All Forum Posts by: Terrell Murray

Thanks for posting this case study Mr. Seveney @Chris Seveney, rehabbing notes is similar to rehabbing a home. I like the strategy, if you can help someone get caught up on their mortgages it works for everyone. 

I see where you wrote this note was a part of a pool of notes. Looking into note investing I've seen that most of the good notes seem to be in these pools but to participate you have to be an accredited investor. My question to you is, with your experience is this necessary or is there another way to find decent notes without being accredited?

I would say it depends what your goals are for the new home. Seems like you are looking for a new primary residence and not a new future investment property. That would determine a few things. Lets say you would like this new home to be a future investment property in a few years. Woodbridge and Fredericksburg are good area to buy if you plan to rent out the home in the future. The areas are reasonably priced to get into. The potential to rent them out at a very competitive rate later is another reason I would look there. You have two reliable markets to rent to, the Military and Federal employees. The Cons are both are more short term, 3 - 5 years but sometime longer. 

I think your best option for a wholesale contract is to build one with a local lawyer that is familiar with real estate. Its a few good ones online, but still at the end of the day I would get a local lawyer to view it for any input specific to the area you are in. 

@Femi Salami congratulations on this investment. The $14,000 was that cash required to secure the hard money loan?

@Russell Brazil

I can also see that happening. I'm on the easter shore and have new neighbors that make the commute to the city a few times a week. I asked why they lived so far from work, like you said price was an issue and now their jobs are permanently moving to a work from home situation and only requiring them to come in a few days a week.

@Russell Brazil

How do you see this effecting the Maryland market ?

@Wayne Brooks

I have not yet but I should 

@Russell Brazil

Thank you, I was thinking because it was described as office space it might be allowed. Now I will start looking into possibly getting a commercial loan for this property. 

@Colby Hanley

My reasoning for not using the VA Loan is because I know this place will need some work and I wanted to use FAH to borrow the rehab cost along with the purchase price. From what I've seen I don't believe that's an option using the VA Loan. If I'm wrong please correct me.

Hello BP,

Been searching for a deal and I came across something that seems very promising. The description makes it seem like this property is broken into 4 units and 1 office unit. As of now its been sitting on the market for 140+ days, from the only two photos that are online its looks like it will need a lot of rehabs. Yes only two photos and a vague description, so you might wonder why I'm so interested. 

This property interests me because at the moment in this one area its the only rental that seems to be for sale. It's in a good neighborhood in a decent size town, right next to a library and the properties around seem to have been remodeled and updated. The medium for rent in this area is $1300 and each unit seems to have its own water meter so I'm sure the tenets pay for utilities. I would plan to live in one unit most likely the office space and manage the property while I live there for the first two years. 

As of now, the problem is the Agent representing the property has not returned my calls or emails, and also for and FHA203k I'm short on the down payment. I've pulled the deed and it seems to be in a trust. I believe this property would be amazing as a first rental, the perks would be me living there and learning how to manage the property. Because I will be a Veteran I won't have to pay property taxes according to the law of the State of Maryland. 

Has anyone else come across the problem of a missing realtor?

Would anyone suggest that I try to contact the trust?

Any suggestions on finding a deal?