All Forum Posts by: Heath Thomas Jr

 2k is very high. Especially when you can incorporate yourself for a couple hundred dollars. 

I thought about incorporating in Nevada, because they supposedly have the best "corporate veil". And it's hard to get sued.However, we decided against it.

As a side note, that nobody told us..If you are going to operate in the state of Maryland, you either have to be registered with the state of Maryland as an entity, or as a foreign entity. Which means a few hundred extra dollars if you register in Nevada. 

 @Ned Carey   Would you still say Condo Conversions all over the city are still a bad Idea? I've been looking in to this idea for a 3 unit building in Charles Village. The Comps are spotty and vary in price. Some have it being a very good deal and others approach break- even. 

I'm concerned because I'm not sure if Baltimore is a "Condo city" like DC is. 

Have you heard of anyone making money from conversions? Do you happen to know some factors of making money vs losing money in a conversion.

Hi All-

I'm looking with someone to connect with someone who has experience doing condo conversions in Baltimore, MD specifically. I have a potential deal that could be interesting. I would need to learn a lot more about the process, or maybe even partner with someone with experience before I pursue it. 

@Janell Johnson Sure thing! There's definitely both here. Just head to the community header and go to "Find Members" from there you can look for members around you who are lenders, rehabbers, landlords, realtors, etc. 

The best way to determine the actual value of a house is to use the MLS. This means getting your license and learning to pull comps, or use an agent. Agents are usually happy to do this, as long as you A.) Purchase the house through them or B.) sell the house through them.

Since you are going to be wholesaling these you should probably get your license or work out something with an agent so they don't have to work for you for free. 

As for liens, I believe they are all wiped out. If not your settlement attorney will alert you to any liens, but by then it may be too late to back out of the auction, depending on what site you are using. 

It looks good. But It depends on your area. What kind of returns are other investors getting? For instance in Baltimore, many investors are achieving a "2.5-3% rule" meaning the monthly rent is 2.5-3% of their all in costs. But in Washington DC, you'd be hard pressed to find a 1% rule investment. 

Also, what's your ARV? and how much do you plan on refinancing for. This of course will effect your cash flow.

@Jerry W. This is very common in Baltimore City. <any houses are originally 2 bedrooms and converted to 3 at some point. 

I have a great opportunity for an investor in Pikesville, MD in Baltimore County. 4 bed 2.5 bath light rehab. big profit.

just needs a few updates. No 'Heavy Lifting'

send me an email for more info.. Houses in the area go for just under 500K

Our Realtor pulled these Comps:

8214 McDonough Rd.- REO SALE- $470,000 Sold in 15 days

18 Bellchase Ct. - $535,000

21 Stags Leap Ct- $510,000 Sold in 9 days

514 Tristam Ln- $648,000 Sold in 3 days.

Hey Guys, 

Working with a buyer I've never met. He made an offer on a house, but I don't believe he's in the area. He's just having his contractor check the place out for him. 

It scares me a little bit because we have only communicated via email. So my question is: If we assign a contract to him, and he turns out to flake on us. What are my obligations to the seller? Does the assignment nullify my responsibility for "specific performance?"

Real Estate 101 by Gary Eldred. It's a "Trump University" Book which is a controversial topic, I know. It teaches some good lessons about Value-add investing and some other more basic principals.