All Forum Posts by: Joe Norman

Welcome to BP Brett! This is a great community without a lot of the "selling" you may find at some other REI groups. What are your goals? Flipping? Cash Flow? Wholesaling? What markets are you looking to invest in?

Good luck and feel free to reach out.

There is a lot of competition for voucher tenants, but once they are in I've found that they will stay as long as your a decent landlord.  @Matthew Paul is correct though that you have to have a few upgrades in order to attract the best tenants.

This is what I am referring to regarding whether or not the contract was contingent on 3rd Party Approval.  Was there an addendum to the contract with "Short Sale" or "3rd Party Approval" in the title? As @Russell Brazil pointed out, regardless of whether you are due the deposit or not, it could be difficult to get if the seller and your broker don't want to cooperate.  Sorry to hear you're in such a pickle.

As Russel said it will depend on your state and the specific situation.  You said this was a short sale, but did you have a 3rd Party Approval contingency in place?

I suggest speaking directly with the broker.  If you don't get a satisfactory answer, or if you feel like you're being jerked around, then elevate the complaint to the NJ Real Estate Commission.

Where you'll invest depends on your goals.  Specifically, are you primarily looking for appreciation or cashflow (keep in mind that the two aren't mutually exclusive, but what is your priority?).  Most investors are focused on cashflow, in which case I suggest focusing your search outside the Annapolis city limits.  Glen Burnie and Pasadena are two options that have been mentioned before and that I second.  

Good luck!

Have you contacted your state legislators?  BGE has a "Legislative Liaison" who elevate complaints/concerns from members of the General Assembly - you probably won't be surprised at how much quickly your issue gets addressed when it comes from a politician whose job it is to regulate BGE.  I suggest you reach out to the Delegate(s) for the district you live in (not the district where the house is located) and ask them to intervene.  Due to Maryland's extremely gerrymandered legislative districts you will have anywhere between 1-3 Delegates so if you find one who isn't willing to help you may have others who will.

I would take advantage of the benefits of being an owner occupant (better financing, first dibs on some REOs, tax advantages, etc.) and house hack as many properties as you can.  Once the reno is done you can flip them and build your cash reserves, or hold on to them if you don't have too much cash tied up in them and rent them out.  

What kind for work needs to be done to these 30 units?  Are they full gut rehabs or are you looking for someone who can do maintenance/tenant turnover/etc?

Unprofessional behavior like this agent is displaying is what gives Realtors a bad name in the eyes of the public.  "I've been doing it this way for 30+ years" is a horrible excuse because 1) she may have been doing it wrong for the last 30 years, and 2) standards of practice change over time and she obviously hasn't changed with them.

@Charlie MacPherson gave you a great checklist for what to do going forward, I want to second his recommendation that you keep all records of your communications from here on out.  Email is preferable, and if you have to have a phone call or face to face conversation then immediately follow it up with an email summarizing the conversation and asking the other party to add anything you missed. Don't worry about "harassing" her, you need to do what ever you can to protect the transaction and yourself.

Once the transaction is closed then you should file a complaint with the licensing board in your state immediately.  Most states maintain a Guarantee Fund to compensate consumers for financial loss they incure due to incompetence by their agents.

Good luck, and please keep us posted.

Congratulations on making moves!  Analysis Paralysis ties up a lot of folks, its great to hear from people who have broken through.