All Forum Posts by: Trevor S Foster

I am looking to connect with Real Estate Agents & Investors in York, PA

Real Estate Agents - Familiar with the area, experienced with finding quality comps & MLS Listings. Dealing with foreclosures & auctions would be a plus.

Wholesalers - Quality Deals - Multi Units, SFH & Row homes/Town homes

We would like to network with new people in this area, if you invest in York, PA or the surrounding areas please connect with us. 

1216 Underwood Street NW Washington DC 20016

Vacant Property
Built 1942
2 levels + Basement
4 Bedrooms
2 1/2 Bathrooms
1 Office room in basement
2 Kitchens (One on main floor and one in basement)
Private Basement entrance

Highest Comp - $850,000
Estimated Repairs - $125,000 - $150,000 (If you were to flip)

Asking Price - $550,000 (OBO) + Closing cost
Closing Date on or before September 10th, 2019

Property is contracted under my LLC (DMV Real Property Group).

This property is located in the heart of Northwest DC, within 10 minutes of Howard University, Downtown Silver Spring, MD & newly built shopping centers.
This would be a great buy & hold opportunity for landlords who provide housing for college students or those investors who rent Air BnB spaces.
There is also the opportunity to flip as well.

Pictures/Videos - https://drive.google.com/open?id=1KeRKz2NGsSQqT0O3gNtTVB-LSCKUvkP3

@Carl Fischer Thank you for the reply, I did happen to look up "warranty deed"and thought that would be the better route if I was to do it. I cant understand why he wants to do it this way and the reasons you listed are what I thought of as well. 

@Wayne Brooks That was my issue, the owner is trying to pass off an issue or problem to me.

Thank you guys for confirming what I already thought, I dont know what he's hiding but he does own alot of properties and mentioned doing this type of transaction for a few other property he sold. I dont know what he's hiding but I will be sure to use a title company and attorney if I decide to move forward.

Hello,

I have a owner who's agreed to a purchase price of a property but wants to do a "Quitclaim deed" and then an assignment of the property over to us. I do know he owes taxes on the property but would be covered by the purchase price.

Is there anyone here that can explain this process and how it should be done? Would a title company be able to do this type of transaction? 

I have no knowledge of this type of transaction so any insight would be great! Thank you

@Pratik P. There's alot of flipping and buy/hold in my market (DC MD VA). There's definitely wholesale opportunities but for some reason the leads have fallen off. The last few leads ended with a bidding war. My main thing was re visiting my marketing and coming to bigger pockets for ideas. I appreciate your feedback.

@Sue Hough Thank you! I've taken notes on everything you said. I am looking to re-invent myself/business and I look to be an investor that wears many hats. I always hear bigger pockets podcasters say focus on "one thing" first and I truly believe setting up a correct wholesale business will be platform for buy/hold and flipping. Thank you again !

@Cassidy Burns I love real estate..not up for debate and I will make it work, to me there's nothing sexy about staying up until 4am working on real estate every day, listening to multiple podcast, reading endless articles and books. I've spent countless hours educating myself and building my business. If I just "liked real estate because its sexy" I would have quit once things weren't going my way. I've put in the work and will continue to do so. I wouldn't ever put into my mind that "its not for me". Wholesale is very stressful, it is a job, I knew how hard it was prior to committing. Thats why Im here for new ideas on strategy to better myself and business. I appreciate your comments and advice !

Thank you guys/gals for taking time out of your day to comment, I am always open to criticism, opinions and advice. 

@Marc Winter Yes 3 deals since November 2017, Although I had a few leads that turned into bidding wars which we lost, most recently a Harvard Street property in DC. Since about August of 2018 the leads have really dried up and I cant understand why to be honest. But there's no question I will continue on the journey. i'll definitely take you advice on do more networking with the investors I have.

@Caleb Heimsoth I started learning real estate May of 2017, got my first deal Nov.2017, second in March 2018 and the last I actually closed on my birthday June 22nd 2018. I honestly realized wholesaling was difficult from the start and a challenge I was willing to and still willing to pursue. Wholesale isn't the end goal but I feel its a stepping stone to my goal which is buy and hold + flipping. I'm just looking for ideas on how to make it better.

@Jason D. My idea was to build a wholesale business with a goal to use that as a vehicle to produce the properties that I would flip or hold. I don't want to do wholesale full time but I would like to be able to get to the owner first/directly. I also feel like there's a void in wholesale, alot of bad wholesalers. Ive been in construction for years, also worked for a materials company so I understand rehabs, cost etc which is why I believe all 3 deals I have done were successful for myself, the owner and the flipper. 

All in all I see myself being the guy majority of investors in the DMV will call first when they need a solid flip in the future. But also being able to hand pick what I want to keep for myself at the same time.

I appreciate all your comments and opinions also, my reason for this post was to get some new ideas and opinions on what I can do to change the current situation

Hello Bigger Pockets,

I will start this off by saying biggerpockets has given me 80% or more of the knowledge I've obtained about real estate investing. I've listened to almost every podcast, read multiple articles/books, attended the webinars and much more. I originally started in mid 2017 learning about real estate investing, for my LLC "DMV Real Property Group" in Aug.2017, I completed 1 wholesale transaction in Nov. 2017 & two wholesale deals in March/June of 2018. Those wholesale deals were successfully flipped for the target profit mark of the investors that bought the contracts.

Wholesaling has been my "one thing" that I've focused on within real estate BUT I've learned and fully comprehend the "Buy and Hold", "Fix and Flip" aspects of real estate also. I choose wholesaling because my way of thinking is that if I can produce the properties ,then I'll be able to hand pick which properties I'd like to Hold, Flip or Wholesale in the future.

Since my last wholesale deal (June 2018) I've seen a drastic decrease in lead funnel, which has lead to no deals what so ever. I've constantly used direct mail campaigns, cold calling via a freelancer on upwork (cold calling myself also), driving for dollars, door hangers and social media marketing. It just hasn't produce the amount of leads monthly that I'm used to seeing. The leads that have come in unfortunately had no potential.

My question to biggerpockets is, should I start to move into another aspect of investing? 

Maybe fix and flip or buy and hold? I already have a target area in pennsylvania for low cost buy & hold property that I'm very familiar with and certain parts of the DC, MD, VA areas for flips. My only concern is of course finding funding to make these two options possible.

Or should I just stick with Plan A until the break-through happens for me?

I've tried in the past to get funding for flips & rentals BUT to be perfectly honest my credit isn't great & the companies I've spoke with regarding money say I need more experience flipping because they cant judge me based off the successful wholesale deals I've produced. 

By no means am I looking for a "handout" or to quit, I made up my mind from day one that I will either sink or swim in real estate. Although I've done a few deals I still consider myself "new" and I'm writing this post looking for some guidance from anyone who took the time to read this "essay" lol..sorry I typed so much but this is the only place I can come to, to express all the feelings & thoughts I have built up inside & everyone reading can relate or understand how I'm feeling. 

Thank you for taking the time to read everything I wrote, this was kind of like therapy being able to get all of these thoughts out of my head.

Advice, Opinions and Constructive Criticism is welcome.

Trevor Foster II

DMV Real Property Group