All Forum Posts by: Walter Davis

@Michael Fiducia

What you described is my investment strategy in a nut shell. I send direct mail (postcards and yellow letters), I network with wholesalers and other investors at REIA club meetings and I scour the MLS daily. My primary goal is to find single family houses and townhouses to fix and flip for capital reserves and multifamily properties to buy and hold for cash flow. If I've heard it once I heard it a thousand times, when you find a good deal the money will find you. The $20K you have will be good to use as your stake in the game when you find a good deal, weather that's a good fix and flip deal or a good multifamily unit to hold. So I guess my answer is, it depends. It depends on the first good deal that you come across.

I hope this helps.

@Carl Todd What was your initial asking price? If you haven't decreased it since you first listed it you may want to now since it's been on the market so long. Doing so will eat into your profits but at this point you want to get it sold so you can move on to your next deal. Also, I'm not sure what you're using for comps but I noticed the properties across the street from yours back to the lake whereas the houses on your side of the street doesn't. If you used any of those properties when determining your ARV you may be a little high in your asking price. Good luck.

@Jonathan Casillas Thanks for your reply.

Yes. The help I am requesting includes funding Jonathan. Thanks for the invite to connect. I will call you on Tuesday. Enjoy the rest of your weekend.

@Xavier Randall Both. I am looking to acquire the property for myself and my personal portfolio. I am also looking to begin a private syndication so I'll have cash investors who will hold debt, equity or preferred equity positions. 

@Joe Fairless

 Thanks for the feedback Joe!  I browsed your website and listened to a couple of podcasts. Great information! Thanks!

Sorry @Shannon Young, I've never heard of these guys.  I work with the Hard Money Bankers hardmoneybankers.com. They're out of Columbia MD

Welcome @Edson Cortes! I am also in the Washington DC Metro area. As you mentioned there's several REIA clubs in the area. I recommend visiting them all and deciding which group resonates with you most as they all have a different look and feel. You're certainly in the right place here on BP! Happy Investing.

@Joemade Scott Carter congratulations on finding a great lead.  To echo some of what's already been said I would present the owner with a deal giving him a $10K down payment and paying him 4% Annualized Interest Only payments with a 10 year balloon. Your monthly payments to the current owner would be less than a $1000/month. You'll also have about $500/month to save for taxes and insurance. You'll need to find a tenant buyer who will pay a non-refundable option consideration fee that at least equals your down payment and closing costs (approx. $17K if the current owner accepts). The tenant buyer will have the option to buy in 3 years and that will be your exit strategy. In the meantime, you will benefit from the cash flow. I hope this helps.   

One of my Real Estate Strategies is to Buy and Hold mid-size Multifamily Buildings. Currently I'm writing building owners in various areas of Maryland (where I live) and Wilmington, DE. Why Wilmington, DE? Well it's the closest multifamily market to where I live in Maryland that has been identified as in the early stages of expansion in the 2015 Integra Realty Resources Viewpoint. Do seasoned apartment investors place a huge value on this report?

Also, are there any BP members who are in the process of buying a mid-size apartment building anywhere that can use some free real estate professional labor? If there's someone submitting offers, currently ratified or conducting due diligence on something under contract I'd like to help. Again, free of charge. I am licensed in Maryland and Washington D.C. and Real Estate is what I do full time. If I can be of some help and learn at the same time it'll be a mutually beneficial win-win.

@Kyle Scholnick 

Here's a link to the Maryland site:

http://sdat.resiusa.org/RealProperty/Pages/default...

If you search an address and bring up the addresses property record, there's a field for Primary Residence (Yes/No). If you bring up a list of addresses by searching just the street name, the summary has a column labeled 'Own Occ.' An 'N' in this column means Principal Residence = No and an 'H' in this column means Principal Residence = Yes.

This information is not always accurate, however like @Jordan H. I believe this is where all the list brokers get their information.