All Forum Posts by: Terry Royce

Talk to other wholesalers in your area and network, find out what title cos they are using and have an meeting with one of the attorneys

We bought one that was listed as occupied, but was actually vacant. Try visiting the house and leaving a note.

We just spent about $140-150k to gut rehab a house in Brewers Hill /Canton, 1,500 sf end unit on Hudson St If you are going to do a gut, make sure you do CHAP tax credit. I'd be happy to help analyze the deal for you

I am looking at a 5 unit property that is fully leased, near a local college. It is an old house that was split into 5 units, and rents for about $3,600 mo gross. And has expenses around $12,000 a year (common heat, taxes, lawn care, snow removal, mgmt and maintenance (which seem low). The building needs some upgrades down the road, but seems like it could be left alone for the time being and just hold reserves if anything comes up. The building has 1 long term tenant, 3 college tenants, and 1 tenant we didn't meet.

I am trying to figure out what factors to take into account with the fact that it is an older building and will need some deferred maintenance items repaired down the road.

Seems like there could be room for a deal, the property has been listed for over 150 days, its an estate situation, and they've had no offers. 

Any input or advice is appreciated.

I've been more productive now that I'm sleeping more. I used to be up till 3am every night, now I've been in bed at 10/11. Everyone has different habits. Keep grinding people !

Welcome , I have been doing business in Baltimore since 2008, my blog link is in my signature. Hopefully we can do some business soon!

Fiona - please point is all to the law where it's illegal to double close?

Find a local mentor in Your Market.

When screening buyers I ask them "what type of financing are you using". I ask them in this manor rather than saying "are you using cash" which sets them up to just say yes.

One of my wholesale buyers is a contractor, who only does his own flips. After I sold him a few e suggested partnering. We did one last year, and have 2 under construction now. I have found the deals, and am servicing the loan. He floats the construction money until we get our draws. So far it has worked fairly well. It has also allowed me to be more aggressive with properties I put under contract, as we are looking at each deal as having both wholesale and rehab potential. We have got Some home run wholesales out of it.