All Forum Posts by: Joe Norman

I have never heard of this restriction and I know my private lenders aren't licensed. Have you gotten a second opinion from another lawyer? If you'd like a referral feel free to drop me a PM.

0 Votes

Hey Joy, I'd love to talk and to see how I can help. I'll shoot you a PM with my contact info.

0 Votes

Welcome to BP and great job taking MASSIVE action!

0 Votes

Tread carefully! This sounds like a complicated/opaque ownership situation - I wouldn't sign a contract (or put down a deposit!) until you are certain you know who the true owner is. Good luck!

0 Votes

Just about any bank will be able to handle this for you, just tell them that you need to open an interest-bearing escrow account to hold a security deposit. I hold mine at Howard Bank (soon to merge with First Mariner Bank)

0 Votes

Originally posted by @Shannon S.:

Just my 2cents. It's completely true that some agents simply see $ and easy paycheck. Clearly, that's not who you want. But a good Realtor doesn't approach it that way. A good Realtor provides a comprehensive analysis, advice on making the home market ready, guidance through the offer and negotiation process, a ton of referrals for various industry professionals in the event they are needed, a marketing network that is far beyond "it's on the MLS" (i.e syndication and social media), and the backing of a brokerage that ensures every part of the transaction is handled not only within the law, but in a way that protects you. I'm sure someone will want to debate this, but there have been numerous, fully vetted studies that show that FSBO's leave substantial money on the table, by pricing their home wrong, making a negotiation mistake, a contractual mistake, or a hundred plus other mistakes that are easy to make. It's not rocket science, but there are LOTS of variables. A good Realtor knows what those are and how to handle them going in the door. What's your time worth, by the way? The average real estate transaction requires a pretty big chunk of time for me to handle, and I have an administrative team, automated systems and templates, and experience. That's not even including showings and open houses. Again - just my 2cents. I understand that there many crappy agents out there, but there are many who will not only sell your house, but get you the highest $, and make it as easy for you as possible.

I want to second this! A real estate agent (at least a good one) does a lot more then just "list your house on the MLS". Thats not to say that you can't have success with FSBO, especially if you are experienced with the contract and disclosure requirements in your state, marketing and pricing strategies, and transaction coordination, but I would caution anyone considering a FSBO to at least talk to a few top agents in their area to hear what they offer first. Good luck!

1 Vote

Hey Mike, I'd love to talk more about your properties and how I can help. I'll shoot you a PM with my contact info so we can connect.

0 Votes

Welcome to BP, and congratulations on taking the first steps! There are a lot of great REI people in the Baltimore area, even if you don't end up with a formal mentor you'll always be able to find someone to answer your questions or bounce ideas off of.

1 Vote

I just wanted to chime in to say "thank you" - this is a very informative thread!

2 Votes

There are some great B-class communities in Baltimore City and Baltimore County that provide steady cash flow. I'd look specifically for all brick row houses in 21234, 21222, and 21286.

1 Vote

All Forum Posts by: Joe Norman

Joe Norman has started 15 posts and replied 1199 times.

Post: Private Lending Restrictions in Maryland

Post: Looking for an agent in Baltimore

Post: New to bigger pockets from Baltimore

Post: Roadblocked Newbie Problems

Post: Where to hold security deposits

Post: For sale by owner - and your success

Post: Looking for Realtor in MD or DE area

Post: RN new to Real Estate Investing!

Post: Tax Lien Investing in MD on a Budget

Post: Where would you invest for cash flow in the US?