All Forum Posts by: Andrew Michael

I would be interested, especially if closer to the Frederick area.  Thanks

For studying purposes I cannot be of much help.  The business side however I can share my favorites. 

I would have to say my favorite book thus far has been The Millionaire Real Estate Investor by Gary Keller.  This book is just packed with information, motivation, and strategies.  There is also one aimed at agents that sounds like it would be perfect for you.  Though I have not read the agent one, I can only imagine it is done with the same quality of work.  Its called The Millionaire Real Estate Agent by Gary Keller.

Next, I would read @Brandon Turner 's book No or Low Money down.  I suggest this book because it may help you identify which strategies and niches you want to focus on starting out.  

I could go on and on but I think these 3 would be a great start for you.  Also below is a link to a blog about the 21 best real estate books.  My only change to the list would be replace the ABC's of investing with the 10XRule by Grant Cardone.  ABC's seemed a little shallow in terms of useful content however still worth the read down the road.  Grants book, though not specific to real estate, is motivation on steroids and will absolutely benefit your real estate career.   http://www.biggerpockets.com/renewsblog/2013/04/14...

PS don't overlook the basic yet very informative Bigger Pockets Beginners Guide, podcasts, and local meetups.   

Hope this helps

@Ned Carey Think the above was looking to tag you.

Since you already know the seller, have the engineer come out to the property and see what they say.  I'm sure your God mother would have no issues with this.  If the foundation really is a major issue and you don't feel like dealing with it then decide if you want to wholesale it or not.  However, I see this as a great way to get your fist buy and hold property if that is your strategy.  Maybe get a few contractors to come out and walk through the property with you to get a better idea of costs and repairs.  That will help you narrow your focus in terms of a strategy.  This is a great one to learn on so use it as that, a learning experience.      

@Walter Davis Hows it going?  I was born and raised in Gaithersburg so I am very familiar with Montgomery County.   There is a Gaithersburg BP group that recently started.  We meet on the first Tuesday of every month.  I am new as well but I just listed my first flip in Silver Spring this past Monday.  So far 15 showings already!  I also have a few buy and holds under contract out in Washington County.  I am always looking to connect and partner with local people so shoot me a message sometime.  

All the Best

-Andrew
   

Hey there @Felipe A.  I was born and raised in Gaithersburg but recently moved out to Urbana MD.  As @Russell Brazil said, there is a BP meetup in Gaithersburg that just began a few months ago and I am finding most helpful.  Welcome and let me know if I can help in anyway.  

Andrew

@Bill Exeter Thanks for the information.  The original concern of the seller was being able to keep office space in that location to continue his practice.  However, since the broker came on board the new prices points have led the seller to be open to other options.  As you said, I too suggested he have his CPA's and advisors go over any contracts with him before he signs anything.  

My only part in this whole thing was to urge the seller not sign the original offer until we get some other options on the table.  I have connected him with a good local broker who has many developer contacts.  Now I just sit back and learn :)  The broker has agreed to cc me on emails, meetings, etc so I can learn and the seller is more than happy as he will get almost double what he originally was offered.  

Win win win

@Mike Salisbury Hey Mike thank you.  I appreciate it.

@Aaron Hamilton Hows it going and welcome. I'm in the villages of Urbana so not to far from you. As Mike said the Hagerstown REI is a great place to network. There is also a Gaithersburg group that recently began. We meet on the first Tuesday of every month at 8PM. I'm always looking to partner with local people so shoot me a message sometime.

@Bill Gulley @Wayne Brooks @Joe Fairless

Hey guys I'm back :)  Forewarning To Bill, I am sure I will ask dumb questions or even say things that don't make sense and drive you crazy..... Just go with it.

So here's where I am,

After doing more research, I found out that this lot of land is actual A+ property zoned for mix use residential and commercial (MXNC).  The original developer offered 900K with the intent knock down the existing structure and build 16 residential units.  This seemed low due to the location and comps in the area.  I shopped around and found a brokerage firm who took a deeper look into the possibilities.  They reached out to the city and got more information.  Due to the ability to put in underground parking, they now believe the  number of units will be closer to 30 commercial office spaces (commercial use makes more sense due to location).  According to the brokerage, they believe they can get anywhere from 1.8-2M if they list the property.  They collect no upfront fee's and only are paid if the seller agrees to the terms and closes on the deal.  If an outright sale occurs, they want 10% of the final sale price.  This seems very very high to me especially considering I brought the deal/ seller to them.  In addition, the seller would pay significant Cap Gains tax unless we decide on a 1031 exchange.  My question for now is what is a reasonable brokerage fee% in this scenario?   

Thanks