All Forum Posts by: Rich Baer

@Stephanie Howard

You bid until you reach the number you think it is worth. The property doesn't sell until Auction.com's reserve price is met. The starting bid means nothing. If the opening bid is $10,000 and the secret reserve price is $80,000 it doesn't matter what you bid until the $80,000 is reached. Once you reach the price they are looking for it will change color and say "reserve price met". If it doesn't sell they just keep auctioning it until someone thinks $80,000 is a good price. They never drop the reserve price, only the opening bid to attract bidders who think they might get a good deal. In my experience, 97% of their reserve prices are ridiculous.

@Robert Buck

I have Title Companies that I would recommend to you. If you so desire, send me a PM an I will share the info.

@Robert Buck

Your scenario seems simple enough. The deed from the Bank goes to you individually. The loan is signed by both you individually and you as member of your new LLC. You do a transfer to the new LLC. In Maryland there would not be additional transfer costs on the second deed. The title Company should not be confused by this.

@Ben Leavitt

Something along the lines of: "Buyer has right to void the contract should any liens found by a title search exceed X amount".

@Maynhia Stott

Baltimore City is 18%. In the 90's it used to be 24%. Those were the days.

@Jimmy Treichler

The sale prices and association fees are way too high. If you want to use the unit yourself and rent to someone when you are not there is certainly a way to subsidize your purchase. But the ship has long ago sailed as far as making money renting at this beach. Good question though.

@Karen Pusateri

Since no one here really knows all your info, your best bet is to talk to your local mortgage broker or Bank representative. They can explain your options, give you a true timetable and get you pre-qualified. Good luck and stick with your plan.

@Account Closed

You have good vision and your conclusion is correct.

@Rick Santasiere

I just finished a project in Baltimore City that cost me $30,000 to make the house lead free. Baltimore City is the lead paint lawsuit center of the universe. If you don't make your rental lead free or at least lead safe you will be sued. Nearly every child has elevated lead levels. Even if the lead poisoning didn't occur in your rental they will sue you for millions of dollars. There are advertisements everywhere from lead paint Lawyers seeking clients. It is amazing to me that this hasn't caught on all over the U.S. I suppose each State has their own rules for lead paint and rentals. It would be very wise to learn them.

@Tim Youse

It seemed like a decent purchase. You are correct that a Bank will not be interested in lending on such a low amount. You would have to purchase with cash and renovate with cash. A Bank may lend on the completed lead free and rented project.