All Forum Posts by: Alexander Merritt

@Chris Marshall 

It might be helpful if you give us some more details, such as what type of property you are looking for (residential, commercial, single-family, multi-family, etc...), how much capital you have to work with, what your investing strategy is going to be (wholesale, flipping, land lording, etc). 

@Jon Holdman 

Thanks for all the details. For the rehab part, are you saying that I would need to front rehab costs and then based on the HML inspection I would be reimbursed through the draw schedule? Or are you saying that will give me the first part up front, say 1/2 or 1/3 or whatever, and then as work progresses and the inspections are made, they will give out the rest of it through the draw schedule? That's typically how most contractors work, right? Some money up front, and then the remaining part after the job is finished.

Hello BP!

Can someone please explain to me IN DETAIL how Hard Money loans work? I understand that they look at the ARV of a property and then lend you x% of that (usually 70%), but what are the actual steps of getting the loan? Once you get the loan, do they just give you a stack of cash and then you just buy the property using the cash? Do they send the money directly to the listing company and then there's no mortgage on the property but you just have a private loan to repay? Do you just get a mortgage with the HM lender? I'm looking for a really detailed response so I can fully understand this option.

Thanks in advance.

@Jeff Rabinowitz Thanks for that information that's a big help. Especially about the Rent Credit. Can you please explain about the Rent Certification from the City. Does a SFH (which is what I am looking at in this case) require some sort of certification? I'm never heard of that before.

Hello BP Community,

For all you Buy and Hold experts out there, would/do you ever buy a property with an existing tenant? Please state why or why not? If "yes", how do you handle it? Do you have to honor the existing lease? Would you make your offer conditional on the tenant passing your screening, etc?

Thanks in advance!

Thanks everyone for all the warm welcoming thoughts!

- Alexander

Thanks Tammy!

Hello BP! I'm a new investor looking into Rentals. I've been doing a ton of reading on Asset Protection and one of the combinations I've come across is purchasing the property using a Land Trust and LLC.

A Land Trust can provide anonymity on the Deed (so that the tenants, or anyone else for that matter, don't know who owns the property), but it does not provide protection against suit. An LLC would give you protection against suit.

Does anyone have any experience using these two RE tools together? What are the benefits or drawbacks? Is it worth all of the paperwork? Also, since I live in Maryland, are Land Trusts recognized and enforceable under Common Law?

Thanks In Advance.

I agree 100% with @Paul Granneman. Get your company match and lower your losses due to fees with Index funds. They preform just as well, if not better, than the market average (DJIA, NYSE, etc). Even Warren Buffet suggest Index Funds. Also, if your employer offers it, make ROTH (post-tax) contributions so that when you retire, those funds and any earnings on those funds will be tax free.

Hello BiggerPockets Community!

My name is Alexander Merritt and I'm a new member to BP. I have been reading a ton of articles and forum posts, watching videos produced by Brandon and some other BP members, and I thought it's probably a good idea to just go ahead and register and make the most of this community.

I am hoping to begin my adventure into real estate with some guidance and help from you all and hopefull as I gain more experience and success, I'll be be able to return that favor to others.

I am currently in the Baltimore, MD area and looking for opportunities here. My strategy will be buy/hold/landlording to create a "semi-passive" income stream. I say "semi-passive" rather than just "passive" because I know there will be some work that I'm going to have to do even after I have built up my Real Estate Empire. I'm looking at commercial multi-family buildings (aka apartment buildings) but I don't really have any experience with that so I'll probably need to start smaller with maybe a duplex or something.

Anyways, I would appreciate any advice you might have and look forward to contributing to the BP community.

Thanks In Advance,

Alexander Merritt