All Forum Posts by: Edward Beard

Personally, I have a voicemail answering service (such as Freedom Voice), asking them to leave details about the property.

I had a lead come in today where the value is in the land. I have yet to visit the property, but based on the owners comments its pretty much done for. The owner also mentioned that in the past he was in talks with a developer to purchase his lot and the lot adjacent to his.

The lot is approximately 4.5 acres, and it is off a pretty busy street with alot of development around it..

Two questions:

1.) How can I accurately assess the value of the land other than looking up the tax assessment.

2.) Is it possible to flip to a builder or developer? Is it as simple as picking up the phone a calling Ryan Homes?

As always, thanks in advance for responses.

@Alicia Britt thanks for responding. I just sent you an email.

I am looking for a realtor that is willing to provide me with expired, withdrawn, and listings older that 200 days for Prince William and Fairfax Counties.

In exchange, I am willing to pay a $300 commission for each property that I close on. I am also willing to pass along the lead for those looking to re-list.

Joint venture paperwork is ready to go!!!

Thanks in advance.

Awesome, Thanks Ned. I took the time to read a few sections of your blog. Learning bunches already. Although, Im not a newbie to the rental world, I am a newbie to Baltimore and I know there a few nuances with investing within the city.

Awesome, Thanks. I will check him out.

I am looking to purchase a few rentals in Baltimore City/County. I was wondering if anyone could refer me to an investor-friendly Realtor. Thanks in Advance.

I recently sent out about 90 Yellow Letters to absentee owners in my area. I have received 6 callbacks so far. Most of the calls are from owners that are not that motivated, stating they are interested in selling "if the price was right". Which leads to my first question: How do you handle that caller? A.) Just throw out the MAO ti see if they bite? B.) Continue to send them postcards or any other direct mail every 60-90 days? C.) Other

I did receive one call that was pretty interesting. It was actually a Realtor representing the seller. He stated that the owner has several properties in the area and is casually selling the properties to raise funds for his new Car Lot. He did have one property in particular that was distressed and had a renter that was on a month to month lease (keep in mind the property is NOT listed). For this one my question is, should I deal with the Realtor? Should I send the offer to the Realtor? He already stated that he would probably get 2% from the deal. That 2% could be subtracted from the price if I could go around the Realtor.

Thanks in advance for your responses.

I placed an offer (through a Realtor) on a REO today. The proof of funds letter I had was from a Transactional Funding lender. The realtor was confused on how to write up the offer because I was using Transactional Funding. Mind you, the Realtor DOES NOT know I plan to Wholesale the property.

I think she ruined my chances of getting the property because she wrote the offer up as me using Financing instead of a Cash offer. Which all this being said, how to do write up an offer when you are using Transactional Funding, Cash or Financing? I

Good Evening,

*Please Keep in mind this is my first Multi-Family Property, $5000 is the most I am comfortable playing with for right now*

I am currently in negotiations on a 3-Unit Complex (all units rented), bringing in approx. $1400 per month. The owner is trying to structure a lease-option with the following terms.

1.) Two (2) Year Lease Option with $95,000 purchase price
2.) $5,000 Option Deposit
3.) $1,000 Monthly Rent; $500 monthly will be applied to principal balance
4.) Lessee is responsible for the payment of taxes ($1500 annually), insurance ( approx. $1000 annually), and utilities (not sure at the moment)

Question #1.) If the units are individually metered, what utilities are the owners usually responsible for?

Question #2.) After taxes, insurance, utilities, and management, there is little room for profit. 2 units have 11 months left on the leases the other one has 5 months left. I know that I can raise rents to increase cashflow, but is it worth taking the small profit-margin, short term?

Please let me know your thoughts, and possible counter actions I can take. Thanks in advance.