New investor in Maryland area looking for suggestions

Baltimore, MD · Member since 2015 · 7 posts · 0 votes

Good morning my name is Tyrel Thaniel a baltimore maryland native thats a novice real estate investor looking to get my feet wet in the DMV area and close my first deal in wholesaling /or any creative real estate deal such as subject to, and owner finenacing.I'm open to any suggestions.

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Jimmy Dudley

Real Estate Broker · Westminster, MD · Member since 2017 · 159 posts · 101 votes

Get yourself a good hard money lender in Baltimore, we have some good ones. Go to a wholesaler with a good reputation and buy yourself a deal. You know the areas so you have a home field advantage.

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Eric G.
Honolulu, HI · Member since 2017 · 85 posts · 73 votes
8y
Originally posted by @Tyrel T.:
Good morning my name is Tyrel Thaniel a baltimore maryland native thats a novice real estate investor looking to get my feet wet in the DMV area and close my first deal in wholesaling /or any creative real estate deal such as subject to, and owner finenacing.I'm open to any suggestions.
Welcome !
If you're a Baltimore Maryland native I think you already have a great advantage in targeting properties and neighborhoods within the City. If you're looking more towards the Northern Virginia area, I think @Conor Reilly would be able to help you out with REIA meet ups or hard money lenders to connect you with like minded people.
Best of luck,
Eric
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Tyrel T.
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Baltimore, MD · Member since 2015 · 7 posts · 0 votes
8y
Thank you very much very kind of you happy investing
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Account Closed
Professional Auctioneer · Baltimore, MD · Member since 2015 · 1k+ posts · 1k+ votes
8y
It's amazing how much enthusiasm a freshman real estate investors can have. Forty years ago when I started in the investment filed of properties I was like a frighten child. Guess what - even today having made offers in the millions, I still feel frighten - afraid of making a mistake, not finding the missing pieces of the transactions and other potential gate keeps who will try to stop me form making a profit.
But today - so many people want to get rich so they enter this field of investing, assignments, so called wholesaling, flipping ----- the gold rush of today is not gold - it's finding owners of real estate who will give it way ---- elderly - unaware ------ tax sales, foreclosure ------ real estate is today's gold!
The problem here is that the prospectors of bygone days looking for gold were prepared with their maps, tool, labor, knowledge of mining .................. but today your real estate gold prospectors are not prepared, do not understand making offers, misunderstands assignments and ethical behavior, creative contracts, negotiations, hybrid offers, skinny contracts, Control & Roll and all it takes to get to settlement.
Our best tool is education by a seasoned investor. Find that person or company in your area, ask for mentoring, work for them, refer properties and opportunities - learn what they do and find a way to do it for yourself. Find your tools, understand them and act on opportunities - make offers - close transactions.
This is a great business - learn and understand the market you are in and you will do well.
3 Reply
Jimmy Dudley
Real Estate Broker · Westminster, MD · Member since 2017 · 159 posts · 101 votes
8y
Get yourself a good hard money lender in Baltimore, we have some good ones. Go to a wholesaler with a good reputation and buy yourself a deal. You know the areas so you have a home field advantage.
5 Reply
Kearis Pinkney
Woodbridge, VA · Member since 2015 · 3 posts · 3 votes
8y
Jimmy Dudley Hey, I’m currently looking for a good Hard money lender in Baltimore. Do you have any suggestions?
2 Reply
Tyrel T.
OP
Baltimore, MD · Member since 2015 · 7 posts · 0 votes
8y
Thank you very much !!!
0 Reply
Stephanie P.Pro Member
Washington, DC Mortgage Lender/Broker · Member since 2016 · 4k+ posts · 2k+ votes
8y
@Tyrel T.
Welcome to BP.
Charles Parrish does some great educational seminars up in Hamilton. They're free and very informative. He takes a different approach than many, but his results over the years speak for themselves.
I would get together with folks at the BWI REIA or the Baltimore REIA up closer to Towson. Both are huge and are a wealth of information. If you're looking for something down in the DC area, try Dan Rochon's CAZA meetup in Springfield at the KW Kingstowne offices or the Condo Financing Meetup at Total Wine and More in Ballston at the end of the month. All are excellent.
If I was starting out with little cash, I would figure out how to get a property with units, live in one and rent the other(s) using FHA at 96.5% ltv or Freddie Mac's unit program to 95% ltv. If I can help you further, please don't hesitate to ask. Not a solicitation Moderator, we don't do FHA or Freddie Mac loans.
Best of luck
Stephanie
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Jimmy Dudley
Real Estate Broker · Westminster, MD · Member since 2017 · 159 posts · 101 votes
8y
Originally posted by @Kearis Pinkney:

Jimmy Dudley Hey, I’m currently looking for a good Hard money lender in Baltimore. Do you have any suggestions?
Talk to Jared Sleeth at Kaine Investments LLC , he comes with more than a few good reviews.
3 Reply
Tyrel T.
OP
Baltimore, MD · Member since 2015 · 7 posts · 0 votes
8y
thanks Stephanie for the great information!!
0 Reply
Conor Reilly
Lender · Arlington, VA · Member since 2017 · 6 posts · 6 votes
8y
@Eric G. thank you very much for mentioning me. @Tyrel T. I will send you a message about the meet up we have going in NOVA
1 Reply
Tyrel T.
OP
Baltimore, MD · Member since 2015 · 7 posts · 0 votes
8y
Thank you Conor Reilly I look Foward to it
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Ned CareyPro Member
Moderator
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
8y
@Tyrel T. welcome to BP. As you can see thee are a lot of knowledgeable investors here from the Baltimore area to network with.
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Tyrel T.
OP
Baltimore, MD · Member since 2015 · 7 posts · 0 votes
8y
Yes i do see that great network of people
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Account Closed
Professional Auctioneer · Baltimore, MD · Member since 2015 · 1k+ posts · 1k+ votes
8y
Originally posted by @Stephanie P.:

