sure to check BWImeetup. My understanding is, it is the largest meetup of its kind in the area. If you join it and get on their thread you will see what I mean. There are dozens of postings every day...everything from wholesalers to LOTS of potential deals. I live in VA and have never been to it but it gets rave reviews!

Good luck. Enjoy the area!

Hang in there. Don't let the naysayers get you down. Perhaps invite them to read some of the success stories here!  When people become educated they start to become converted. It may not happen with your family but you will have the last laugh when you are sitting there with 50 to 100 rental properties, lots of cash flow, doing something you enjoy in the middle of the day on a weekday and a have high net worth!

Best of luck to you! Keep up the courage and soldier on!

Hi Ben:

RE: the MLS, To get direct access you will have to get your real estate license. This usually involves taking a course and passing a test. You then will look for a broker to hang your license with. As a new licensee, look for a broker who has a comprehensive training program. The broker will be a member of the local realtor association in your area and you get direct access to MLS through your broker. The MLS systems are regional. As a member of a local association you will have access to the National Association of Realtors (NAR), Realtors Property Resource (RPR) which is pretty much nationwide. Currently, brokers are permitted to "opt out" of RPR so the information is not totally accurate. In my local area, our largest independently owned real estate firm does not participate in RPR so many of the listings aren't included.

In most jurisdictions, you will start out as an agent. In my state, I think we must be active agents for 3 years before we can get a brokers license. 

I am fairly certain sites like Trulia and Zillow are a few days behind the local MLS in getting listings out to the general public. The MLS has a wealth of detailed information and market statistics.

I hope this helps. 

@James MillerWell counselor, you have just made your case as far as I am concerned. You have proven your argument. Case closed for me. Great response!

Hi:

Disclosure: I am not an attorney. 

I just attended a 2 day seminar on this subject and I agree in different ways with both @Cory Borenand @James Miller. I just had a conversation today with a friend who has high net worth. Her CPA formed her single member LLC with the state. Apparently, she has no operating agreement in place. My understanding is that one of the key reasons for intiating an LLC (as opposed to a sole proprietorship) is to provide asset protection to the member so that a judgement cannot be attached personally. You have to dot your I's and cross your T's on the paperwork to get proper asset protection. Formimg it, paying your yearly fee and ignoring the requirements will put you at potential risk.

In the case of my friend, if she is sued, with no operating agreement in place there is the possibliity that a judge could rule that the LLC was invalid and that "the veil could be pierced", thus she could end up with a judgment against her personally.

If you are a newbie and have no assets, I agree there may be little risk as there are no assets to attach. But if you  go down this road and become more successful without becoming educated, there could be negative ramifications in the future. Best to have a complete understanding which hopefully you will get from all of us posters! 

Best of luck!

Hi Dustin:

You might want to start to attend some of the REIA's and meetups. My favorite is the Caza Investment group meetup held in Reston the first Tuesday of every month. There are many experienced investors there. The last time I visited there was no selling. Traction REIA holds meetings in Tysons but I believe there is always selling. Another meetup that I would recommend even though I have never attended is the Baltimore Washington Investors Meetup. The BWI meetup has an amazing daily email thread of opportunities and deals (mainly Baltimore and North). From what I understand there are A LOT of heavy hitters who attend. Keep in touch about your Hagerstown Deal. I'd love to hear about it.

RE: Bonne Homme Sept Heures....here we go!

@Roy N.

@Barbara G.

http://folklore.usc.edu/?p=16282

Hi All:

Happy Friday. I co own a building lot in Bethany Beach, DE. For those of you in the DMV area, the community is called The Salt Pond and the lot is approx. 2 miles from the ocean. It is a desirable lot as far as the community is concerned (large, private). The co-owner wants out and I have the cash to buy it out. Buying it would not affect my financial situation. I could hold financing for a builder but am not sure how risky this would be. 

I already own 1/2 share in the lot so my buyout price with closing costs would be about 80K. I do NOT plan to build a vacation home there for my use. There is a quite a bit of inventory, (approx. 6 building lots and 18 homes for sale). The lowest price for an available SF is 359K for a 3/2/1. The highest price for an available home is upwards of 850K. I have no idea what the recently settled sales comps are. 

I keep hearing about the fact that something like 10K adults are retiring each day. DE is fairly active state for retirement. The commuity is about a 3 hr. drive from DC. 

My concern about buying it is the extremely high inventory. 

Any advice/thoughts would be appreciated.