All Forum Posts by: Andrew Michael

Hi @Kenneth Anderson and welcome.

I think you are on the right track.  One thing I would do is check out local meetups and start attending.  I know there are several meetups in and around Baltimore.  Also, tell people what you are doing and trying to accomplish.  Network with everyone you can and soak up as much knowledge as you can.  Teaming up with an investor friendly agent from a meetup is a good way to start learning your market and understanding price points.

A great thing you have going for you is your immediate ability to bring value to a deal.  Most people starting out don't have money or experience so your cash position puts you at an advantage.  Make sure you vet any potential partners in order to protect your money.  

Another idea is to team up with an experienced contractor (make sure they have done several flips in your area).  I can promise you, if you find a good deal and fund it there will be plenty of contractors who will want to do business with you.  Chances are they may know of available deals themselves.  

If you have any questions feel free to reach out.  I have not flipped in Baltimore but I know a few contractors from there that actively flip.  I also have a 7 unit building out near you in Carroll county.

Best of Luck!

Hey @Jake Gaines 

In my opinion you should spend the vast majority of your time on finding sellers, marketing, and finding properties.  If you have a good deal you will have more buyers than you know what to do with.  It will only take one post online or one pitch at a local meetup.  Find a deal and the buyers will come.    

Hi @Jim Gillam and welcome.

There are a good number of us from the Frederick area.  @Account Closed has a meet up in Frederick you may want to check out and there is also a good one in Gaithersburg as well.  I have not done any investing in the West Va markets you mentioned so I cant speak much on that.  I have done flips and have rental units in and around our area so I have a bit more market knowledge there.  Frederick has some decent opportunities in terms of flipping but you may want to consider other markets as well.  Finding flips is Frederick is possible but it will take a lot of hard work, marketing, and networking with wholesalers.  

There is a ton of information on the site so make sure you utilize all of these resources.  Welcome again and hope to see you around!

I currently have 27 off market properties available in the DMV as well as funding.  

Shoot me an email and lets talk details.

Thanks

@Ehab Tadrous 

Carlos and I were referring to a website called ListSource where you can generate lead lists based on several criteria options.  Overall I have had a good experience with the site and purchased a handful of lists from them.  Their cost per lead is very reasonable for what I use it for.  There are several sites that can generate lead lists for wholesalers.  Its worth adding to your arsenal.

@Carlos Rodriguez. In terms of zip codes, thats really up to you and where you want to focus.  I know listsource has tons of criteria to search from so perhaps you want to add age or equity% or something of that nature to limit your output results.  That being said, how many leads is too many?  I try to send out at least 300 per week minimum when doing a campaign.  Even 300 is on the lower end compared to the big players so in addition to mailers i am making cold calls and networking anyway possible during the day.

@Daniel Geb  We use Universal Title for many of our DMV wholesales.  I also really like Definitive Title when doing deals more towards Baltimore.  They have always treated me well. 

Hi @Carlos Rodriguez 

I absolutely recommend direct mail.  In my opinion that is still one of the most effective ways to obtain off market properties.  Make the best use of your money and try to get any information you can out of callers even if its unlikely they are willing to sell.  Ask them market information, if they have any friends looking to sell, if they have other properties other than the one you mailed about etc.  Also try to gauge how likely they are to sell in the future.  Perhaps they will be ready in 6 months, a year, or even further down the road.  I try to categorize my leads and create reminders to follow up with them sometime down the road.  

As for bandit signs you have to be careful as you can catch county fines if you are a repeat offender.  One thing I have done to get around this is asked permission to post my signs on private property.  I know in Montgomery Country as long as you move the sign every 30 days and have the posting date on the sign somewhere you are good to go.  Give the county a call and they can help you figure out any details.  

Finally get creative.  Search for sale by owner ads, door knock, post on Facebook, etc.   Make sure everyone knows what you are doing.  Stay persistent and determined.

Hi Antwan,

We closed 3 wholesales just last week and got a few more under contract as well. We do a fair amount of volume in DMV, specifically DC, PG and Northern VA so feel free to shoot me a message and let me know if there is anyway I can help.

In terms of contracts, there are plenty out there and they can be fairly simple.  As long as it includes the typical; names, dates, address, closing date, purchase price, assignment fee, etc it is considered a binding contract.  It is always wise to have a professional look over any contracts you are going to use for business but some quick research can get you the basics. 

Wholesaling is often presented as an easy way to get started in real estate however I believe it is actually one of the most difficult strategies to be successful at.  I would focus on wholesaling fundamentals such as mastering your market, marketing to find sellers, negotiating, knowing your buyers criteria, etc  

Fina a good deal and the rest will fall into place.

There is a great meetup in Gaithersburg in the RIO that meets on the first Tuesday of every month.  @Justin B. is the moderator there.  

Hi @Anthony Frank 

I am not familiar with your local area however I have used www.dirtcheapsigns.com in the past.

Its a super easy design interface and if I recall my price per sign was very reasonable.  I designed quite a few varieties before I ultimate bought my first order.  

Worth a look.