All Forum Posts by: Kirsten Sitnick

Hi, I was able to get a water bill credit last year from Baltimore City. I had a leaky toilet, replaced the toilet, then sent them a copy of the receipt from the repair. Call and ask for it, I had no trouble getting it.

Kirsten 

Hey, @Alex Duarte , I got my license after a couple of years wholesaling and doing auctions, and I did already know most of what was in the course. The course had a lot of legal stuff too, some of which I did not know. I like having my license for access to MRIS, I can do my own comps, and check out listed properties without having to get a realtor. It's expensive, though, so I would wait to do it until you feel like you need it.

--Kirsten

Hi @Account Closed Join your local REIA; there's so much to learn and you need some local support. They will have meetings and classes to help you get started, and you'll be able to start a buyer's list.

--Kirsten

I got my license using an online course a few years ago. I used REcampus, but there are more options now, and I haven't really looked in to them. You need to learn the same info as you would attending a class, for me it was all about being able to do the course on my own time. Each state has different rules, so make sure you're looking at a course with licensing for your state.

--Kirsten

That was good thinking to talk to the neighbor. Why not leave a note on the door saying that you're interested in buying the property? Also, the neighbor may have a phone number for the kids.

--Kirsten

Sometimes there's also a special assessment in addition to the property taxes, if you ask someone with MRIS access for the tax record, it will show the taxes, including any special assessments.

--Kirsten

Hi @Account Closed ! I am an auction associate at an auction company in Baltimore, so I'm super familiar with auctions where the seller is a private seller. Foreclosure auctions are a whole different animal, so I'll let someone else chime in about those. If you look in the real estate section of your local newspaper, you'll probably see some ads for auctions. Go to those companies' websites and get added to their email list.

Just because a property is sold at auction does not mean it's always a great deal, some are, some aren't. Know your comps and repair costs.

Things to ask (or find out from the ad for that property):

• Is there a buyer's premium, and how much?

• Are you guaranteed free and clear title?

• What deposits must you pay and when are they due?

You'll may be able to find out some information talking to the person running the auction if it's a private seller.

My favorite question that people ask me: What else should I be asking you?

Good luck!

--Kirsten

Hi @Erik D. ! I don't know your market or this house at all, but are you confident in that $15K rehab number? It seems like if that were all that were needed, the bank would have it priced higher, assuming the neighborhood is still in the 180K ballpark. If you really can get it for $40K, and can rent for $1000 a month, that makes sense, but $15K sounds low to me for such an old house that's trashed. It's probably worth your while to have a home inspection contingency so you can pay a contractor to give you a repair estimate. Good luck!

--Kirsten

Hi @June Alexandrea !

I also have my license, and I use it for comps, so I can figure out how much to offer. Very helpful!

It's not a great way to find properties to wholesale, though. You'll do much better negotiating directly with sellers, using direct mail, signs, etc. There are lots of suggestions on this site about how to do this.

In my state I have to disclose that I'm an agent, check your state's rules.

Good luck!

--Kirsten

Hey @Drew Denham

You might also want to check out some private seller auctions. I work for an auction company in Baltimore, and our auctions are not foreclosures/REOs. There's probably something similar in your area. My typical property is an estate, and while the sellers set a reserve (their minimum), they often take what the auction brings even if it doesn't meet their minimum. You're buying with no contingencies and 30 days here, but I do see good deals.

Not every auction is a good deal. Sometimes the bidding goes really high, sometimes it doesn't. Anyway, I think it's worth checking out. Good luck!

--Kirsten