All Forum Posts by: Naomi Marie

@Joe Like the FHA loan, the VA loan has several rules regarding the condition of the home. Those rules are particularly unfriendly to condos and extend to the community. For instance, a condo association can't have a delinqency rate for condo fees higher than 15% (which was prevalent in the areas I was looking in MD) and at least 50% of the condos must be owner occupied, in addition to other things. It just so happened, that after we thought we cleared all those rules with this particular condo in DC, we learned the VA won't back loans for fourplexes; and since this was a renovated fourplex, it was a no go.

My experience with the VA has pretty much taught me to avoid condos and condo associations altogether. I also plan to hold a seminar, specifically for VA borrowers so they can know what to expect, since these rules can certainly have an impact on what they can and annot purchase.

Just to follow up with everyone, unfortunately the VA loan would not finance the condo I was interested in Trinidad...so I've moved on to the townhouse in NE! Assuming everything works out, I'm hoping to sign the offer tomorrow. Regardless, I'm pretty sold on living in DC at this point... all of the properties I've seen are in better condition that the properties in MD at the same price point. I also really like the idea of living in the city AND being able to benefit from all the changes going on. Thanks again for the input!

Good evening BP! I need your help again! I'm a real estate agent in Maryland and through networking I had been in contact with a wholesaler. I've been helping him run some numbers on a few properties and now he wants to move forward with putting them under contract. Can I represent him as his buyer's agent? I just want to make sure my understanding got how this transaction would work is correct: He will allow me to represent him as his buyer's agent so I can collect a commission and he can get the property under contract and do his thing. From there, I assume that he will be able to assign his interest in the property as usual. Is this feasible? Are there any timeframes are wait periods that he have to worry about? He already has a buyer lined up so can the assignment contract be part of the purchase agreement?

Please bear with me since I'm a relatively new agent and even newer investor myself, so I'm still tackling the learning curve. Thanks!!

Thanks everyone for the advice! I think I'm pretty close to my decision.... just a few last minute numbers I need to work out... you guys really helped a lot!

Good Morning BP Nation!

I'm in the market for my first home purchase. I'm an active duty service member that currently lives in works in MD and I will be utilizing the VA loan. I've looked around in MD and feel comfortable about my preferred locations but I recently began considering DC. I like going out to DC and I have always considered that commute when looking in MD. My question is, assuming I'm ok with the extended commute ( 30-45 minutes, depending on traffic), where would I see the a good ROI on investment in DC. I know of a few up and coming areas and I know which one I'm leaning towards more, but I always like to get a few expert opinions. Just as some background information, I have 2.5 years left in the Navy and place to get out. Once I do, I will be staying in the DMV and be working mostly out of my home and going to school. I'm interested in being able to live in this place for about 5 years and either sell or keep as a rental. I'm a young, single woman, originally from Montgomery County but as I said before I like DC and would love to learn it more, so proximity to things to do is pretty important but I am willing to live a little farther out for the right reasons. All of these places are updated and move in ready (unlike a lot of the places in MD) So here's the areas I'm considering:

1. Condo on Pennsylvania Ave SE (3bd/1ba, w/ parking)

2. Condo on Queen St NE (2bd/2ba, w/ parking- super small... I would have to give serious consideration as to whether my existing furniture would fit)

3. Condo on Holbrook St (2bd/1ba, NO parking...I haven't seen in person but the living area looks more manageable than on Queen St; having no parking is ALMOST a deal breaker)

4. Brand new town home on Eastern Ave NE (Eden's Place, 3bd/ 2ba, w/ parking)

Any and all constructive advice is welcome!!! Thanks!

@Christina R. @Ned Carey @Account Closed

Thanks everyone for your input! It's greatly appreciated and will definitely put your advice to use. Looking forward to making some deals and spreading the wealth!

Hello BP Fam!

I am brand new to wholesaling and real estate in general... I've done some reading, listening to podcasts and attended seminars and feel prepared to make the jump to pursue my first deal. While I understand the mathematical formulas that make a property a good deal, how do I evaluate a property's location. I know I need to keep the end buyer in mind when making this consideration, however, part of what makes these properties such great deals sometimes lies in their less than ideal (i.e. "up and coming") locations. Any guidance on working this out, specifically to the Baltimore market would be greatly appreciated!

@Bill B. I'm actually in the process of obtaining my license (for MD) as well... This was actually a test question on one of my exams: As far as I know, at least for the state of MD, you can work for multiple brokers, as long as you have consent from all participating parties...

However (if I understood your question correctly), you don't need to affiliate yourself with multiple brokers just to market yourself in other areas... the MLS is a complete network of listings... your access to certain areas/ properties is not necessarily determined by your broker...

Best of luck to you! Hopefully you found my input helpful :)

Hello! My name is Naomi, I'm 24 years old and I have a future in REI. I am enlisted in the Navy and will be on active duty until 2016. However, I know that I want to be a RE agent so I'm currently pursuing my salesperson license for MD. Additionally, I want to learn as much as I can about REI so that I can get started in building wealth for myself, as well as being an informed agent for investors that I hope to work with in the future. I am very much looking forward to interacting with investors and other real estate professionals on and off the site and want to learn as much as possible!

@Benjamin

This is the VERY first forum that I've read on the site and I couldn't relate more! I went to community for a year, with every intention of transferring and eventually going to law school and getting into corporate law. Eventually, I got tired f being broke and decided that joining the Navy (who would pay for school as well) was the solution. Fast forward, 5 years and I am 24 and determined that my future is in real estate. I recently decided that I was going to begin as an agent (while still on active duty); I made the difficult decision to stop the college coursework to build my foundation. For me, at this point in my life, it is more important that I work, learn and grow in real estate then spend my time earning a degree that I won't be putting to use anyway.

With all that being said, if I could back in time, I would not have re-enlisted. Instead I would have gone to school full time ( on the Navy's dime) and pursued my license as an real estate agent. (I realize that you are interested in investing but hopefully you will still see the point I'm trying to make). As many people have stated earlier in the forum, a degree is a credential and one that still holds some weight. I would recommend that you continue your studies and pursue real investing one step at a time. If you get to a point where you feel like your college work is impeding the progress you could be making in RE investing, then you will have to re-assess your goals; At that point, you will most likely have a better understanding of your goals and what you are capable of, therefore increasing the likelihood of success, whatever decision you make. Best of luck!