All Forum Posts by: Rob Carr

I live in reisterstown right now and I would look into owings Mills first. It's right up the road and the rental rates are higher. More stable of a neighborhood. And for some reason the sale prices aren't moving. Building my house in randallstown and had to move a top floor condo and it only sold for 135k but the rental rate was 1400. I really didn't want to let it go but I had to for debt to income purposes. Hope this helps. 

wow. Thx for the advice! Awesome info

Ok BP I am ready to put money into this and want to be completely smart about this. I have a short but good experience with building modular and know that I could be successful developing. I have my manufacturer as well as an amazing contracting company willing to work with me and I may have found my first deal as well as access to a few investors. So before I mess this up I want to start my LLC. Can someone tell me what kind of lawyer I should contact or if I even need one this early.

Some blogs say you can do your own LLC and others say don't play around with it, get a lawyer. If I get a lawyer, do I want a real estate one, tax one or a business LLC lawyer?? Please help

Thanks for the response. I am currently working on a deal that really looks promising. But unfortunately my friends and family don't have this kind of money. 

Sure. I am interested in Real estate development. I have relationships with manufacturers and contractors to actually build a modular. I want to find a deal on land so that i can build a modular and sell it. The only thing i don't have is the money so i want to find local investors. I have an avenue to put me in contact with investors but before i start talking to them, i want to know what i should be sharing with them. I'm afraid that if i share too much, they will just cut me out of the deal. 

So I am ready to start my first project. I have my manufacturer for a modular home. i have my contractor who is excellent. now its time to find a deal and money. I have a few contacts that may be able to get me the money i need to complete the project. However i am a little nervous as to how this happens and what i should be doing when trying to acquire the money. 

Should I be trying to get an offer accepted before obtaining money? or do I not include the companies I'm using in selling them on the deal? And finally, if I'm not including the details of the companies, why would someone take me on my word that i can successfully pull the deal off?

Please help?!?!?

my dad built one 8 years ago and i am in the process of building one right now. What questions do you have specifically?

Thank you guys so much for your advice. I wasn't very specific but your advice was still very useful. I have all the contacts and relationships needed to start building Modular Homes. I have a great manufacturer as well as a great contracting company with the capacity to handle all the business i bring their way. My dad built his home and had 150k equity in his home upon completion and i am currently building mine. the projected appraisal is showing 80k equity. I negotiated 5k off the asking price for the land and my dad actually won a bidding war for his land for 12k over the asking price. 

The profit margins seem too good to be true but I've seen it done. We just haven't sold them because they were our dream homes. This is what got me looking into real estate investment. This seems too good to be true so i am trying to do as much research as possible. So any advice is really appreciated!! I hear about these great deals where people are getting small rehab houses for 20-50k. If i can find that, demo and build adding to the profit margins I'm projecting already, this could be unreal for me. So again, any advice is soon much appreciated!!!

Hello, newbie developer trying to find my first deal and right now all i am doing is simply looking at listings. Is there an avenue i should be looking into to find that "Steal" that everyone talks about? id love to find that deal to make sure i leave myself some room for all the mistakes i hear newbies make and learn from. Thanks in advance for all your help.

Thanks for responding. I'm actually heading your way tomorrow for work. Excited to see Seattle!! 

I am looking to sell. I may try to rent down the road but for now I'm looking to flip. Entire process once land is aquisitioned is about 3.5 months. So it would be great to do 2-3 a year starting off.