All Forum Posts by: Travis Lauchman

Welcome Tim! I am looking to build a rental portfolio in Baltimore City and am currently active in the rehab business here. Can't make the meeting tonight but would be happy to discuss ideas with you separately.

Hey All,

In most cases when you wholesale do you receive your assignment fee via the separate assignment agreement outside of settlement, or is the assignment fee paid from settlement (ie, included on the HUD)? In either case, I would love to understand the most efficient way to structure the deal.

I have wholesaled a couple properties recently and have double-closed but would definitely prefer to not do so. Also tying to figure out how one would explain to seller that someone else will be at the settlement table purchasing their property when you've been the one working with them to place property under contract (or perhaps you still show up to settlement to ensure all parties are comfy?). 

Thanks,
Travis

Thanks for the reco @Account Closed !

Thanks Ned - I'll give them a ring. 

-Travis

Welcome to BP, Carl, and congratulations on your success thus far! I live in Patterson Park and work with a company, Charm City Builders, that specializes in rehabs around this area. I too am looking to purchase rental numero uno this year and have a similar buy and hold goal for income replacement. Would be happy to meet up anytime for a coffee and a discussion of the market!

Hey All! I am in the process of working a few possible owner-financed rental deals. These will be rentals #1 and #2 if all ends up going smoothly. The only issue is that I don't have any precedent for papering this deal and want to make sure that I am doing things the right way and by the book. With that, does anyone know any good RE attorneys in Baltimore that could help with this AND/OR any particular advice for owner finance structures?

Thank you in advance!

Hi Kevin. I work with a company in Highlandtown that specializes in 'full gut' renovations. I would be happy to discuss the associated costs but suffice it to say many locations in Baltimore City do support rehab projects.

-Trav

@Wayne Brooks that simple and obvious fact was escaping me. The tax rate for normal (wholesaling) income should be much less than that of the short-term capital gains not to mention the headache and fees associated with closing just to turn around and re-sell. Thanks for the pointer.

@Cory Adams I have considered this but he has retired here in the city with his wife and is looking to systematically sell-off his portfolio rather than add to. I appreciate your advice and response.

Hello BP'ers,

I work with a company that does 20-25 row home rehabs a year in Baltimore City. Recently we developed a relationship with a local landlord who is looking to offload some of his rental portfolio. However, he is worried (naturally) about eating a huge capital gains tax and therefore although he would like to sell 3-5 he is currently more inclined to sell 1-2.

A bit more info on this scenario:

Landlord is interested in selling us properties A & B that have each been in his portfolio for 15+ years. Additionally, he is looking to get properties C & D under contract and sell those to us as well. He is worried about selling too many due to capital gains taxes, especially soon-to-be acquired C & D.

I am thinking that maybe an assignment contract to us prior to settlement on C & D (Landlord acts as wholesaler) would maybe be the cleanest way to do this but as I am relatively new here just looking for advice. If we can help to solve Landlord's tax concerns we will likely have a path forward.

Thanks in advance!

To all of the contributors to this thread thank you so much for this comprehensive, play-by-play breakdown of the tax lien sale process. I am planning on pooling some money with a couple friends (if I can get them to read this!) and giving it a whirl this year.

FYI everyone, info on Baltimore 2014 tax liens will be available this Wednesday in the Sun and at bidbaltimore.com!

Another win for the BP community and members! I will share my thoughts and war stories as I begin the process in the next few weeks.