All Forum Posts by: Travelle Mason

Hey don't forget about me!!! haha

I'm also in Rockville (new to the area, Twinbrook Forrest) and dying to network and/meetup. 

Let me know!

@Bill Kenny

Great suggestion! I will start with an Hagerstown search on the forums. From what I can tell, the prices on property are comparable to the Multi I have in Cali. I can't wait to dig in!

@Account Closed

I did see that Hagerstown had a decent inventory of Multis. Any insight on the area, economy, things to be aware of? I will do my homework, but anyone willing to point me in the right direction? :) 

Thank you in ADVANCE!

I'm new in town. I live in Rockville where there is practically NO small multifamily properties.

Aside from Baltimore and DC, where else can I look for multis?

Aside from Baltimore and DC, what areas are you all investing in when it comes to small Multifamilies?

Despite getting TWO Hard Money Lenders to commit to this acquisition AND both providing reassurance that getting a appraiser to view the property on the TWO dates the property was available for viewing...

Neither of them were able to deliver an appraiser! This is required for them to secure the loan.The auction is today. I am all out of options. 

Whomp. Whomp.  

In the defense of HML #2 it was not "their fault". An appraiser did accept the appointment time/date, however, some how they did not show up for their appointment.

@Amit Darji, I haven't had any luck with find a HML that will finance 100%. If you know of any, please let me know!

Thank you ALL for your input!

New UPDATE: The auctioneer/seller WILL NOT allow access to the property (out side of the two viewing days) until the property is closed on! ADDITIONALLY, the water and electric WILL NOT be on during the two viewing days. This pretty much eliminates conventional loans!

@Rene D., the auction is not until 12/05, so I have a little bit of leeway. I can't wait to hear how your auction went!

I came across a property in an area that I have been monitoring for about 2 years now. Decent initial price, however, as the title above denotes, it is a BANKRUPTCY AUCTION!

I have never dealt with a bankruptcy auction before, and to date, I have one, 3 unit investment property.

Here's what I know...

1. Viewing of the property is permitted on TWO SPECIFIC DAYS ONLY. I have scheduled a General Contractor to walk the property on one of days. On those days, water and electric will not be on. Both the access to the property AND the lack of electric and water may present an issue if conventional financing was an option, specifically, appraisal and inspection.

2. Sale of the property is not contingent on financing. Therefore, if my bid is accepted, I have 45 days to come up with the money.

Since this is my first experience with something like this...

A. What questions should I be asking?

B. Since this property is advertised as at a certain purchase price, during the auction, can a bid come in LOWER? Or will the auction start off at the purchase price and no lower?

C. Do I risk acquriring the property with an acceptable bid, THEN going through the conventional loan process once I have access to the property? Lending more time for an inspection and appraisal?

D. Do I go with Hard Money, and Buy, Rehab, Rent and Refinance?

THANK YOU FOR YOUR HELP BP!!!!

Travelle Mason

I came across a property in an area that I have been monitoring for about 2 years now. Decent initial price, however, as the title above denotes, it is a BANKRUPTCY AUCTION! 

I have never dealt with a bankruptcy auction before, and to date, I have one, 3 unit investment property. 

Here's what I know...

1. Viewing of the property is permitted on TWO SPECIFIC DAYS ONLY. I have scheduled a General Contractor to walk the property on one of days. On those days, water and electric will not be on. Both the access to the property AND the lack of electric and water may present an issue if conventional financing was an option, specifically, appraisal and inspection. 

2. Sale of the property is not contingent on financing. Therefore, if my bid is accepted, I have 45 days to come up with the money. 

 Since this is my first experience with something like this...

A. What questions should I be asking?

B. Since this property is advertised as at a certain purchase price, during the auction, can a bid come in LOWER? Or will the auction start off at the purchase price and no lower?

C. Do I risk acquriring the property with an acceptable bid, THEN going through the conventional loan process once I have access to the property? Lending more time for an inspection and appraisal? 

D. Do I go with Hard Money, and Buy, Rehab, Rent and Refinance?

THANK YOU FOR YOUR HELP BP!!!!

Travelle Mason