All Forum Posts by: Rich Baer

@Don Warfield

Don,

     Text me your name and describe what you are looking for (rehabs, rentals, areas, etc.) and I will add you to my text service. I have tons of stuff come across my desk everyday. I can't do every deal so I share them with the people I know are good buyers.

Rich

@Will Mitchell

You can assign the contract that you bought at the foreclosure steps. However, that assignment must be filed in the foreclosure case, the Trustees have to sign and the Judge has to sign before it is valid. Also, if the Assignee does not close, you are still responsible to settle on it. Since you outbid the professional bidders, it is understandable that you overpaid and are looking to assign it. Feel free to call me for some advice.

I have numerous Maryland judgments totaling $100,000 that are well secured against the debtors real estate. Some are first and only lien on the property. They earn 10% per year by Statute. No expiration as long as you renew them every 12 years. You get paid when they refinance, sell the property or you hire an Attorney to collect. I have been sitting on them running up the interest like a CD. Best offer.

Glenn,

    A contract offer was received yesterday and I believe it will be accepted. If anything changes I will contact you. 

Rich

Bank property comes with existing tenants. Retail in the neighborhood is $90K to $119. Asking only $59,500. New owner does not want to deal with inherited tenants. He purchased from Bank at a cheap price and was not aware it was occupied. 4 beds, CAC, 3 story brick townhome. Built in 1976. This is a perfect deal to get $1200 rent for a $59,500 purchase.

@Darren Sager

You are correct in your statement. However, in my area there are a ton of new agents who are not making any money and the inventory is low. They also have the opportunity to learn the business from the ground floor. I suspect I will get more responses than we both believe. Stay tuned.

Seeking driven agent who has the time to write  purchase contracts for rental properties. My longtime Agent is just too busy with bigger deals. The contract prices are generally between $30K and $85K. Cash deals. Agent should know how to negotiate and know the Baltimore market. If that person is you please PM me and explain why you could be the person I need. Thank you.

@Jada Hardrick

Quit-claim deed means a transfer without warranty of title. It is essentially "I am transferring whatever ownership I have, IF ANY, to you". It may or may not effect your ability to wholesale. A title search will determine whether there are any title issues. Today quit-claim deeds are frequently and unnecessarily used as a simple way to transfer ownership between family members. In the old days, they were mostly used to convey questionable ownership.

@Haitham Elbedawy

Deed of trust is a negotiable instrument. To transfer ownership you can simply sign the note over like a check. With a mortgage, to transfer ownership you need to create a new document which would be an "assignment of mortgage" and record it in the Land Records.

Just like during the last peak, I received a call from an Agent wanting to know if I was planning on selling my house anytime soon. I asked if he had a buyer and he said he was just an excellent agent who could get me top dollar. I declined and he got angry. Crazy stuff going on. It's going to blow up again soon. Most likely from a geopolitical cause.