All Forum Posts by: Qwesi McCray

@Joe Villeneuve

Sir I just want to say thank you! I haven't been on BiggerPockets in a long while, but the last time I was on I asked for your input about starting in real estate investing. You mentioned applying for unsecured loans and number of other tips. 

Well I listened. I obtained $45K in unsecured loans. I used it as a down payment on a hard money loan and flipped my first home in the fall. I made $64K on the deal. I took the profits and put it right back in the business and have since purchased two more homes to flip. My business is growing exponentially just like you said it would.

I just want to say thank you, Joe. Thank you for taking the time to type all those lengthy thorough responses to my questions at the beginning of this thread. Thank you for your patience. Thank you for your wisdom. Wisdom I plan to pass on to my children. 

Just moved to the DMV. I'm looking for a great contractor in the Southern Maryland Area. I'm looking at properties in and around Waldorf. Any help would be greatly appreciated.  A great Title Company would be great too. Thanks a bundle.

Does anyone have any good Contractor references they'd like to share?

Thanks.

@Kim Coleman I'm looking for a GC too. I just sent you a PM. Thanks.

Russell Brazil & Carson Sweezy thanks for the replies. We are moving to Arlington. The price point in the DMV is much higher than here in Northeast Ohio. That's going to take some time getting used to. I have no issues traveling an hour or more away from the metro area for deals, but I'd like to stay within the DC, Arlington, Baltimore areas. I can imagine it's very competitive though. Russell, I was reading a post where you mentioned Petworth as a decent area for flipping. Any other nuggets you're willing to share? Thanks again guys.

@Roberto Costa, thanks. That's exactly what I needed to know. 

Just found out we will be moving to the Washington DC, Arlington, Virginia and Baltimore, Maryland area in the next few weeks. 

Can I kindly ask the DMV area investors to share some insight on the best areas to flip SFR/Multi properties (price points too if possible)? Also, from what I understand VA, DC and MD require me to have a contractor's license to fix and flip? Is this right? What if I'm investing through an LLC?

Any help would be greatly appreciated. Thanks

Q

Hey @Evan Wiesner,

How much should I expect to may someone for such a service?

Thanks.

I'm brainstorming different ways to raise capital for my first RE deal and I have questions about private money.

If a private investor, let's say a person at a local REI meetup, agrees to invest in my business how does the process work? I'm sure we'll sign a promissory note, but who writes that up? Also, would he/she check my credit? Would that credit check be considered an inquiry on my report? Will the loan appear on my credit report? What if i'm investing using a LLC? Any help would be greatly appreciated. Thank you very much.

I'm looking for creative exit strategies for buying properties cash.

This is what I understand. Please correct me if I'm wrong. 

When purchasing a turn key property cash at a discount I could cash out refi after seasoning (3-12 months).

But let's say I didn't want to cash out. Just simply get my money back.

I could then Rate and Term Refi, right? Are there any closing costs with that? Is there a limit to how many rate and term refis someone can do? Does this work for SFR, multi and commercial properties?

Any help would be greatly appreciated. If you know any lenders or mortgage brokers I should contact of this let me know as well. Thanks in advance.