All Forum Posts by: Lois Stern

The only thing I thought this site was missing was the chat feature!  WOOOOOOT

Welcome @Mindy Jensen!  Some people get hired and have big shoes to fill.  I look forward to seeing and reading your content.  Time to fill our POCKETS [I think there is a joke in there somewhere ... ]

I liked Development Diva ... but my husband nixed it!

Would like to get a lively discussion going about Baltimore, MD.  

I was going to purchase, rehab and either flip or rent near Johns Hopkins Hospital.  Due to our recent turmoil, I'm not sure how the market will react.  Buy & hold?  Will it be as easy to get tenants?  Will it be hard to re-sell if we go w/the flip?

Meanwhile, I've moved my attention to another up and coming, trendy area.  But my heart is here in B'more, hon!

@Richard Dunlop, you must be psychic ... I JUST finished talking with my husband about buying the next commercial warehouse/office space so we are not renting and re-renting. 

Thanks for the info on 401K ... -I just realized that I have a number of IRAs from when we had our entertainment agency. Just not sure what it means to have a self directed IRA - how much I need to know/do duringthe course of the year[s]. Will need to get more info on what that entails.

interesting -  I feel like [possibly from working in the JHH In House Construction dept] that I have a better mental idea of construction than dealing with property management and renters.  

Although - i haven't found the property yet and that may play into the end decision.  I've started looking a little closer to the county lines - not sure whether flip OR rent will work for a bit in Baltimore City for a few months or more.  Just not sure what our recent circumstances will mean to the properties.

Looking now at the trendier area that is still up and coming ...  will keep y'all posted if I find something.

@Barbara G., would love the opportunity to chat.  Will inbox you later

I have a real estate agent [my son], I have a relationship with someone knowledgeable in construction who is willing [for a fee] to come out and give do pre-purchase inspections, I have a few places to consider [more than a few].

What I don't have at the moment is the How I'm Going to Fund my first property.

My husband [a bit more risk adverse than I] thinks I need to work that out before looking at places.  I think it is hard to figure out money if you don't know what you're looking at [how much rehab $ will be needed along with the basics].  I want to start going to see some of the possibilities while I am figuring it out.  

Is there a correct order to this process?

Thank you both,  

@Peter MacKercher, the contractor friend is not for the GC portion, but to pre-inspect homes for things I may not know to look for.  

I definitely will take every property case by case and appreciate the input - which in my heart I knew but needed to hear.

@Barbara G., thank you for the perspective.  I have been on BP for about 2 weeks now - reading everything I can, listening daily to a few of the podcasts and webinars.  I think I'm obsessed -LOL.   I have a new question, but will post it w/a new title.  Look forward to hearing more from you.  

@Jeff K.

 I'm in Baltimore County, but am looking in the city for my first property - we'll see after that.  I was figuring Buy and Hold while renting... but my accountant thinks my first one should be a buy, rehab and flip.  So, since he didn't freak out on me and say "don't do it", I will take his advice on this one.

I'm attending a MAREIA round table tonight ... hoping to gain some knowledge and make a friend or two.

My son is  new realtor and 23 years old.  We would like to form a partnership to buy and rehab/rent.  I would like an opinion on how to draw up a partnership and how to split profits/income.  I will provide the down payment and take out the loan.  He will [already has begun] find possible properties and scope out the neighborhoods to make sure they are not "sketchy" and place the bids.

I work at the construction dept of a large hospital and have a friend who is a seasoned project manager with a background in building new commercial properties.  He might agree to consult in helping us estimate the work that will need to be done prior to purchase so we can determine if it is going to be a good property for us.

I plan splitting the rent/proceeds w/my son, plus he'll get the realtor commission  [i figure yes, as I would pay it to someone else if he weren't one - but I wonder if there are other thoughts on that]

As for my consultant friend, do I pay him a flat fee [if yes, how much is fair?] OR do I offer 1% of income [rental and sales] to entice him to help with future rehabs]?

Thank you in advance for your thoughts and recommendations!