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All Forum Posts by: Ned Carey

Ned Carey has started 42 posts and replied 15464 times.

Post: New Here :)

Ned Carey
ModeratorPosted
  • Investor
  • Baltimore, MD
  • Posts 16,464
  • Votes 12,750

@Tyler Zwaan welcome to BP. There are many ways to invest with modest amounts or no money.  Those types of deals are not easy or common but they can be done. 

Keep reading and listening here and the path foreword will become more clear. 

Post: How do you Classify your Participation in the Real Estate Industry?

Ned Carey
ModeratorPosted
  • Investor
  • Baltimore, MD
  • Posts 16,464
  • Votes 12,750

I am an active investor. 

Post: Starting my REI Journey in the Washington D.C. Area

Ned Carey
ModeratorPosted
  • Investor
  • Baltimore, MD
  • Posts 16,464
  • Votes 12,750

@Billy Wiles welcome to BP. There are lots of people here in the NOVA area to help you out. One person in particular you may want to follow is @Russell Brazil hei si a top agent in the area and knows and understand investors

Post: Help - Looking at first real estate deal

Ned Carey
ModeratorPosted
  • Investor
  • Baltimore, MD
  • Posts 16,464
  • Votes 12,750

@Mike S. There is nothing wrong with self managing. However it is important to remember that your time and effort is earning that money not the investment itself. 

You can make money managing someone Else' property without buying anything. I am not trying to discourage you, just trying make sure you are evaluating things as best as you can.  It seems you have a pretty decent deal.  

Post: Orlando Builders and Negotiations

Ned Carey
ModeratorPosted
  • Investor
  • Baltimore, MD
  • Posts 16,464
  • Votes 12,750

@James McGovern no, the above comments are more about my general experience in negotiating rather than anything I have done with New Construction.

Post: 2025 Prince George's County MD Tax Sale Recap

Ned Carey
ModeratorPosted
  • Investor
  • Baltimore, MD
  • Posts 16,464
  • Votes 12,750

@Kareem Aaron
                     I'm playing checkers while the pros are playing chess.

Your playing with firecrackers they are playing with dynamite. I think a lot of pros are going to blow themselves up. 

I'm starting to check what sale price we expected when we bid 2 years ago on properties we are foreclosing on now.  Initial check looks like MOST of the money we are making now is due to the market going up, not because we made smart investments.

Post: "If They Can't Close in Two Weeks or Less, They're Not a Private Lender."

Ned Carey
ModeratorPosted
  • Investor
  • Baltimore, MD
  • Posts 16,464
  • Votes 12,750

@Mitch Messer Agreed and thank you for posting about something I have felt VERY strongly about for years.

Investors have been using the term "private lender" for decades and it always meant friends family and associates, that often would lend to you on easy terms will based on their trust and respect for you. That is distinctly different from professional business that are national in scope and call themselves private lenders.

They have Co-opted the term and I think it is deliberately misleading.

@Erik Estrada I strongly disagree with your position. People have been talking about using private money long before the category of lender you refer to even existed.  This new category plays an important role but it is not what people have meant by private money in the past. 

They type of lender I am referring to is clearly different that Lenders that are essentially hard money, they have different terms. qualifications and relationships. So What name would you use for the type of lender I am referring too? 

Post: Help - Looking at first real estate deal

Ned Carey
ModeratorPosted
  • Investor
  • Baltimore, MD
  • Posts 16,464
  • Votes 12,750

@Mike S. Your numbers look OK to me. But I don't see anything for management expense.

Post: New to REI - Looking to start out of state

Ned Carey
ModeratorPosted
  • Investor
  • Baltimore, MD
  • Posts 16,464
  • Votes 12,750

@Michael Arceo generally you should have an LLC in the state where the property is located. Most if not all states require that a foreign (out of state) company register in the state to do business there.

I have foreclosed on owners that didn't even know they lost their property because they hadn't registered their company in Maryland.

A serious question is why out of state. It will increase both your risk and cost. People who know their market the best tend to get the best deals. It is easier to learn a nearby market.

Post: Orlando Builders and Negotiations

Ned Carey
ModeratorPosted
  • Investor
  • Baltimore, MD
  • Posts 16,464
  • Votes 12,750

@James McGovern if I understand you are trying to buy a new home built by someone else. Yes everything is negotiable. How successful you will be will depend on the marketplace. 

If the builder is selling as fast as he or she can build them, you're not likely to get any concessions. If they are struggling to sell inventory that is already built then yes there is a fair chance you can get concessions.