All Forum Posts by: Matthew Shultis

Private bridge lenders are likely going to lend up to 65% of the as-is value of the property. Happy to discuss the details and see if I can help you out or point you in the right direction. 

Hey Ben,

I second what Joe said about driving for dollars. That is how one of my partners found our first deal! Brandon had a webinar a few weeks ago where he shared his letter that he uses for his direct mail campaign. I can send it to you if you'd like. Wholesaling lists are a good way to cast a wide net at the cost of competing for properties. My advice is to go for the big one; drive past hundreds or thousands of houses for those dollars. 

Best of luck!

Thanks Odie! I am researching the process right now. If you have any recommendations for hard money lenders in south central PA or Baltimore market I am all ears. 
 

 Thanks for the advice Stephen! Do you have any recommendations for a hard money lender in the Baltimore area? 

3 friends and I are flipping a house in south central PA and we are exploring ways to finance the rehab. We are buying the house with cash for 60k but need to finance the rehab which we estimate to be around 80k. We estimate the ARV at 225k and the rehab to take 4 months. Suggestions for the best way to finance the rehab between 4 people?

Having lived in Baltimore (in the Canton neighborhood) for the past 2.5 years there are certain areas that I would recommend. In no particular order: Federal Hill, Locust Point, Fells Point, Harbor East, Canton, Hamden. These areas all have a large young professional population and command a premium on the rental market. I would not suggest looking far outside these neighborhoods unless you want to take a riskier approach. One intriguing trend I've noticed from studying the Baltimore market is recently there has been a lot of homes being bought (for $50-100k) in a run down area called Westport which is south west of the inner harbor. It is in close proximity to Port Covington which is a billion dollar redevelopment so there could be a lot of upside in the long term. I don't know much about the DC market but I believe you'll see a great ROI buying in the neighborhoods listed above.

Hey Abhinav!

I went to Penn State York for a year before I transferred to the University of Pittsburgh. I lived in Oakland and the South Side as a student and graduated last April with a Psych degree. I love Pittsburgh!

 I am quite familiar with the York area having grown up in Hanover PA.  Myself, and the vast majority of students at Penn State York commuted and I imagine it is still the case. York College on the other hand is not a big commuter campus. My sister went there and lived in York even though our home is 20 minutes away. She lived both on and off campus and I believe Freshman and Sophomores were required to live on campus (in 2009). The York college area is quite unique as there are multi million dollar houses on one side of Country Club Road and then row houses within a mile or so that sell for 50k.

I would be happy to talk in depth about the York area and what places to avoid and places where you can find a good deal and make it cash flow. If you're interested send me a message with your number and we can set up a call.

@Nathan Gesner Thanks again for your insight. I have been told a few times that I should be prepared to starve for the first year or so. It's reassuring to hear that same message from different sources because I can accept this reality and then do something about it (i.e. push through those tough months with my eye on my long term goals). I am lucky in that I am in a position where I am able to survive for ~18 months without making any money so if I am able to grow my patience and persist, I hope to join those 20%. I am grateful for your honest advice and hope to look back in a year and say that you helped me along my real estate journey. Truly appreciate it!   

Hey Neil,

I am starting work as an commercial / residential agent next week in Ellicott City, MD. Since I am new to real estate I don't know any investors in Maryland that focus on multi families. I am, however, going to a Real Estate Meet up in Linthicum, MD on September 4th from 6:30pm - 9pm. There will be over 50 people there and probably some investors that focus on multi family units. This will be my first meet up and I think it will great opportunity to meet new people and make contacts. Once I meet someone who focuses on multi families I would be happy to let you know and set up a meeting or call. In the meantime, best of luck!! 

 Hey Jonathan,

Thank you for your feedback. I appreciate your honesty.