All Forum Posts by: Eric H.

@Edwin Momanyi Welcome to BP!! The Baltimore/Maryland real estate investing community's presence is definitely prevalent here on BP. Set up your keyword alerts for areas that interest you. Attend some local REIA's and continue to post here on the forums.

I wish you the best!

Sincerely,

Eric H.

@Gregg Pauly Welcome to BP!! Analysis paralysis is real but it can be overcome by taking action. I believe that experience is the best teacher so taking bumps and bruises along the way, including losing money, is well worth the experience that you will receive in return. Furthermore, your success is going to be totally up to you. Not up to any coach. With that being said, the fee for coaching will be a lost of money if YOU do not follow through with his/her advice and recommendations. You mentioned he gave you two assignments. Does that mean you made money on those assignments? At the end of the day, I believe in investing in one's education. But I also believe in jumping out there and getting dirty. You have to decide what you are comfortable with, your risk tolerance, and what will give you the best return on your investment.

I wish you the best!

Sincerely,

Eric H.

@George Torres

1. Marketing Plan including Budget

2. Phone line and/or live answering service

3. Commitment to your plan for at least one year w/o closing a deal

4. Knowledge of real estate market in your farm area

5. Method to pull accurate comps

6. Tracking system

7. Follow up system

8. Title company versed in wholesaling

9. Real estate attorney versed in wholesaling

10. Website

11. Good camera

I wish you the best!

Sincerely,

Eric H.

@Vic Marichal Welcome to BP!

Set up some keyword alerts for the areas you are interested in. Search for members in your area here.

Happy networking!!

Sincerely,

Eric H.

@Robert L. Congratulations on taking action!! That's what it boils down to. Having the bubble guts and not being 'perfect' indicates growth. It means you are doing something you are not used to, challenging yourself to change and ultimately grow.

I wish you the best!

Sincerely,

Eric H.

@Rich Baer Why wouldn't you ever buy an old house with existing tenants? What if the previous owner has already had it certified as lead safe under those tenants? From my understanding, in Baltimore City you only have to get certified again (if it's lead safe) at turnover.

@Jacqueline Pelzer

Discover Baltimore Neighborhoods here.

The aforementioned site is a 'general overview' of the neighborhood. The map clearly shows the boundary lines though. But you do need 'boots on the ground' to truly get a sense of the neighborhoods here in Baltimore.

I wish you the best!

Sincerely,

Eric H.

@Jesse Watts Welcome to BP!!

It depends on your investing strategy. Are you looking to flip, hold, wholesale? BP has a ton of Tools/Calculators. I would also recommend grabbing a copy of What Every Real Estate Investor Needs to Know About Cashflow.

I wish you the best!

Sincerely,

Eric H.

@Bill P. Disclosure: I have never bought an auction. I have sold a few properties via auction.

Yes you want to have a title company conduct an extensive title search on any property you are buying no matter the acquisition strategy. I am not sure what you mean by commitment.

You do not need a realtor to buy at auction. I would advise you not to get a realtor (and I am a realtor) primarily because this will increase your acquisition costs. If paying a realtor's commission  will not break the deal and it will make you feel more comfortable, go for it. Otherwise, there is no need. Title company and attorney should suffice. Fortunately, my title company and closing attorney is one in the same. You may be able to identify a closing/title attorney that also practices real estate.

If you have seen the inside, run your numbers multiple times and it makes cents and sense, go for it.

I wish you the best!

Sincerely,

Eric H.

@Whit Mcafee Welcome to BP!!

My question is can i do this without any money out of pocket?

No. Marketing of any kind will take money. If you are cold calling craigslist 'for rent' ads you still have to pay for your phone service. Right? What is your marketing plan?

Can I do this when the seller has an agent?

Yes but it will be more difficult.

Do I need a lawyer to draw up my contracts or the easiest way to get contracts?

Yes. Always consult with a local attorney before using ANY contract. You can find contracts in the FilePlace here on BP.

And what happens if I get a property under contract but cant find a buyer in a short amount of time?

Then you probably don't have a deal in the first place. Worst case scenario, the seller can sue you for failing to perform. To avoid this, use an option contract instead.

I wish you the best!

Sincerely,

Eric H.