All Forum Posts by: Lamont Marable

This thread should never die....just multiple...

What's good James!!

You in the right place. There are tons of folks to learn from on here. Another website to check out is reiclub. They have a host of good information as well. Another thing, if you are serious, is to become a plus member. That will show people that you're serious and willing to do what is necessary to make it in the business (My own experience).  Be active, read and commit on "Da Pocket".   Put it in the pocket beat...lol!!  That's a DMV thing so that's our little inside joke.  Stay grinding and always watch out for the hook.  You can't trust everybody in the business.  I like to keep it 100.  

Thanks Champ!!!

Thanks Big B from Wyoming!! Make those goals happen and get that VA loan to acquire that home. Don't stop and surround yourself with like minded people, if you don't, you may be driven to run in fear. I see you are very active on BP...Keep pushing champ!!

Welcome!!  @Rob Gribben  Go Skin!!  ...LOL!!  

Any tips?!!  Don't buy in Baltimore...  

Just kidding.  Baltimore has a bunch of potential all over.  I think that Baltimore is like Washington DC back in the 80's and that it will soon see a huge change.  Look at DC now!!  From all the investors buying up property and changing the look of communities, B' more or Baltimore will soon be the next golden ticket.

Welcome Big Todd!

@Lisa Gass Hey girl, I'm new too!  Let's encourage each other.  The business can be intimidating to say the least but the outcome can be great if we just stick with it.  I haven't found a partner yet but I'm working hard at it.  Just keep pushing Ms. Property manager and you'll do well.  Use this inside contacts that you've made in SC.

@Tony Tran

@Tony Tran 

Thanks Big Tony!!  I see you were on beast mode in 2014 and planning to go super saiyan gorilla mode in 20115.  Keep those goals high and continue pushing!  I know it will turn out well for you champ!!!

Thanks @Account Closed I really enjoyed doing it!  Bigger Pockets is truly a good source.  I love connected with folks on here from the DMV, Washington DC, Maryland and Virginia area.

No disrespect to BP but I wasn't a believer...initially!!  I could express it in words but I express myself better verbally.  Click here

I'm a simple investor from Waldorf Maryland DMV area trying to make a difference for my family.

Update:

Here are some questions that were asked of me by an investor that's interested and I thought they were great questions.  I hope my responses can help to make the decision clearer for you all.  

I also put together a video of me and my story.  Hope this helps you to see the type of person that I am behind these words.  That I'm humble, love to laugh and dedicated to this business.  Click here Let me know what you think.

-Do you own the property yet?

I purchased this property from auction.com but it's not mine just yet. I can close anytime before the 12th so I'm pushing to get financing immediately. 

-Where do you live in relationship to the property?

I'm in Waldorf Maryland and the property is in St. Mary's County/Lexington Park Md. which is south of me.  It's about 30 minutes away in traffic. No traffic, 20 tops.  If there were any issues I can be at the property quickly.  I'm working on finding a tech that can be used in emergencies for general or specialty matters (ie. electrical, Plumbing, HVAC) that can be  called upon to escalate the issue if I'm unable to address it. 

-Do you have any previous experience?

Truthfully, I do not have the experience as a landlord but everyone has to start out somewhere. This is my beginning and it surely isn't my end. I've joined the REIA and tag teamed with a local investor that manages 15 of his own section 8 properties in my metropolitan area. He has become my mentor as well as a friend that I can lean on "HEAVILY" for immediate guidance and wisdom

-Where will you get the rest of the cash for the deal?

For closing, my savings.  For Repairs, my 401k.

-Where did you get your rent estimate from?

Local investors from the REIA, verbally with Landlords in the area and HUD FMR.

https://drive.google.com/file/d/0B0vgwWidRlATOGNfc...

http://smd.craigslist.org/apa/4820467375.html

http://smd.craigslist.org/apa/4823490139.html

-Where did you get your rehab estimate from?

Just noticed that it didn't break down my repairs

Paint - 1500 

Carpet -1500

Roof - 4000

HVAC - 1200

Bathroom Repairs - 800

Kitchen updates - 1300

Fence Repair - 500

These were the most expensive quotes but I'll be doing most of the work I will be doing myself after reevaluating the numbers. So repair amount will decrease.

I would differ on that @Mark Sidorczuk.  From my own personal experience I think it's the financing first then the deal.  I found the deal long time ago...the financing is holding me up.  Just my own 15 cents.

Welcome Mark from the DMV.

Here it is....

I applied for financing but "according to the bank", my DTI is too high. Now, this could have been resolved if I added my wife income BUT...my wife isn't apart of my investing. So, I'm initializing the "MY Partnership" program (Me & You Partnership).

Here is a breakdown of the program

MY Partnership (5yr) program:

- Loan Amount ($30,000)

- 12% Rate of Return

- 5 year monthly installments ($667.33)

- After 5 Years grand total = $40039.80

or

MY Partnership (3yr) program:

- Loan Amount ($30,000)

- 8% Rate of Return

- 3 year monthly installments ($940.09)

- After 3 Years grand total = $33843.24

Here are the numbers... 8% Link or 12% Link

Here is a video of the Property Click Here

If you know of anyone that would be interested please let me know.

Thanks BP.

202-527-8134 Text Me or Email: [email protected]