All Forum Posts by: Christopher Haynes

hello everyone

I am looking to start my first real direct marketing campaign. I am going do 2500 pieces for 3 months and see what my results are. I am in the Baltimore Maryland area and my first time doing direct mail gave decent results ( 75 pieces handwritten 10 responses) I just wanted to ask a few of my fellow investors. A) do you still do direct mail B)if you in the Maryland/ DC area how is your response rate ( is it even worth it) and C) how do you save time doing it , I sent 75 pieces and it took forever to write them all out is there some way to automate the process (and would it work with listsorce? )

Thanks and Happy Investing

To me its really dependent on your market, my brother invests in Cali and would laugh at 60k but in my market 60k is usually a nice sweet spot in a decent area with decent schools, but my market isn't an area based on or zip code and rarely neighborhood, its block by block. For my investments I am usually all in at 40k (I actually haven't hit the 40k number yet on any of my investments but that's usually my cap) and usually rent at about 800 to 1000 so it cash flows very well but it all depends on your market and what's most important to you

Hello Everybody

I Had a bit of a thought and any feed back would be greatly appreciated. I just recently purchased a home thru seller financing (my second one I think im developing a talent for it) this home has a value of 30k when the reno is done it will bring in decent rent for Baltimore City (900 to 1100). When I Set this deal up the seller agreed to not have a mortgage lien on the property only a unsecure promissory note. My income is good but My credit is not the best and I am in the process of reparing it now but I was considering adding my mother's name on the home and having her take out a home equity line of credit for 21k as some capital to put into my business. her credit is about 650-670 and her DTI is very low. I just wanted to know A) Do you think a lender would have an issue with this and B) at 650 to 670 would be to low of a score to get a Heloc . I am open to refinancing the property but I prefer the heloc .

Any feedback would be great

Thanks

Christopher Haynes

Hello 

I just have a quick question if anyone has an answer. I set up a good owner financing deal in Baltimore for a row home. Now that we've finally got the terms done ( it took 30 days just to agree to terms!!) What's the best way to close this deal . Should I find a real estate lawyer (if you know one please let me know) in Maryland and have them write up the contract and close the deal or can I just type up a basic contract and take it to a tittle company and have them start the process. any input would be greatly appreciate!!


Thanks 

thank you @Lisa S. and @Kim Coleman , I guess im going to make a trip to dulaney tittle and ask them about the closing process. @Steve Vaughan thanks for the irs info, that saves me a lot of trouble ill give them 3% since they were ok with ) interest they should be happy to get a bit more extra. I would really like to keep the deal as I already have somebody willing to rent from me giving me good cash flow.  

Hello Everyone

I was looking for some feedback/advice on a deal. I Have a homeowner who is interested in selling me their home in the west Baltimore/ Upton area. I got the lead thru a handwritten letter (yellow letter of sort) I presented the seller 2 offers (one owner financing one cash with wholesaling in mind) one 8k cash and one for 15k with terms with 5% down. I do this cause after speaking to some wholesalers in the Baltimore area they never offer terms. I Use terms as a way to build a rental portfolio without having to put much or even any money. Anyway im offering them 15k over 4 year with no interest paid . My question is how do I write a contract for this or should I just have a real estate attorney (instead of a tittle company) write up the documents and close the deal. Also does anyone know any good real estate lawyers in central Maryland that works with investors if so let me know.

Are you looking more for rentals or flips

Hello everyone I just wanted to get some insight on a offer I'm about to pitch a homeowner 2000 blk of Pulaski ST Baltimore me 21217 The owner is interested in selling to me , she currently has a tenant but they are month to month so I'm assuming the house is livable since they have been there for so long but she's ready to get out the home. There is only one vacant house (boarded up) on the block it's a nice block (by west Baltimore standards) the home is owned free and clear the home is assessed with the state at 23k What I'm thinking of offering her is 11k to max 13k with the intent to wholesale the deal if the numbers and the condition of the property is decent Or 17.5 with terms to my llc. 5 years , 60 payments , 5% down and 3 % percent interest paid to the seller The monthly payment to the seller would be 423.73 And I would rent the property out and collecting the spread until the note is paid in full Does this sound like a good deal what would you tweak

Andrew Boykins did you ever find the property you were looking for?

Hello everyone I am looking into possibly using hard money for a flip in Baltimore anyone had any success in using hard money in the Baltimore area?? What I'm looking at has a purchase price of 45k needs about 20k to 30k renovation And has 3 recent comps in the area with similar bathrooms bedrooms and square footage 156k on 1/20/16 165k on 9/21/15 176k on 2/16/16 (1 more bedroom 200 more square feet) Any feedback on this potential deal? Is using a hard money Loan worth it or are hard money loans more trouble than their worth. I've just heard so many bad story's about them I'm just a bit cautious Any feedback would be greatly appreciated ***Moderator note: DO NOT REPLY WITH OFFERS OF FINANCING***