All Forum Posts by: Andrew Michael

Hi @Lily Ardila 

I am not sure what your working capital position is but there are a good number of deals in the DC and MD markets for a "lower" price point.  I would love to discuss this further if you want to PM me.  I am always open to partnerships so perhaps we can get something going.  

Hi @Brian Hart and Welcome to BP. 

This is a pretty loaded question but I will take a general stab at it.  I think first and foremost you need to identify why you are investing, your strategies, and your niche.  For example, are you investing for long term wealth or short term gains.  Are you more concerned about cash flow or are you looking for longer term appreciation plays.  Are you looking to wholesale, flip, buy and hold, etc.  These are all general questions to consider.  

I am guessing that your question is more aimed at what makes a suitable investment market.  Again this can depend on your goals but I will throw out some of the things I look for.  First and foremost I like to see a strong economy with a solid work force.  Any place where there are many jobs available is usually a good indicator that the economy is doing well and will continue to grow.  Schools are another big factor for me.  Families will often make housing decisions based on the best opportunity for their children.  If you are investing in an area with a strong school system the chances of selling your rehab project or filling your rental property are that much stronger.  Another thing I like to follow is big box stores.  This is more for emerging markets but you can bet if Wal-Mart, Home Depot, Bed Bath and Beyond, etc are buying stores in a particular area it is most likely poised for growth.  This leads me to my last factor.  How many homes are projected to be built in that area?  If it is already built up like DC for example how much renovation and development projects are happening or in the works.  All of these factors are good indicators that the economy is strong and on an upward trend.  

I am sure you will get plenty of other great answers from people.  Over time you will develop your own as well.  At the end of the day, if the numbers work for you and you understand the investment your in the right place.  

Thanks @Russell Brazil for the mention.  @Karen K. I would love to talk more about this.  I will send you a message shortly.    

I subscribe to a skip trace service called TLO.  It has been very beneficial for me.  I cannot recall if there was an initial sign up fee or not but I do not think there was.  You only pay per search and there is no monthly or yearly subscription fee.  

I have two main primary uses for the service.  

1) To collect phone numbers for vacant properties I find while driving for dollars or given to me via referrals.

2)  To run background checks and gather information when screening for tenants.

The first basic search outputs the persons potential phone numbers along with acquaintances, address, family contacts, friends contact, etc.  Tons of information.  This is 2 dollars per search.

The second search is a more in-depth back ground search that includes mortgage info, liens and judgement history, financial info, address history, etc This is 10 dollars per report. 

I believe if you are doing a large volume of searches there is a price break but I only pull 15 a month max so I have never looked into those rates.

Lastly, because of the sensitive information you will have access to they do require a application process and home office inspection.  You will need the following to qualify.

- A locked door where ever you have your office.  I have a home office so the point is that room needs to be able to be secured in some way.

- You need a paper shredder.

- You need a password protected computer.

- I think you also need to conduct business under an entity of some sort but I am not 100% positive.  

I got this service years ago so the application process and regulations may have changed since.  However I can tell you the fee's listed above are what I am currently paying.  

Hope this helps

I have used Definitive Title quite a few times.  Never had any issues and in fact they travel pretty far on my behalf.  

We have one that we use over in Chevy-Chase/ DC.  He is very good but you will pay the price.  What services did you need specifically?  If you PM me I can send over his contact if you'd like.  

Hi @Jason Chaney

Welcome to BP!

As you stated the price points for flips in your immediate area are quite high. That being said there have been some really terrific deals there in Northern VA in the past month so they are out there.

A good starting point for new investors in terms of price point would be SE DC and PG County. Both areas have several wholesale deals available and flipping is running hot in those areas. Right now in PG for wholesales you are looking at a purchase price of 100k-165k with ARV's in the mid to upper 200's. SE your looking at purchase prices of low 200's to mid 200's with ARV's ranging all the way up to low 400's. That has been my experience in the last few months at least.

I will send you a PM so we can connect.  Check out the local meetups and make sure to take advantage of the all knowledge offered on this site.    

As @Chris Eaker mentioned the county tax assessor is a great resource however in my local counties this only provides the owners mailing address.   

A few other ideas; don't underestimate the power of creative googling.  I house found plenty of absentee owners contact information by doing this.  

Another great resource would be a skip-trace service.  I have found this to be extremely helpful and for me having contact numbers, financial history, property history, etc is helpful when negotiating.  You will have to pay for this service but depending on volume the fee's are reasonable.  I pay 1 dollar per lead which is more than worth it for me.  One deal pays a lifetime of use for this service 10 times over.  

@Christina R. 

Sent you a message, thanks for reaching out!

Thanks @Russell Brazil for the mention.  

@Kristen Woollery and @Daniel Waldo I would love to talk to both of you.  I work these markets regularly and will message you shortly.  

Thanks!