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All Forum Posts by: James Barnes

James Barnes has started 8 posts and replied 118 times.

Post: Hi. I just joined BP! MD area

James BarnesPosted
  • Rental Property Investor
  • Mechanicsville, MD
  • Posts 123
  • Votes 62

Hello Janet,

I'm also from Maryland. Welcome to BP! I

James

Post: newbie from District Heights, MD

James BarnesPosted
  • Rental Property Investor
  • Mechanicsville, MD
  • Posts 123
  • Votes 62

Welcome Juanita,

Get on the learn tab and you'll be busy for months! I still am. I'm making connections and learning more everyday. Welcome to BP and good luck.

I'm from Maryland too so let me know if you are down in Southern Maryland. We could meet up and talk RE!

James

Post: Hi I am new from the Jamaica, Caribbean

James BarnesPosted
  • Rental Property Investor
  • Mechanicsville, MD
  • Posts 123
  • Votes 62

Welcome and I'm jealous of your location! Best of luck to you!

James

Post: Hello, I'm newbie to Real Estate and BiggerPockets

James BarnesPosted
  • Rental Property Investor
  • Mechanicsville, MD
  • Posts 123
  • Votes 62

Welcome David, awesome site with awesome like-minded people. Enjoy!

James

Post: To wait 2 years for an awesome deal or do a deal before then?

James BarnesPosted
  • Rental Property Investor
  • Mechanicsville, MD
  • Posts 123
  • Votes 62
Originally posted by @Hattie Dizmond:

Based on your information the property is currently worth $380k - $420k.  Let's split the difference and call it $400k.  (I like simple math.)  Granny is going to sell the property to you for about $200k, with an $80k sub2 loan and the rest with her financing at 1%.  Have I got that about right?

Simple math, remember?

$400k - $200k = $200k instant equity!

I think you would be crazy to not jump at this opportunity.  For that much equity, I would even consider offering the tenant cash for their lease.  Would they take $5k to simply find another place to rent?  Just a thought.

Granny (lol)

Thank you as well Hattie (awesome name btw). Exactly, around 200k for the property. 80k sub-2-loan, 1% financing from her (seller). I too think that we would be crazy not to jump. Looks like this is going to be my next step. 

Thank you so much for the input

James

Post: To wait 2 years for an awesome deal or do a deal before then?

James BarnesPosted
  • Rental Property Investor
  • Mechanicsville, MD
  • Posts 123
  • Votes 62
Originally posted by @Jeff Rabinowitz:

Since your mother in law just signed a two year lease with the current tenants you would have to honor that lease if you bought the house unless you were able to buy the tenants out or convince them to leave. If, as you think, they are paying significantly under market rent that may prove to be very expensive and/or difficult. 

 Thanks for the input Jeff. I agree that it would be very hard to convince them to leave. I do think the rent is significantly below market value. I'd have to do some more research but I think this house could rent for 2k

Post: 2nd, 3rd, 4th, and possibly 5th deals after deal 1 success

James BarnesPosted
  • Rental Property Investor
  • Mechanicsville, MD
  • Posts 123
  • Votes 62

Awesome David,

Carpentry is an awesome background to have. I only wish I had a more experienced background in carpentry. I know plenty of people skilled in the craft so I guess that is the next best thing. 5K in 90 days for just waiting is still good money in my book!! I am working on the knowledge part everyday my friend.

Keep it up David

James(a hopeful future investor lol)

Post: Hello- Realtor or no Realtor?

James BarnesPosted
  • Rental Property Investor
  • Mechanicsville, MD
  • Posts 123
  • Votes 62

What James said above. I think it's vital to have a good realtor on your side. Check out the learn tab above^. The article will give you a breakdown of the "team members" you will most likely need to get started. While some of us don't need all of them right away, I'm sure that most will agree that some of them are a necessity. Unless, of course, you get your RE license and are familiar with the market you are looking to invest in(then you can be your own realtor!)

Read up Amanda, I'm a newbie too and I've been on this site religiously for 2 months and haven't began to even began to put a dent into the amount of content on this site!

I feel as if you've come to the best place!

What are your goals?

Good luck,

Keep in touch

James

Post: Newbie from Eastern Panhandle of West Virginia

James BarnesPosted
  • Rental Property Investor
  • Mechanicsville, MD
  • Posts 123
  • Votes 62

Welcome Drew and Mark,

BP is an incredible community. Everyone is willing to help and I've learned so much in my short time here. Good luck on future investing!

James

Post: 2nd, 3rd, 4th, and possibly 5th deals after deal 1 success

James BarnesPosted
  • Rental Property Investor
  • Mechanicsville, MD
  • Posts 123
  • Votes 62

Inspriing, correct me if I'm wrong, but it seems like once that first deal is in the books, people and their businesses take off!

Congrats

James