All Forum Posts by: Richard Carlton

Hi Maurice,

From my knowledge of attempting to personally deal with such in the past, yes this is an issue.  If said daughter is not married and has a significant other (SO), the SO can own the property  that mom can rent but not direct descendants. Of course the best resource for the answer is to reach out to the Dept of Housing and Community Affairs or the Housing Opportunities Commission within the HCA if you are working with this client in Montgomery County.  I did find information that spoke to this on the Maryland Dept of Housing & Community Development site in the past.

Hi Sarah,

To answer your questions as someone who has successfully won a few auction houses: Yes, there are times that some of the houses on the auction sites are not in the MLS. So as an investor, make it a habit to check the auction sites as well as the MLS. In my area, the "deals" are more often found on the auctions than in MLS. Just make certain that you have the cash necessary for you EMD and try to have your ducks in a row if you are using money other than your own for the purchase. To successfully flip any of the properties perform your due diligence, this is an area that your agent might be able to help you out in. As for viewing the properties, Yes, your agent is still the resource to use for house viewing it does not matter if the house is in the MLS or on an auction site. The auction sites have agents licensed for the area in which the listing is located and they handle aspects of the deal like being a point of contact as a normal listing agent would be for a house on the MLS. PM me if you have questions or concerns or If your agent has issues gaining information feel free to to reach out for some guidance/techniques that I have employed to view properties.

Fully renovated rental property in a quiet neighborhood with no HOA, close to local Naval Air Station (major local employer). Everything is new: roof, siding, windows, doors, all drywall, kitchen & appliances, bathroom, HVAC, 50 gallon water heater, and flooring. Granite counters and Whirlpool stainless steel appliances in the kitchen! Large backyard with a new deck and 10x12 shed. New renter just signed a two year lease at $1300.00 a month and plans to stay longer.

Ricky, 

Your opportunity sounds like a good deal. As for the protection of the LLC, unless you are able to have the properties titled in the LLC's name starting "the business" can be accomplished later. I had a similar situation of property before LLC. You also asked about Southern Maryland connections, I am from St. Mary's County and invest here locally. PM me sometime if you want to.

Good Luck with your deal!

Rich 

The market here is strong, my flips last on the market an average of 7 days before getting a contract on the property.  The key to flips here based on my experience is do not leave the property unfinished.  Leave no detail untouched, do not do shoddy work, use legitimate contractors and you can be very successful with flip properties.  In my rentals, the biggest challenge has been finding quality tenants but I am willing to wait to get the right people in my properties and not lower my standards just to start making profit sooner.

Welcome to BP @Chris Jenkins and @ Leigh F. 

I am a Realtor and investor primarily in Southern Maryland, if either of you have any questions feel free to contact me and I am more than happy to help.

Rich

Chris,

PM me and I can provide you with contact information with an HVAC contact that can help you.

Rich

Ricky,

As a Realtor, we are not allowed to by our agreements with MRIS and our RE Boards to "give" access to the MLS, we can be fined and possibly lose our access and licenses. There are three options for you - 1) Do ask Nick suggested and go get licensed and affiliate with a broker. 2) Establish a good working relationship with a Realtor who is investor friendly. or 3) Use the tools that are available to you such as publicly available websites to do your own homework to establish Comps in the areas that you want to invest.

@Mark Moyer 

Have you considered looking into either moving to another brokerage or negotiating with your broker for a split for you that works better to put more cash in your pocket after settlement if it is the financial part that is what is really driving this question?  I know of some boutique brokers who run their businesses their way and they seem to be successful (in business for over 20 years on their own) so it is not out of the question to do such for yourself just make certain that you heed Mr. Brazil's advice!

Hi @Terry McAllister , getting your license is not a bad thing in the state of MD or any other state for that matter. Having your license and affiliating with a broker will allow you to network in ways not normally available to investors without their licenses. It also allows you to earn commission check when buying your own rentals or flips and it saves you some money when marketing your own properties while being able to use MRIS(local MLS) to look for deals and marketing your own on MRIS. You might be able to find other local providers for hard money and other services that is needed for rentals of flips.

As for costs, expect to spend @ $2000-2500 getting into the RE Industry as a MD Licensed Realtor.  I took my test before there were online resources to take the pre-licensing classes.  Feel free to PM me if you have any questions.