All Forum Posts by: Ruth Lyons

Why not do a HELOC instead of a refi? You get a line of credit for the equity in your home and you can use that money over and over again to fund your real estate deals. I got one on our primary residence years ago and it's been a great way to have available cash without paying interest on the money unless I'm actively using it. My local bank branch manager helped me with this -- great to have a local in-person contact.

We have a local CPA firm that is excellent and understands real estate investing. They have done our taxes for years. Not cheap but you get what you pay for. Brian Haines at Clearview Group LLC. In Owings Mills.

I agree with Tom, you really need to look at the specific deal/timing/location of the deal. For example, If you're buying in August and the seller has paid their taxes for the full tax year (July 1-June 30) of the current year, your closing costs will include reimbursing the seller for 11 months of prepaid taxes. Transfer fees vary by Maryland county. 

I'm Ruth, agent and investor. I started building a rental portfolio in 2015 and still have 5 buy and holds in Baltimore county. And I flip 3-4 properties a year. Would love to connect and answer your questions. BP is a great place to network and learn what you need to do. 

I echo the comment above that the MLS is the best resource for comps. It's the original source from which Zillow and all the other services feed. As such it has the most current and accurate information. Find an agent and offer to pay them for their time running comps for you. As you probably know, Zillow is not always accurate and "Zestimates" are typically wrong unless you're in a cookie-cutter neighborhood with a lot of home sales.

I wouldn't recommend using a MAR contract for wholesaling. MAR contracts are for licensees and there are legal ramifications of using a MAR contract. Wholesaling is buying/selling real estate without a license using a loophole in real estate law. As a wholesaler, you are the go-between a motivate/desperate/uninformed seller and a cash/hard money rehabber buyer. Wholesalers use an "assignment" contract whereby they contract to find a buyer for the seller and assign the contract to the buyer -- the loophole is they're not really buying real estate so they don't have to be licensed. 

Actually, Trius does do 30 year fixed loans for investors, Stephanie P. 

Yes, reach out to Trius Lending Partners. Local excellent company. They lend short term hard money and longer term loans. Josh Shein or David Bond

Welcome! I'm in Maryland too. I recently shopped around for insurance and chose US Health Group/United Healthcare Choice Plus Network. Good monthly rates if you're healthy. 

@James Gibbons I've done business with a few wholesalers over the years. People come and go in the business and the guy from whom I purchased the flip I sold in April is no longer in the business. My last deal was with MarketPro -- just a warning that should negotiate hard with them as they seem to think wholesaling a deal (where a wholesaler takes on none of the financial or other risks) is worth a $40,000 fee. Providing a link is prohibited on this forum but you can google them. 

Jimmie Sapia is a local guy who is really fair in his pricing and deals. He buys at the county courthouse steps which is where I met him years ago. 

And there are flip opportunities on the MLS if you know how to look for them. I've bought quite a few that way over the years.