All Forum Posts by: Kafui Athiogbey
Kafui Athiogbey has started 1 posts and replied 11 times.
Post: Need help go from SF to 100+ MF or Multipurpose Commercial
- Laurel, MD
- Posts 12
- Votes 2
Listen to every podcast by Joe Fairless and his syndication school playlist. Also, listen to Old Capital podcast out of Texas and Michael Blank from Virginia. I'm working on making that jump myself. Finished an apartments syndication coaching program, now just working on getting a list of potential investors and getting my finances organized before approaching brokers. I believe 100% that apartments are the fastest way to be financially free. Good luck.
Post: Using a HELOC to finance flips
- Laurel, MD
- Posts 12
- Votes 2
K. Thanks
Post: Using a HELOC to finance flips
- Laurel, MD
- Posts 12
- Votes 2
Hey Jack. I'm getting ready to apply for a HELOC to do exactly what you are doing, buying rentals and flipping properties. Question. After you've sent the HELOC money to your LLC, when sending the money back to yourself from the LLC after your flip has sold or been refinanced to keep as a rental, how do you do it so that you don't pay any taxes on that distribution amount since it looks like your paying yourself?
I just want to make sure i don't accrue any unnecessary taxes or pierce my corporate veil.
k. Thanks
Post: Meeting with RE Attorney - What questions to ask?
- Laurel, MD
- Posts 12
- Votes 2
Originally posted by @Account Closed:
Hi all,
New to biggerpockets here - I am setting myself to get into wholesaling in Maryland. Little to no prior REI experience.
One thing I do have though is a good network of resources to get myself studied up. I was able to get in touch with and arrange a meeting with a local RE attorney that is familiar with wholesaling. My main goals are to discuss template contracts that are in accordance with local state/municipal law, and also just generally learn more about the do's and don'ts of wholesaling in MD.
My question for you all is: what other questions would you recommend I ask? I feel like this is a great opportunity and I want to make sure I get the most out of it. He also has a title company in house too. Any feedback is wholly appreciated!
Looking forward to participating in discussions here in the future.
Steve
Hi Steve. Question. Is it possible to do wholesaling part time while having a full time job? Also, you mentioned having a good network of resources for studying up. If you don't mind me asking, what resources would that be?
Originally posted by @Ned Carey:
I highly recommend Jeff Stoller from, Goodwich, Stoller and Associates on Ingleside Ave in Catonsville. Easy to find on Google. He has lots of real estate clients and gives great Service. Lots of people I know use him; multiple partners, lenders, and my attorney.
With a little detective work you might find two articles I wrote about him and his great service.
Hi Ned. Can you recommend me some lenders for my first property investment? I live in Laurel so anyone in baltimore would be close to me.
Post: FHA loan vs mortgage
- Laurel, MD
- Posts 12
- Votes 2
Originally posted by @Russell Brazil:
FHA has permanent pmi attatched total the loan. I prefer a 3% or 5% down payment conventional loan to an FHA if it is a single unit property.
Question. If i get approved for a Maryland Mortgage Program loan that covers 20% of my down payment, will i still have to pay for a private mortgage insurance?
Post: Tips for House-Hacking - Maryland
- Laurel, MD
- Posts 12
- Votes 2
Go to loopnet.com and search for multifamily properties. You will find a few 3-plex and 4-plex in hagerstown, cummberland, and baltimore.
Post: Maryland/ PA investor
- Laurel, MD
- Posts 12
- Votes 2
Hi Mr. Haines. I see you are also from Maryland. Great. Question. Is it possible for me to have a few minutes of your precious time just to ask you a few questions about rental properties? I'm in the middle of searching for my first rental property and i just want to avoid as much costly mistakes as possible. It can be over a phone call, video chat, or i can drive up there.
Post: Coming From Maryland
- Laurel, MD
- Posts 12
- Votes 2
Originally posted by @Chin P.:
Welcome @Kafui Athiogbey.
BP is a great place to learn. You might also want to check out the BWIMeetup, which is close to Laurel.
Thank you. I will definitely check out that meetup.