All Forum Posts by: Eric M.

@Edward A. What are you specifically looking for from your agent? Do you simply need an MLS search set-up and emailed to you, or are you seeking to view lots of different properties several times a week and bid on a subset of those?

I think most agents would be happy to work with you in the former capacity, but you may have more trouble finding someone interested in the latter, unless you are an active buyer. Let me know your needs and I may be able to refer a few folks to you.

@Albert Yamoah To me, the best thing to do is simply not work with wholesalers that require a deposit. One of two things will happen: the market will dictate that local wholesalers will still contact you and work with you, because they need buyers. Alternatively, no one will work with you without a deposit, because they have enough buyers willing to pay it!

That may sound overly simple, but if everyone in your market is requiring a deposit, that may simply be the reality of the marketplace right now.

Best of luck!

I agree with @Douglas Larson that you might want to browse around and get some ideas for reading and listening or whatever. However, to give you a simple answer, all things considered, I think buying and renting over the long term is "easier" than lease options, because it builds wealth without having to recruit buyers, handle extra administration, etc. However, lease options can certainly be a better choice in the right situations, like if you're looking for a larger cash infusion within a few years.

The best cash-flow in your (our) area is going to be in Prince George's County and Baltimore City. Now, that's a broad brush stroke, but if you're just starting out, I'd look for properties in those counties as a starting point for the best possible selection of cash-flowing properties.

Prosper and LendingClub are both good options for seeking personal loans. Just throw a .com at the end of each of those names and you'll see the sites. They are pretty good options if you can get the best terms, and you will often get better deals than with hard lenders, but hard money is probably a good choice here, as well.

These might also be opportunities for "subject-to" deals, where you find an investor willing to bring the mortgage current, pay a certain amount of equity, and take title to the property but make the mortgage payments with the home owner's name still on mortgage. There are a variety of issues with this route, namely, "due on sale" clauses, and you'd probably have to just arrange for a fee from the buyer for your time, but this is certainly another option,

I'd check with a mortgage broker on this. It probably is seeking the closing date on your original purchase date, but I don't have the form in front of me.

Regardless, I think a HELOC is a great way to use equity in a home, if well managed. I don't know all the details, but definitely look at the HELOC as an option, particularly with rates being quite good right now, if the refi runs into any troubles.

@Jimmy Park Can you confirm the taxes and insurance are correct? Both are very high, and if those were different, it would change he analysis enough to matter.

There are certain ethics requirements that you must comply with as a licensee that are not present as a non-licensee. In my states, for example, I have to disclose my status as a licensee no matter what I may be doing in real estate, where others would not have the same obligation.

Also, to me, the continuing education requirements are a major hassle. I know different people have different views on this, but if you're a competent licensee, you're a competent licensee, whether you attend a mandatory class or not.

Going to miss this one, but will look forward to the next one! Thanks for organizing!