All Forum Posts by: Jeffrey Mark

Hello Everyone,

I have been wholesaling in the Maryland and DC area for the past year. However, my partner and I are interested in getting our real estate licenses in Maryland and DC. We would love to represent buyers we have worked with already and also gain access to the MLS. We would also still like to keep our wholesaling business going.

What are the pros and cons of being a full time RE agent and wholesaler?

Hello beautiful people,

I currently have a hud home I am looking to wholesale in maryland to one of my rehabbers. I was told you are not allow to double close on hud homes no more because of restrictions.

Is this true?

What is another possible route I can take to close the deal?

Braden C. How can I check if the house has a mortgage on the property. Should I ask my realtor?

Thanks Ibrahim. I am a little new to the site but I will utilize the search tool tonight. Thank you

"Leave a stapled laminated note with your intentions and contact #. You can also try spokeo, white pages etc.. I've used these sites to even get relatives names and search them. even Facebook you'll be surprised"

Thanks Mr. Lindsay. I will leave a note on the door of the properties as soon as possible and I will give white pages and facebook a try. Thank you

Hello Bigger Pockets,

I need some advice with something that seems to occur very often when I am checking the property tax records for owners of vacant houses I see that I know anyone is not living in. When I search for the owners mailing address to send a postcard to see if they are interested in selling the property, the mailing address for the owner matches the address of the vacant house. I am pretty sure no one is living in the house but i kinda hit a road block when this happens and I cant seem to find a way to find the owner. I pass 4 houses in my neighborhood that are boarded up and I know they will be good flips but I cannot find a way to get in touch with the owners.

Someone please help me!

Thanks for the advice. I figured that it wouldn't do no good an be much of a deal for my investors. Thanks!

Hello Bigger Pockets,

I have a potential subject to wholesale deal with a homeowner who currently has a mortgage of $79k on her property. Properties in the area are not selling for no where near $79k so I was going to mentioned the Subject to creative financing method to her but really didn't know to much about it.

How to actually structure a deal like this?
How does it actually benefit me?

I have investors or my buyers list who are interested in owner financed properties but I just needed a little advice. Thanks

It is really awesome how fast I received this valuable information. I been searching for days and received good advice in a couple of hours. Thank you guys I really admire the Bigger Pockets website.

The lender that I am going to present my deal to informed me he didn't have any upfront fees and I informed him I didn't have any cash myself to put in the deal at all. He is still ok with it. He said it really depends on the deal but he is willing to lend it to me, so I will put together an analysis to present to him. I am visiting the home on Wednesday with a contractor I have worked with to get an estimate on the home to add to my analysis but the $40k estimate was a educated guess. The townhouse is small and had a tenant previously living in the property who is moving out this week. So I figured for rehab it may not be too much but I will talk with my contractor.

Thanks Brandon, I will purchase the book and make sure I do tons of reading to make sure I am comfortable.

Thanks Ned on the advice and for welcoming me to bp.

Thanks J on congratulating me on taking action. I really feel inspired to get started.

The best of success to you all!!

Hello Everyone,

I have been a wholesaler in Maryland since December and so far I have closed 4 deals as an investor. I continue to market for new leads in search for my next big deal to keep my wholesale business going but Iately I have began to do research on hard money loans for purchase and repair projects. This sparked my interest after a deal I closed with an investor who received hard money to purchase and repair a property I sold to him. Later I found out the investor made about 70 grand on the property and I thought this was something I could do.

From my direct mail marketing I received a lead on a home I would love to rehab in Baltimore city. The purchase price of the home I am still negotiating with the seller but I believe I could get her down to maybe around $65k. Houses in the area are selling once it hits the market in no longer than about two months and the ARV is about $190k. The house needs no more than $40k for a high end rehab. I have a lender in mind I would like to go with but I just need a little advice:

Is is smart to do my first hard money loan and rehab so early in my real estate career?
What are the points associated with hard money loans?
What are important things I need to know before I get the loan?
What to type of interest rates and incentives to stay away from when getting the loan?
What are the best type of contractors to use? What are good contracts to go in with contractors to ensure the best quality of work is being done?
How long does a good rehab take because I would like to fix up the house in no longer than a month.

Any other information would be greatly appreciated. Thank you all