All Forum Posts by: Tony Roberts

Please get title insurance when you purchase this. Do not skimp on that. It would suck to find put later the title has a heavy amount of liens attached. Ask them if they are giving you a quitclaim deed or something better.

Furthermore understand getting reliable pm will be difficult. I would allocate much more for vacancy and maintenance. If you dont mind buying yourself a job you can profit quite well.

If its a typical 3/1 rowhome with an unfinished basement in a rough area try 900. That should get a quality tenant. If you do a lot of your maintenance especially painting, your own pm including legal services and are as diligent as possible with screening you could make decent money. You could off the bat if you get a good tenant. Over time the law of averages will even out. I would bump vacancy around 20% in that neighborhood and water, alarm, taxes, and insurance around 200 as well. Water will be more most likely but you might get lucky they pay it so Im factoring that in. So you wouldn't make much until payoff. This model isn't scalable either.

Good luck

What typical time would you place on vacancy? At $900 monthly do you still foresee more than 3 months on average for vacancy?

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Originally posted by @Bill Turner:

@Tony Roberts I would doubt if anyone will do a 10 yr loan for a flat 10 percent. I believe where you are making the mistake would be he wants 10 percent a yr.

hope that helps

Bill

Dont hold back Bill! In your experience what does the market call for in your area?

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Now that I have your attention DONT RUN NOW!

So I heard about Sub To and I understood it. This makes so much sense! It makes so much sense that....it isnt a popular topic on Bigger Pockets? WTF? Sure a few posts here and there but come on!

So here is the chance for the Sub To Gurus to regale (ITS A WORD I SWEAR) with their big brains.

So here is how I figure it goes. Seller has a property worth $50K because this is Baltimore, ok? Here is a creative option I came up with if I understand this whole thing correctly.

I can go in with an offer of $50k using owner financing. Lets say he wants 10% Interest bringing the total to $55k and to offer another $5k up front to sweeten the deal. (Am I doing this right?) I finance the total amount of $55k for 10 years. $55,000 / 120 months equals $458 monthly. Great! Now I just have to find a renter who can put down anything more than $5,000 to cover what I owe the seller in up front money.

Rent the property for $1000 monthly which is $542 cash flow. After 120 months I've paid back the initial investment of $55,000 and also cleared $542 x 120 months = $65,040.

Now I get there are concerns like vacancies, legal docs and the dreaded boogie man of the Mortgage being called due immediately. BUT do I have the general structure right? Please Sub To Gurus let me know if I am on the right path. What am I missing? Any other crucial things to consider?

Is this thing on?

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Originally posted by @Tim G.:

I don't wholesale off the mls anymore sorry. I would suggest finding off market deals.

Why? What happened?

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Question for you guys: Would you recommend getting an LLC BEFORE the IC site? Or can that site be changed later without being complicated?

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GO MELANIE!!!

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@Tremayne NA

I have limited experience but one I've heard to avoid if possible is Masters. Too many delays and bad experiences. Not personally but heard from others. Good luck

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Hello BP Family,

So, I'm new to this whole thing. Has anyone used telemarketers from Fiverr to weed through the leads? Can anyone speak from experience about farming out that activity on a small scale?

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Thanks Charles, those are all great options to consider when creating a contract. Thanks for the gems!

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Hello, I'm in the Baltimore area! Welcome to BP! MAREIA is located in Owings Mills if you were interested in meeting. Check their online schedule for any upcoming events.

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All Forum Posts by: Tony Roberts

Tony Roberts has started 5 posts and replied 20 times.

Post: The INFAMOUS SUB TO Discussion Not for the Scared Investors

Post: The INFAMOUS SUB TO Discussion Not for the Scared Investors

Post: The INFAMOUS SUB TO Discussion Not for the Scared Investors

Post: Wholesaling MLS Properties

Post: Investor Carrot

Post: Quit My Job and Plan to Wholesale

Post: Maryland wholesale closing company?

Post: Have you used or know someone Using Telemarketers from Fiverr??

Post: Contract in Maryland/MAR Contract

Post: is anybody in Baltimore Maryland St in your group