@Tyrel T.
Welcome to BP.
Charles Parrish does some great educational seminars up in Hamilton. They're free and very informative. He takes a different approach than many, but his results over the years speak for themselves.
I would get together with folks at the BWI REIA or the Baltimore REIA up closer to Towson. Both are huge and are a wealth of information. If you're looking for something down in the DC area, try Dan Rochon's CAZA meetup in Springfield at the KW Kingstowne offices or the Condo Financing Meetup at Total Wine and More in Ballston at the end of the month. All are excellent.
If I was starting out with little cash, I would figure out how to get a property with units, live in one and rent the other(s) using FHA at 96.5% ltv or Freddie Mac's unit program to 95% ltv. If I can help you further, please don't hesitate to ask. Not a solicitation Moderator, we don't do FHA or Freddie Mac loans.
Best of luck
Stephanie
Stephanie - thank for the kind words - I appreciate it. I wonder why so many people are hung up with HARD MONEY - WHAT'S wrong with soft money, owner financing, delayed settlement, hybrid offers, control & roll, assignments - public auctions, not sure what's wrong with the new investors generation? Don't they understand creative negotiations - who wants to be a slave to 10-18 percent financing? There are so many better ways to make money in real estate.
I think that real estate education today is lacking some serious creative financing education. There are better ways to control real estate other than owning it; controlling it is the system we use.
2 Reply
Lisa DeCastro
Real Estate Agent · Lakewood Ranch, FL · Member since 2014 · 3 posts · 2 votes
8y
Investing in performing and non-performing notes is a great way to make invests backed by real property.
Performing notes provide a passive income, similar to having a renter but without the midnight plumbing issue calls and the borrower has a vested interest in maintaining and keeping the property.
A non-performing note, isn't typically passive at first but depending upon the borrower's situation and performing the proper due diligence in advance, there are multiple exit strategies for above average ROI's; reinstating the borrower or foreclosing if necessary are two examples.
That is the real cliff notes version of the process.
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Naftali Schabes
Miami, FL · Member since 2018 · 88 posts · 10 votes
8y
I am in middle of a million dollar hard money loan now which may lead to $150 million deal in Baltimore
2 Reply
Account Closed
Professional Auctioneer · Baltimore, MD · Member since 2015 · 1k+ posts · 1k+ votes
8y
Originally posted by @Naftali Schabes:

I am in middle of a million dollar hard money loan now which may lead to $150 million deal in Baltimore
Good luck with that one. Need help?
3 Reply
Naftali Schabes
Miami, FL · Member since 2018 · 88 posts · 10 votes
8y
Maybe Charles
are you an investor or lender?
0 Reply
Ian Barnes
Rental Property Investor · Baltimore, MD · Member since 2014 · 247 posts · 321 votes
8y
@Naftali Schabes, the most expensive building in Baltimore, "the Legg Mason building" sold for $220 million last year, so there aren't any $150 million dollar deals in Baltimore, other than Port Covington? Makes no sense.
2 Reply
Naftali Schabes
Miami, FL · Member since 2018 · 88 posts · 10 votes
8y
its a developer that has 1000 houses which he is buying from the city of Baltimore at a wholesale price then rehab all of them then refi them with me
1 Reply
Tom GimerBusiness Member
DMV · Member since 2017 · 3k+ posts · 3k+ votes
8y
@Naftali Schabes Have you been to Baltimore? Wait til you see what you are financing. Go visit during daylight.
Gimer Law516 Reviews
Website View Page
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Naftali Schabes
Miami, FL · Member since 2018 · 88 posts · 10 votes
8y
not yet
0 Reply
Ozzy SirimsiBusiness Member
Real Estate Agent · Baltimore, MD · Member since 2016 · 1k+ posts · 782 votes
8y
Originally posted by @Ian Barnes:
@Naftali Schabes, the most expensive building in Baltimore, "the Legg Mason building" sold for $220 million last year, so there aren't any $150 million dollar deals in Baltimore, other than Port Covington? Makes no sense.
You are brutal Ian :D)))
I am planning to come one of your lunches, would like to meet if possible.
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Ian Barnes
Rental Property Investor · Baltimore, MD · Member since 2014 · 247 posts · 321 votes
8y
@Ozzy Sirimsi, every Friday at Spirits West, 2601 Wilkens Ave, Baltimore, Md 21223, 12pm
1 Reply
Stephanie P.Pro Member
Washington, DC Mortgage Lender/Broker · Member since 2016 · 4k+ posts · 2k+ votes
8y
@Naftali Schabes
Those houses the "developer" is going to buy from the city at a wholesale price are in the epicenter of the murder capital of the country (Chicago was a challenger, but Baltimore won out) and have some of the most blighted neighborhoods you'll find anywhere. I would venture to say, like @Tom Gimer suggested, you should visit the neighborhoods where you'll be "lending" in the daylight and I would add, bring a big coat. It's cold up here right now.
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