All Forum Posts by: Eric Johnson

I'm a member of the Baltimore REIA. I pay $179/year. I'm in the processing of selling one of my wholesale deals to someone I met. Guess where? Yup, the Baltimore REIA :-).

I would agree with @Account Closed regarding finding who owns these properties in the area in which you're looking and see what they'd sell the properties for, if at all.  Just my $0.02.

Great job.  Much success.

@Mike Kooser Sr - did you ever make the oil to natural gas conversion?  If so, how did it go?  I just bought a property and I'm looking to do this myself.  The property as an oil burner and I'm looking to replace the oil burner with a natural gas burner.  The water heater is gas so I already have gas coming into the property.

Thanks in advance,

Eric V Johnson

So a wholesaler sends me a deal that I'm interested in.  However, he insists that I use his title company and I submit half the wholesale fee upfront.  Now, to be fair.  I also wholesale and have (asked) that my buyer use my title co because I start the title work before I market the property - it expedites the process.  But the difference is, I ask.  If a buyer wants to use his/her title co I'm fine with that.

Does anyone see any potential problems with this? I have never heard of this wholesaler's title co and I'm a little concerned that I may be charged higher closing costs (I'm to pay all closing costs) than what's customary. I have asked for a pre-HUD, but the bottom line normally changes when the final HUD is prepared.

Any feedback would be greatly appreciated!

Welcome to BP.  I'm a part-time wholesaler in Balimore, MD.  I've been doind it now for 2 years.  As mentioned above, wholesaling can be a lot of work.  If your funds are limited, and it sounds like they are, I would suggest, as was mentioned supra, finding deals (i.e. bird dogging) for other investors.  This way, you can quickly become versed in identifying what is and ins't a deal.  You also would benefit from hooking up with other wholesalers in your area via real estate clubs etc to see how they find deals - assuming they are willing to share.  I acutally learned most of what I know from a mentor I had online.  I paid this guy $97/month and got all that I needed in 3 months, canceled my membership and immediately took action.  Got my first deal about 3 months later - I was scared to death to talk to the seller on the phone - got the property under contract (the seller was reluctant at first), put out bandit signs advertising the deal (I didn't have a buyers list) and had a buyer 2 weeks later.  It was sweet!  Anyway, I hope this helps and good luck! 

Congratulations!  I actually almost did the same a few weeks ago.  I would certainly love to read your story of how you got to retire.

Eric

@Ned Carey - Thanks for your advice.  It's greatly appreciated.

Eric

@Ned Carey - The building is located in the Madison Park/Bolton Hill area on Eutaw Place.  

@Jon Holdman  "Doing a refi in three months with a new appraisal for the value seems very optimistic to me."  Yeah, that was my thought when the investor mentioned this.  Regarding your question, why I don't buy it myself, the investor wants this property for herself.  The seller is actually her former coaching student.

Thanks for the input.