All Forum Posts by: Derald Everhart

@Chantél Fielder 

I'm curious about your strategy for using private HELOC funds. Given that HELOC loans are in the 4-5 percent range, you'd have to structure it to beat that by an a equal amount to make it worthwhile to the investor. I have a HELOC that I use to lend for my brother's flips (no equity position, family hard money rate) and I can see I probably need to get into an equity position to improve my returns.

@Andre Williams 

Welcome to BP.  Just passed the MD real estate license test myself and looking for a broker to join up with.  Good luck on the test; the Maryland law test is harder than I expected.  Cheers,

@Kenny Fletcher 

Welcome to BP.  I live in Hyattsville and am looking to find a quad this year as a investment.  I'd be interested in hearing about what you've found.  Cheers.

@James Sparks 

Welcome to BP. Lots of help here on the site.

@Hank Parater Welcome to Bigger Pockets. Just passed my RE license test too. Lots of Maryland folks on the forums. Cheers.

@NA Jones 

Here's another way to use the court files:  I found the owner of a vacant lot through the court records when she received a traffic ticket to a different address.  I wrote her at that address and was able to negotiate to buy her property.  Her question: How did you find me?  "The Internet".

@David White 

Once you find out the owner's name through the link @NA Jonesprovided, you can search the county land records to see how much of a mortgage is on the property at: https://mdlandrec.net/main/index.cfm

You will need to create an account, but it's free.

You can also search through the Maryland Court records to see if a foreclosure has been filed against the owner at: http://www.courts.state.md.us/courts/courtrecords.html

And of course, you can check the address through the county's tax records to see if taxes have been paid this year.  Maryland taxes need to be paid by Jan. 1 or they will be considered delinquent.  If they haven't paid that's another sign that something's going on with the owner. 

@Brendan Taylor 

Welcome to BP; Just joined myself recently.  I've found lots of good information here, and there's more each day.  What's the market like in Bowie?

@Mike Gennaro 

Mike,

Mobile rents in this one particular area I've been mining can be in the $1,100-$1,300 range (best schools in the area, other housing options $300-$400 higher, etc.), but people are selling homes in the $50,000 to $80,000 range on rented land, which means a high commitment of cash and a lower ROI.

You don't see the $5,000 to $15,000 mobiles here that you see in the Tampa area where I'm from.  Six months ago, I bought a double-wide on land for $32,000 in Riverview, Florida, with my brother that rents for 2.5 percent. 

Still working my area for mobiles, keep looking to take a subject-to or wrap mortgage. That might help ROI. But as Lonnie Scruggs would say, if the area ain't good, find another area.

@Larry Contratti 

Welcome to BP; just joined recently myself.  Don't have an answer for you from my limited personal experience, but I've listened to several Bigger Pockets podcasts that have discussed tenant problems that might give you some insight. Check out the podcasts.

I would also talk to your contacts at the County program to see if they can give you some guidance.  My understanding from friends about these types of rent subsidy programs (mostly Section 8) is that the tenants have more to lose if they are not good tenants.  They can lose their subsidies for non-compliance, and then lose their housing when they can't pay by themselves.  I don't think you need to go this alone.  It would be worth to see if you can get some county back up before they become a public nuisance.

Cheers,