All Forum Posts by: Joe Norman
Joe Norman has started 15 posts and replied 1211 times.
Post: Is the "failed wholesale contracts" list a motivated list?
- Property Manager
- Baltimore, MD
- Posts 1,247
- Votes 1,106
Quote from @Rich Carey:
This failed wholesaling list may have some angry sellers.
They thought they were going to sell their property hassle free only to have the contract fall through and not sell it.
This sometimes happens because the wholesalers are inexperienced and/or the wholesalers locked up the property for too high a price.
It might be a good list, but you'll have some explaining to do how you can do better than the last wholesaler did!
I would edit this slightly. The contracts likely didn't "fall through", but rather most of the time the wholesaler simply failed to perform on their contract to purchase and simply defaulted.
Wholesalers - don't be that guy.
Post: Best way to buy Pre-Foreclosure Properties
- Property Manager
- Baltimore, MD
- Posts 1,247
- Votes 1,106
Quote from @Chris Seveney:
@Marty Boardman
I know Maryland is one. I believe there are several others but it’s not in states we buy assets so we don’t stay up to speed on the laws in those states
Its not "illegal" in Maryland, the investor just has to be sure to comply with the Protection of Homeowners in Foreclosure Act. From my lay-persons understanding you're okay to speak with the owner directly as long as you don't present yourself as a "foreclosure consultant" or some other nonsense (e.g., be clear about your intentions and the effects that the sale would have on the seller).
Post: Landlord/Owner; Rental Contract
- Property Manager
- Baltimore, MD
- Posts 1,247
- Votes 1,106
Quote from @Nathan Gesner:
Quote from @Elisha Trumbull:
I am renting out my house rather than selling it. I have a reliable renter lined up for 2-3 years. Does anyone who will also be a owner landlord know of a good place to get a rental contract. No special circumstances exist. I would appreciate any help I can get on the matter. Thanks!
Biggerpockets sells a Lease Agreement Package under "TOOLS" at the top of your screen. $100 for a lease and several other documents, written by investors and attorney approved for your state. It's better than what you'll get from most attorneys and what you'll find on the internet.
RED FLAG! Avoid multi-year leases. In my experience, Tenants will sign a two-year lease and then leave early. They often offer to rent for longer because it entices you to accept them over other applicants. Rent one year at a time. Only renew if they are timely with payments and take great care of the rental. This also keeps you on schedule to inspect at least once a year before offering a renewal.
Second this. I've also moved away from multi-year leases for new tenants (although I will sometimes offer a 2-year renewal if the tenant has been good).
As far as the lease goes I concur with using the BP one. Good luck!
Post: Buying raw land that is zoned Agricultural. What loan options?
- Property Manager
- Baltimore, MD
- Posts 1,247
- Votes 1,106
USDA might have some options, and you may also qualify for an SBA loan if this is going to be used for business purposes.
Post: Has anyone worked with CR of Maryland?
- Property Manager
- Baltimore, MD
- Posts 1,247
- Votes 1,106
Quote from @Tim Jacob:
200-230k are not marginal neighborhoods in Baltimore for single family rentals. That price point should be able to get you into a B grade rowhome with 3 plus bedrooms and often times more than 1 bath. They should be in decent shape. For that range I would like above 1700 maybe up to 2000. Turnkey or close to it B grade should not be too far off a 1% rule property in Baltimore. This seems around .75%. For that range you should not be having problems as you should be in B grade other than maintenance for capex that is missed but that is only a year or 2 and not vacancy. .75% in Baltimore should be A grade with lesser vacancy and only potential initial maintenance.
Post: Real estate agents in Baltimore area
- Property Manager
- Baltimore, MD
- Posts 1,247
- Votes 1,106
Reach out to @Sam Kahl! He's a great buyer's agent in Baltimore and has experience with multi-family sales.
Post: Help. Out of state flip on market for months with no bite
- Property Manager
- Baltimore, MD
- Posts 1,247
- Votes 1,106
You're going to have a real hard time selling a retail property that is adjacent to a vacant, unfortunately. I can't give any more specific advice on sell/rent, price, etc without the address though.
Post: Looking for Eviction Attorney in Baltimore MD
- Property Manager
- Baltimore, MD
- Posts 1,247
- Votes 1,106
I always call Domenic Catalfamo with RentCourtFile. Very reasonably priced, responsive, and patient in explaining the process and next steps.
Post: I want working with investors to be my niche
- Property Manager
- Baltimore, MD
- Posts 1,247
- Votes 1,106
One more piece of advice: setup a f*ck ton of MLS auto-emails for yourself to alert you of potential deals. Find the ARV of a particular type of home in a particular neighborhood/block/zip code (whatever makes sense for your area) and create an auto email so you get an alert when something is listed at 60% of that ARV. Only 1 in 10 will be actually worth sending to your investors (which is why you need a "f*ck ton" of them, but when you find that one package it with comps and send it to your investor clients asking if anyone is interested.
Post: I want working with investors to be my niche
- Property Manager
- Baltimore, MD
- Posts 1,247
- Votes 1,106
Find them deals, and make clear that you will be the listing agent when they sell any deal you find them. I usually do this on a handshake, but you could always have them sign the listing agreement along with the contract.
Aside from that, be their go-to guy! Have a list of preferred contractors, lenders, hard money lenders, property managers, etc. Be the first person they think of when they need a referral to anything.
Lastly, I would encourage you to not focus 100% on investor transactions. The real estate market is cyclical - sometimes its more fruitful to work with investors, other times retail buyers. Don't pigeon hole yourself into being only an "investor agent". Some of my best retail referrals come from some of my loyal investor clients. A lot of times the investor's friends/family will come to them first when they're thinking of buying or selling and ask for a Realtor referral. Make sure your investor clients know you're working hard to find them deals, and ask them to provide value back to you in the form of retail referrals.