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All Forum Posts by: Rich Baer

Rich Baer has started 28 posts and replied 617 times.

Post: What's considered small potatoes?

Rich BaerPosted
  • Real Estate Investment Attorney
  • Kingsville, MD
  • Posts 643
  • Votes 408

@Georgia Acres

Cheaper to buy her new lunch meat.

Post: Need some tips on buying a property that's not for sale.

Rich BaerPosted
  • Real Estate Investment Attorney
  • Kingsville, MD
  • Posts 643
  • Votes 408

@Account Closed

Continue to befriend her and find out what her and the Husband like. For example, if they like to travel offer to pay for a 2 week cruise. If they have a grandchild in college, offer to pay for a semester. You get the idea. Be creative.

Post: Diary of my 1st Rehab Buy-and-Hold in Baltimore City

Rich BaerPosted
  • Real Estate Investment Attorney
  • Kingsville, MD
  • Posts 643
  • Votes 408

@Julie Hassett The lead test needs to be done by a professional company. They give you a written report on the results. I suggest making it lead free rather than lead safe.

Post: Diary of my 1st Rehab Buy-and-Hold in Baltimore City

Rich BaerPosted
  • Real Estate Investment Attorney
  • Kingsville, MD
  • Posts 643
  • Votes 408

@Julie Hassett

I have numerous properties in the area. Depending on what Street you are on the purchase price may be reasonable. The pics seem to show the house to be in decent shape. $30,000 in repairs is a good estimate on any house in that area. The first thing you need to do is get a lead paint test. That will give you an idea of what your costs will be. I  bought a $16,000 house on Chesterfield and with the lead paint inside and on the back wall I had an extra $20,000 in costs that I had to spend. Feel free to contact me if you need any advice. For that area in the future, you want to try to be ready for rental under $60,000.

Post: 2-3 years away from a recession

Rich BaerPosted
  • Real Estate Investment Attorney
  • Kingsville, MD
  • Posts 643
  • Votes 408

It is all phony out there. All the federal numbers are cooked to prop up consumer confidence along with rosy media spin. "All is well" with the current folks in charge. If the real numbers were ever let out of the bag the truth would be told that the recession never ended. More people out of the work force, food stamps, more people renting, etc. Something will pop the current consumer faith in things and the Fed and the media will be powerless to control it. At that point we will be happy to have only a mild recession. Real estate investors will once again find tremendous purchase opportunities. The cycle will begin anew. 

Post: Courthouse Step Auctions pre or post foreclosure deed filed?

Rich BaerPosted
  • Real Estate Investment Attorney
  • Kingsville, MD
  • Posts 643
  • Votes 408

@Patrick Alcoke

I have your answers if you want to PM me. My group has purchased over 50 properties at the Courthouse steps the last few years.

Post: Help Easement Right of Way Advice Needed

Rich BaerPosted
  • Real Estate Investment Attorney
  • Kingsville, MD
  • Posts 643
  • Votes 408

@Deanna McCormick

Sounds good. Best wishes.

Post: Sheriff Sale

Rich BaerPosted
  • Real Estate Investment Attorney
  • Kingsville, MD
  • Posts 643
  • Votes 408

@Tenzin Hayer

REO means the Bank owns it. So either they foreclosed on it or it was given back to them by the Homeowner (deed in lieu).

Post: Help Easement Right of Way Advice Needed

Rich BaerPosted
  • Real Estate Investment Attorney
  • Kingsville, MD
  • Posts 643
  • Votes 408

@Deanna McCormick

If you are friendly with the neighbor see if they will do it for free. If you don't think it will fly, tell them you will reimburse their selling agent commission and/or closing costs when they sell. They should jump at that offer. Keep in mind though that if they have the house under contract, any new easement would need to be disclosed to the new buyer and the neighbor may not want to possibly interfere with his sale. Let me know how you proceed.

Post: Buying a reverse mortgage note from the bank.

Rich BaerPosted
  • Real Estate Investment Attorney
  • Kingsville, MD
  • Posts 643
  • Votes 408

@Ron K.

If it is actually a true reverse mortgage, foreclosure proceedings must be brought within 6-12 months of the death of the last owner. Someone may be paying on it. Or they received a line of credit reverse mortgage that they never used. Either way, a reverse mortgage is partially owned by HUD and it is impossible to buy it from the noteholder and HUD. Nice try though.