All Forum Posts by: Raymond Hunce

Thanks a lot for the info, Charles. I called your office and left a message. They have my number. Thanks! @Account Closed

Thanks a lot everyone. That makes sense. My partner and I will be putting more offers on the table at a time knowing this. We actually spoke with our attorney this morning (we met for another topic) and he said the same thing concerning this issue; we can put out multiple offers at a time and terminate any of them before they're accepted and back out of any of them during the DD period. It makes most sense to us, as Russel mentioned and some of you might be doing, to just put the offers out there and when more than we can handle at once are accepted, pull the rest. Thanks a lot!

Thanks Kim Coleman and Sean Welch . I think we might start to put multiple offers in at once. Our reservation is getting more than we can handle accepted. All our offers have our signature on it, so we don't want, all of a sudden, all of them being signed by their sellers and us not being able to handle them all. I know we could get an inspection and use it to back out (we're looking for stuff that needs rehab) of some of them, but there's a cost to that too. I've heard loosely that offer acceptance runs at about 10-30% per person, typically. May use this to put a measured amount of offers on the table at once. Maybe add a clause in the offer letter that says offer is void after a certain amount of days. You guys have any experience or opinions with this kind of approach? Good/bad idea?

Hello BP Community,

My partner and I put in an offer on a 2 bed, 1 bath single family attached rowhome in Baltimore about 10 or so days ago. This is our first offer ever. We still haven't received a reply on whether the seller is interested in our offer or has a counter offer. Our real estate agent has reached out multiple times and when she does get through, she essentially gets told that we have to continue waiting in the dark. This seems a bit ridiculous and extremely inefficient. We are sitting on our hands for over 10 days, twiddling our thumbs since we only have so much money to start with and we don't want to get caught putting out two offers at once, getting both accepted, and then not being able to finance both in time. This is our first offer so we don't know what's typical. Could anybody let me know if this is typical, what the average time is between putting an offer on the table and getting an answer (or what's reasonable), and what are some ways to make the offering process far more efficient than it is for us right now? Thanks a ton. These forums have already been extremely helpful for me.   

Hey @Boris Grinberg, that makes sense. For starters I do believe the interest rate is at 0%, but of course after some months (6 or 12), interest rates apply (don't know the rates at the moment, depends on the lenders that approve me). We're already in the process of getting approvals, I have emails hitting my inbox throughout the day today telling me I'm being approved for the various lines of credit. Perhaps when the business lines of credit grow after sustained  responsible use, the value will pay off in the longer run as compared to other options I may have missed/not thought of (such as what you suggested). @Kahnica Cole Will do, I'm in the middle of approvals now, lots of back and forth email stuff at the moment. If I forget to update you when it's all said and done, send another message here (I'll get an email informing me) and I'll definitely respond.

Hi @Kahnica Cole, yes, my partner and I are moving forward with MB. We have about $120k in our own cash plus we'll get about another $80k in lines of credit. With this we can easily (in my area) do a few flips or buy & holds and from there get access to portfolio lenders and hard money lenders. Plus the lines of credit will grow over time. The one-time 8% fee on the initial amount of the line of credit stings, of course, but the access to that capital we think is worth it to get started. 

@Stephen Chittenden Ah, I see, so we can get loans from any bank it seems, not just one we have an account opened with. Is this accurate? In that case I can establish a relationship with Damascus and APGFCU independent of not having an account with them.

@Zach Zander That's good to know. I'll keep these two in mind if TD Bank proves to not be the best partner as we move forward. Thank you!

Thanks a lot @Erich McCaskill! My partner and I actually went and established an account with TD Bank in the Bel Air area last week, a day or two after my post. I called about 10 banks in Harford and Baltimore counties and they were, in my judgment, the best combination of being helpful on the phone with all the questions I had and also had one of the lowest fees and minimum balance amount requirements. So I guess I'll see over the long term how good they are to work with and maybe I can guide someone else accordingly. If they end up being hard to work with (I have no expectation they will, judging by my experiences with them thus far), I'll look into Damascus. Thanks a lot for the suggestion!

@Mark Scarola I am reassured to hear that what we are seeing is not much different from other, similar firms making similar offers under similar circumstances. Thanks for your insight, it is most appreciated!