All Forum Posts by: Bill Kenny

My First 2 deal were off market owner finance deals with very little money invested... There are so many creative strategies to purchase.. maybe find a mentor to walk you through a few deals and lean on their experience..  As the Issac Newton quote goes from the classic Millionaire Real Estate Agent book "If I have seen further than others, it is by standing upon the shoulders of giants."

Hi Duke! I would search out a local REIA's or BP meetup groups in your local area and get there asap. That made all the difference for me.. I would not be where I am without the people I meet and the relationship I built from those networking opportunities.. also if you aren't all ready listening to the BP podcasts I would go there and start devouring them. Good luck!

@KaTrina Jones I would call all the local community banks in your local area and ask them several questions. Do they offer commercial loans? Do they keep the loans in house? Do they offer cash out refinances? If so, what value of what they will lend? 80%? LTV? Do they use the appraisal value or the purchase price? Do they have a title seasoning period? I believe there was a BP podcast that touched on this subject... maybe someone can remember which one it was..

Great Post! I have learned this lesson as I got deeper and deeper into Real Estate... So much so that when my son started his first job this year I told him not to take any relationship that he makes from now going forward for granted.. "Your network = your net-worth!"

Hi Rhys, Welcome to BP. I'm in Hagerstown and spend a good amount of time in the Frederick area as well. There is a very active REIA in Hagerstown called the HUB CITY REIA. It includes a networking hour and an educational presentation. 1st Thursday of the every Month. Good Luck with your continued education. Its a life long process!

HI Trevor,  I have several rentals in Martinsburg and my real estate office is in Hagerstown. From an investor standpoint I try to purchase using creative finance.... from a realtor perspective I have contact with lenders in the Hagerstown area. Most of those can lend into West Va. Both markets are very similiar, housing is very affordable and rents are strong. 

Hi Ozzy 

Welcome, I think your first start should be to attend the Hub City REIA. 1st Thursday night of each month. Tomorrow night for the March meeting. Everyone you are looking for will be there and you will have time to network, ask questions and learn. There are investors that are looking for people like yourself.

To answer your question..  you should ask questions of agents before you "hire" them to work for you.. It's really no cost to you as the buyer..  Do you want someone in your corner during the process? You really don't know what you don't know when you are starting out.. Can't really hurt to find someone that can help you and add value to the process. Right? When you sign the buyers agent agreement just ask how you get out if you are unsatisfied with their services. Their is a section that outlines how you can terminate the agreement. 

There are ethics standards that licensed agents are held. From the perspective of the buyers agent wanting to keep the price high... wouldn't you want to make a % of a deal even if it is a lower sales price and be a valued source to a client? Real Estate is a people business and if you are not helping and adding value to people that will be directly reflected in your success. To be truly successful you should have a larger # of people that you can lean on that can provide advice and guidance.

Good Luck!

Hi Michael,

I am actually writing this from Frederick after shoveling snow all morning long.. There is a Real Estate Investors association in Hagerstown that is well attending called the Hub City REIA. They meet the first Thursday of the month in Hagerstown. That is a great place to make connections during the social hour. Many experienced investors and new people eager to learn attend each meeting. I think you may want to figure out what value you could add that an experienced investor would like to take you on as a mentor.. Remember Always come from contribution. Good luck and if you would like to meet sometime please let me know.

Bill

Hi Lidia. 

Buy and holding is an amazing way to build wealth. I would suggest to build a good team of knowledgable experienced people to lean on for advice.. If your looking to buy in an expensive market like DC and Northern VA you may consider a mailing campaign to off market properties. I would think a consistent mailing to targeting sellers would uncover some hidden gold over time.. If your not interested in that approach finding Good cash flowing markets and people you trust in those markets could be the other option.

Good luck!