All Forum Posts by: Scott Grimes

Check into the different ways to start a business partnership. Short answer is a partnership, limited partnership, or LLC. The most important thing is that you have clearly identified who is responsible for doing / contributing what, how equity, profits, and liability will be distributed, and the conditions for your exit strategy. What happens if only one person wants to sell, or if someone gets divorced? Take your initial plan to a lawyer and have them draw up a contract. It will be worth the money in the long run.

Also, the eviction laws in Baltimore are very much in favor of the tenants, so be very diligent on tenant screening.

Let me know if you guys need a property manager in Anne Arundel later on down the line!

Best of luck to you and your partners. 

-Grimes

Hi everyone. I'm getting close to military retirement and have decided to transition into the real estate industry. I am opening a  property management firm as a segue because it is an area where I can apply the discipline and interpersonal skills that I picked up as a Soldier. On the investing side, I will be hunting for sellers open to seller financing because that's what I can afford right now. 

I'll be looking for opportunities in the Prince George County/ Anne Arundel area. I am bound to find predominantly deals that are beyond my capital means and don't make a good fit for seller financing. What type of investor should I contact with these deals? I think a wholesaler might be receptive, but I'm not sure. Does anyone have any suggestions for a specific firm, agent, or investor that would want to meet and discuss details, (someone with a good reputation in the industry?)

I appreciate any and all advice from the crowd. Have a great long weekend!

-Grimes