All Forum Posts by: Alan Feldman

Noah, Good for you for finding and calculating the deal. First off, I would see what the requirements are from the local government municipality. Then I would try to figure out how financing is going to work. 5% down is going to very difficult to find without other factors. 

After you have those worked out you can start estimating what is needed for the renovation.

Not sure what you are asking. Are you asking "why bother?", "what is the purpose?", "how can it work?", "who does this?", "why ask why?"

The "why" is the first step in goal planning. The "why" is a very personal statement. Your "why" outlines your specific reasons to invest in real estate. Your "why" is where you want to be at some point in the future. 

I know the post question wasn't answered. Not meant to instigate by my response. Rather, looking to clarify the question, "why invest in foreclosures?" 

Sounds like you have a good realistic grasp of your options. I agree with you that a mortgage through a bank will most likely be out of the question. In addition to the options mentioned, you might want to consider a partnership, and lease option. It's not impossible for the creative real estate investor who is determined and has a plan.

Most likely the property has unpaid taxes. Looks like Baltimore just had their annual lien auction in mid-May. Not sure if that was postponed due to the Covid19 issues. Check their website at  https://taxsale.baltimorecity.gov/other-city-liens

Join a local real estate networking group. Some charge an annual fee, some are free. Attend the meetings and network. 

@AR Rodriguez there are some sample "yellow letters" on BP at www.biggerpockets.com/files. Even Brandon Turner's yellow letter is there.

Also, having a marketing plan of calling and mailing is the best strategy.

@Andoni Garcia, listen to podcast episode 384 first with Spencer Cornelia, https://www.biggerpockets.com/blog/biggerpockets-podcast-384-Spencer-Cornelia

Lots of hard lessons learned and tips for the out of state flips and rehabs.

@Martin Melgarejo, your local tax assesor or county record of deeds website should show this publicly available info.

There might be a few in the BP files section (the best kept secret on BP!).

I think you should get an award. I'm in the same boat and was thinking about some of the those early ones; they were kind of rough. Congrats on your journey!