All Forum Posts by: Joe Norman

I would have House Hacked as many properties as I could while I was young and unencumbered by the obligation to provide a stable living situation for my wife and kids. When you're done the renovation sell them if you need the cash to buy your next one, or better yet BRRR them and rent them out. Good luck!

You'll almost certainly have to pay off the lien prior to closing (as opposed to negotiating a payment plan after the fact).  Also I suggest you reach out to your lender regarding seasoning requirements - most lenders in my area still requiring seasoning regardless of whether the buyer paid cash or used leverage (in fact, many lenders offer a shorter seasoning period if you are refinancing out of an existing loan, instead of doing a cash out initial mortgage).

Good luck!

Our industry would be much better off if everyone, licensed or not, lived by this standard.  If you promise someone you'll buy their house, then buy it.  If you're planning to wholesale a house, then disclose that in your contract.  If you tell a seller you are a cash buyer, then show legit Proof of Funds.  If you care about the apperance of you community, then don't put up (or at least collect) your bandit signs.

Yes, there is a higher standard for licensees.  I don't think thats a bad thing.

(P.S. not trying to knock you Blair, I know you weren't insinuating that non-licensees should be able to get away with sub standard behavior)

Short answer is that IT DEPENDS!  How much money do you have available to invest?  What are your short and long term goals?  If you've got money and patience then best long term wealth building strategy is Buy and Hold for cashflow in lower-middle class areas.  I suggest finding an agent in your town who specializes in working with investors so that you can get a feel for how much money is needed to invest in your market.

I've had some bad experiences with Quicken Loans (a.k.a Rocket Mortgage).  Alex Thomas at Primary Residential Mortgage is who I refer my investor clients to‬ if you want to reach out.

Awesome guys, congratulations!

I suggest making 98 more offers and then coming back and updating this thread with the number of deals you got under contract!

@Sam Rispaud sounds like you've got your basis covered in terms of the contract and title company recommendations.  I'm not a lawyer, however if you want any insight into the standard forms and disclosures that are used in Baltimore City real estate transactions then drop me a line.  @Ned Carey hit it on the head when he stated that contracts only matter when things go wrong so its important to make sure you're covered.

I'm a former Commissioner on the Maryland Commission of Home Inspectors, which gives me some unique insight into what makes a good inspector.  That said, I use John Quigley (Quigley Home Inspections) and Doug Gillette (Anderson Home Inspection)‬.

Whoever you choose to use, be sure to verify their license with DLLR on their website (BP won't let me post the link, just google "MD Home Inspector License Query")

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Welcome to Baltimore and to Bigger Pockets!  Baltimore is a great buy and hold area, you can find neighborhoods to fit a cashflow model as well as those that have the potential for solid above market appreciation.  My advise is to start by familiarizing yourself with the different parts of town and don't purchase a home simply based on the numbers (especially if they come from a seller and not your own research).  Good luck!