All Forum Posts by: Steve Bradigan

Stacie try Mid Maryland Title in Annapolis. They're on Bestgate Rd. Several real estate attorneys in that office. They have been in business and a client of ours for a long time. Google them.

@Mike R. 

Connect with me outside of this thread and I'll be glad to help.

Live, work and invest in Annapolis. I have not seen a 45% increase anywhere recently. That being said, RE taxes around here have a history of being stupid. You should check with the assessment office downtown.

Rachel

@J Scott 

is correct without question in Maryland, especially around me in Annapolis & Anne Arundel county. I'm a cash buyer and have been looking for about 6 months. Foreclosures, REO's, distress of just about any type I can find. There have been about 4 possibilities during that time frame, was outbid on all of them. Don't give up, they're there. Time & Patience.

@Jay Hinrichs 

@Ned Carey @Rick Harmon are correct. Adverse possession is risky, expensive and typically last resort. Agreed not for the timid. We have been involved in several cases in Maryland as the abstractor of record preforming 100 year searches and then acting as expert witness in court. IMO nobody wins here. The courts don't favor AP and in one case the individuals spent ridiculous money to attempt to gain possession of a property. Note the property was valuable. In the end they did not win. The extensive requirements needed to prove AP here make it almost impossible to win. Try any/every other option.

A warm welcome to another Maryland member!!!

@Damien Clark  @Roger Lin 

Before we bought we considered several locations down the East Coast; OC MD, VA Beach, OBX, Myrtle Beach, Georgia Coast and FL. Our major concern was also rental income all year if possible. That made the decision relatively easy - FL. We took it a step further and bought in Key West - Love it! You'll rarely find 'deals' though and insurance is high. I would imagine insurance would be high at any costal resort. Rents very well. Key West has done a good job of scheduling events throughout the year to attract guests. If you consider KW, make sure you educate yourself on their transient rental licensing. Good luck!

Hello Rachel

Welcome to BP, it's always nice to see another Marylander join in.

I agree with @Ophelia Nicholson  that the furniture does not have to be expensive. The purpose is to show a prospective buyer what can be done design-wise with the house. As long as the furniture and accessories fit the style of the house, i.e. contemporary, cottage, etc., the stagers have done their job. That being said I do not see many houses staged in my area with the exception of high-end real estate.  I'm sure there are exceptions.

Now the flip side of the coin. Staging is fun if you're into the design element! It adds a personal touch to your rehab and surely will leave an impression on potential buyers. An expensive venture initially though, as Ophelia said, collecting pieces over time. You will need someplace to store couches, chairs, tables, bedroom sets and so on and the labor and vehicle to move all of this around. And if you're like my wife, that collecting never ends :) It's all about what you want to do. Many flip investors buy, rehab and sell as a production line to maximize profits. That's fine. If your passion is to take it to the next level, then so be it. Just make sure you make some money in the end! 

@Eric M. 

Thank you for the view of the flip side of the coin. This is the position I find myself in. We've been business associates for 15 years, communication is not a problem. I don't believe he is interested in acting as a lender. He's done this before. And as @Mike Hepburn states, he is aware that my goal is to build capital of my own. We would surely continue to do some deals together. The existing JV agreement is 12 pages long, nothing shady, but as you mention it covers just about every scenario for both partners. I saw a quote here once "50% of something is better than 100% of nothing". I think for now I'm going with that philosophy albeit much more informed thanks to fellow BP members.

@Rob Caldwell   @Steve Vaughan 

OK - I get the message. Thank you very much for your candor. I'm going to attempt to revisit this partnership and suggest a lender arrangement as advised. Unfortunately I may lose my backing when I do this. Might put me back to square one. I guess if that's going to happen, better now then after it's too late.