All Forum Posts by: Heather Carrow

Hi guys!

I’ve been doing my research and I want to put together a business plan to get things moving, however I am struggling to pick and get to know my market. I want to invest locally through house flipping, but I live in an area in Maryland that borders Delaware and Pennsylvania... there are so many areas nearby to choose from.

How do you guys pick/ get to know your market?

What are some good books/resources to teach me how to do this?

Can anyone recommend a good structural engineer in the Delmarva area? The house is in Elkton, Maryland. I am looking for someone to inspect my plans for removing potentially load bearing walls.

Thanks!!

Hey guys! I am just starting out on my journey as a real estate investor. A little bit of background: I am 23 years old and working as a counselor. I am in the research stage of my real estate investing career and working on getting a better paying job to afford investments. My fiancé and I live at my childhood home with my dad. My dad is looking to sell our house...he owes $275,000 and offered to sell it to us at that price. It was just appraised at $307,000. He also offered to put on a new roof and windows... we would renovate the rest of the house. We really want to buy it because it is everything we want in a house. If we don’t buy it, we are out of a place to live when he sells it. We pitched the idea of taking over his loan in order to avoid refinancing and closing costs. He is willing, but we need some answers first. I’m still a newbie to this business, so I’d like to ask you guys some questions:

-If we take over his mortgage, what legal paperwork, if any, has to be filed?

-Does he have to have a specific loan type to do this (assumable loan)

-How do we eventually put the home in our name? (We want it to be our long-term house)

-What happens if my dad dies before the house is paid off?

-What happens if we pay it off through his mortgage? Can we transfer it in our name without paying massive Taxes?

-Last but not least: is it smart to buy a home for myself when I’m just starting out in real estate investing? I want this to be my career, but I also need somewhere to live, if love to raise my own family here, and the mortgage payments are doable for my fiancé and I.

@Yonah Weiss

Psychology major here... I like to think that my college degree instilled a level of grit in me that led me to real estate investing. It taught me how hard you need to work for things in life. It also taught me a lot of great study tips, which helped with my real estate research.