All Forum Posts by: Peter Forrest

Hi,

I am purchasing a commercial building in the area, who is your go-to attorney for preparing leases for commercial buildings?

@Zoey Buttino lots of good advice on this thread. Brent Daniels of TTP does the best job of putting all this and more together in a structured way and for FREE. I am a part time wholesaler and have gotten deals from his methods.

As far as getting motivated sellers, some people swear by SEO, some by mailers, some by TV ads, some by radio ads etc. The best free way to start is by driving for dollars. I used DealMachine app, which is about 40$ a month but definitely worth it.

Once you get the list, it’s super important to follow up. At the end of the day it’s a numbers and timing game.

Hi, Do you have any recommendations for lenders for purchasing medical office buildings?

@Yosef Lee congratulations!!! Great story

If you try to do this yourself from NYC, you will most likely be burned....100%. Baltimore property values change by block, contractors can be challenging, management is a nightmare in some areas. My advise is to work with a good local investor in Baltimore one way or another. I would recommend that you comb through these forums, find 10 people who might be a fit for you, call them for a chat, choose 3 to meet with, and depending on how it goes, work with 1 of them.   

I would agree with @Russell Brazil and @Leo Watts.  The only thing I would like to add is that appreciation will help you grow faster as you can leverage it into more properties - unless you have a constant bucket of money pouring in from somewhere else to let you buy the next few properties. Thus, I would recommend that you consider the cash and appreciation tradeoffs as think about the next 2 to 3 years of your 10 year plan.

@Seth Hochberg generally agree. The county and city get water from the same company though. My water billing in the county is not that great, but I can’t compare since I don’t own any city properties.

@Cassidy Burns I think as an investor, one will struggle with option 1. You would need a boatload of money and the cash on cash returns will be miserable. I have over a dozen units in DC, but have never used option 1.

There is a lot of opportunities in creatively working with option 2.

@Daniel Alfandre I have section 8 units in Baltimore and Wash DC. In general, my 3-beds fill faster than 2 beds, but the two beds still fill up. 4 beds are even better. I get a lot of enquiries for 5 beds, but they tend to have lots of kids who can contribute to wear and tear.

Since your question is about a good ‘investment’, I would say location is critical. BHRP pays different rates for different locations. You can go to their website to figure out which areas qualify and how much they will pay by entering the property address. As you know, things change by block in Baltimore

@Danny Johnson and @Cameron Mello I am in the same boat. Any ideas for something really simple, list of leads, follow-up reminders, etc - just one step above excel?