All Forum Posts by: Alex Khojainov

baltimorewholesaleproperty has a lot of new deals coming online every day, they have signs everywhere.  I'll get emails from them and then 2 hours later get emails from smaller wholesalers that are flipping the same deal for an extra 3K

I'm offended that Baltimore isn't represented.....the block is hot over here.

 Are you renting right now?  I don't know how it is in Texas but here in Baltimore it's much cheaper to own a house than to rent if you can just get in...even with all the reserve funds required if something goes wrong.

I don't know how big you family is/number of kids, but you can always consider looking for a single family house that has a basement unit or a basement with a separate entrance that can be reconfigured into a separate unit.  

 Coppin Heights in August of 2013.  I didn't know much about Baltimore but I went to the showing and half a block from the house Coppin State University bought 6 city blocks and were breaking ground on the new science and technology center.  Initially I didn't think it would need much, but as I started ripping everything out I found shoddy shoddy electrical repairs, water damaged floor joists and termites eating the back of the house.  New electrical, new kitchen, new plumbing, new doors, new everything.  Windows were OK though lol.  I did all the work myself, just hired out all the trash removal and drywall finishing to guys on craigslist.  

 Now that my girlfriend moved in with me, not so much.....she's not about that life.

I look at houses within 3-5 miles of my own house so it's a very short commute to the jobsite.  Once I find a multi unit in a safer area that needs work, we'll be moving into whichever unit needs the least work and take it from there.

No way, if he's a 1099 contractor for Allstate and trying to rent under an LLC, he can just dissolve the LLC after he stops paying rent and the sheriff comes to evict.....no one left to collect on.

Plus, if he has multiple settlements on credit cards, his credit isn't too hot.....who would want to steal his identity?  Something shady is going on here.

Network with other wholesalers and see who they use

I quit my office job in DC and couldn't afford to pay the insane rent rates.  So I took my 20K in savings and found a vacant house in West Baltimore that I bought with owner financing through a wholesaler....I even got the wholesaler to finance her finders fee.  I lived there in borderline squatter conditions while I gutted the house room by room, moving my inflatable mattress around.  In order to fund the rehab, I worked during the day for a house flipper and did my house at night.  Now that monster cashflows $400 a month and I'm starting my third rental rehab project.

Just do it!  I haven't had to wear a tie since!

Hey welcome to the forum! You can get an FHA loan for a multi-unit house, up to 4 units, for around 3.5% down. You'll have to live in the property for at least 1 year. You can check out the loan limits FHA has in your area, I believe it varies state to state.

I bought my first owner financed property with 5K down a 5 year loan at 10% (25k house).  There are a bunch of BP podcasts that talk about approaching seller with SF.  

Since you said the owners are older they probably wont be reinvesting the money from the sale into other RE.  You can bring up that if they take a full purchase price they will have a large tax bill from the sale, but with SF they will get steady monthly checks to supplement their SS and/or pensions.