All Forum Posts by: Patrick Young

@Thomas Dionne that is some great information. Is there a website or blog that will help figure out which cards do checks? I cannot remember the last time my card sent me checks. Talking years here. I would like to utilize my good credit. I noticed the Barclaycard has a really good rate and looks like cheap transfers. Do you ultimately pay back the cards by getting more conventional loans? And has it affected your credit rating at all?

@Ned Carey

 Thanks for the auction sites. So many properties! Do you recommend any way to become proficient at the auctions outside of knowing the market? Can you go and just observe without having to register and have cash on hand? Will people (buyers) at the auction be people I can talk to (after) to get some insight or are people insular at these?

Thanks

Yeah seemed a little far fetched. Thanks.

Using conventional financing can a seller pay a portion of your down payment? For example say list price was 100k and you offered the seller 120k but negotiated that they give you the 20k back in cash or right to lender for down payment. Would anyone ever do that ? Would a bank allow that?

looking for rental.  Doing a flip and not knowing the area well doesn't seem like a good idea but I would do it in the future. I would do a small fix up on a hold.  I like the idea of getting something for cash putting some rehab into and doing refi and repeating. 

Auctions have always intrigued me as you can avoid a lot of the negotiating with sellers but having to buy without seeing property would be interesting. I guess you do your homework upfront and only get it low enough to cover extra problems. 

Do wholesalers only work with cash buyers? 

I am considering Baltimore area for purchasing buy and holds. I live about an hour away and own 2 SFR. I have not attended any of the area REIA meetings but plan on doing that ASAP.

I am curious, as I evaluate the Baltimore market, what typically works as far as finding good deals to buy in Baltimore?

1) Direct mail

2) MLS using an agent

3) Finding a wholesaler

4) Are there auctions ?

I am looking for something that would benefit from some rehab but not major rehab and probably focusing on SFR currently but with an interest in something bigger once I figure out the area. Being an hour away that may limit some of the higher time intensive areas. I am looking to buy and hold, could pay cash for smaller deals in the 50-60k range.

Aly L how long does your company have to exist to get a business credit card? If recently created an LLC how much track record would I need to get a substantial line of credit?

thanks @Jon Deavers , @Joe Fairless , @Adam Stanton . Jon your website has some good neighborhood details. I may reach out to you.

I am considering markets outside of my local market and was interested in Richmond. I live in northern va and have 1 rental here and one in buffalo. I have considered some of the hotter markets like Memphis, Indianapolis etc; a place like Richmond would be 1.5 hour by drive so some more comfort there. Looking for long term buy and hold. Not really looking for fixer upper. Something that is ready or close to ready. Not looking for super cheap neighborhoods either. Maybe something in the 80-100k. Is that possible?Any suggestions on area and good management companies? I could do MLS or off market as I have some direct mail experience. I know little about the market beyond zillow. Thanks!