All Forum Posts by: Account Closed

If you need a meeting place, I own a 20,000 s.f. building on Harford Rd. you are welcome to use it free of charge.

started in Baltimore over 40 years ago, have a large portfolio of houses and commercial, bars, pizza place and  FOOD Market.

at 78 years old now, all I want is to get in and get out with cash or equity, I do not buy anymore I only auction and do assignments, did just under $8mm in past two years.

I like fast turn over real estate. Sorry to say that Baltimore is too tenant friendly and dangerous. there is a killing a day in Charm City.

Flips is where the money is! 

Glad to chat with anyone wanting more info.

Charlie  

$150,000 ?? are you paying this in cash for the right property or do you require financing?

If you are dealing with that much cash - there are way better ways to get a great return on your money. Need financing - "hard road ahead!"

Position yourself with available cash - a credit line, partners, better with rich relatives.

there are many ways to create cash flow - controlling real estate using creative financing, pro-active expired, post auctions, pre-auction pre foreclosures - delayed settlements, use of skinny contracts. referral networks, estates, land and lots and making many non-committal offers, violations and housing court. TO MENTION A FEW IDEAS that have been working for me over the 50 years of investing and auctioning real estate.

You might want to lay out a pro-active plan and work it daily. connect with others who are doing what you want to do.

wishing you good luck on building a great cash flow on an accelerated basis.

Charlie

been in B-more now for over 70 years, just built a nightclub, spent $1.5mm, contractors don't want to work in the city, if you have specs for your job, suggest you build your own term of specialist, like hiring people to do the work - forget GC's, if it ain't profitable and easy, they will not take the job or ever show up!

glad to give you details later - got to run now.

Good luck,

Charlie

not sure if you want to spend the $$ on a lawyer, most are not investors and don't understand what you are trying to accomplished, no need to reinvent the wheel on an established system. pay someone who has done what you want to do, use their established forms, contracts and procedures. you can do your own LLC, personally I don't like them, don't use them anymore - too expensive.

as for lease options, do you know why you want to do them, or where you intend to get sellers to understand them or subject to's?

there are some positives, but many negatives to them, you should get a ratified deed up front, be aware that the lender could call the loan, be sure the seller will fully cooperate when it is time to formally transfer, seller could circumvent you at the wrong time, borrow against the potential equity or just say "forget it, i have a cash buyer"!.

there are many cleaner ways to do a deal Robert -- good luck.

thanks for that comment.

glad to give you some ideas, we are auctioneers and just sold two on Hilton. 

what formula did you use to get the CAP rate? Is it correct. I use the APOD form (Annual Property Operating Data Form). if your CAP rate is off, so will your profit. this form will get you to the absolute NOI, as long as the seller tells the truth about income and expensive. It can be used as a negotiating tool.

Been in Baltimore for 77 years, never heard of them, give me a name and I might be able to identify them.

Something is wrong with your offers, maybe too many contingencies. Stop working with agents who will only show you retail properties, Stop thinking about buying and learn how to CONTROL properties.

I use a skinny contract offer - one page - make it easy for sellers to accept your offer. Stop relying on others -- and start doing your own POWER PROSPECTING - 

CONTROL with a delayed settlement offer - with an option, subject to a study period, offer a "hybrid offer" make more offers, know the market, 

Remember if they don't cry - your offer is too high!

learn to make offers and to do it often - always control the negotiations, always use banking days, make offers contingent on assignment, ask for more than you expect to get (contract candy = seller financing, what can seller add - money back at settlement, all the furniture, the car in the garage, possession until settlement, delayed settlement, seller pays settlement cost.

Have fun - learn how the pros make offers and find deals!

Charlie