All Forum Posts by: Trevor S Foster

Hello BP,

I have compiled a list of 25-30 small banks/credit unions in my area to call & discuss what types of deals or what there criteria is for lending. 

My goal in the post is to make a list of important questions to ask when interviewing banks. 

What in your opinion are some things I should ask when speaking with each bank?

Should I wait until I set up a face to face meeting to go over these questions? 

The one thing I dont want to do is call or get a meeting & not have the right list of questions that I can ask to get the information I need about their bank. 

This is my next step in my process, I recently did a direct mail campaign & while I go through the wait process to hear back from a owner, I thought it would be a good time to focus on developing relationships with the small banks in my area.

I appreciate any and all advice to come. 

Thanks

FYI: Hal Elrod Show 157 & Tom Krol Show 176 have been a great motivation for me.

FYI #2: Although I've listened to 80-100 since June, I have decided to restart back at show one. I found myself jumping around to different podcast & came to the conclusion that I have learned a great deal from each & every podcast so why not just start from the beginning. I think it'll be easier to take notes on each podcast & person that The Josh & Brandon interview.

Conclusion: A new goal I have is to listen to each podcast, write down the person being interviewed, what they have found success with & what I learned from that show. I am going to create a categorized drop box "Wholesale, BRRRRR, Fix/Flip, Buy & Hold, Commercial" etc. I listen to 3-5 podcast while at work, once I come home I will put all notes in their proper category, as well as each investor into the category they most fit in. I think that every person interviewed has dropped Gems & most have given a ton of info out. Its hard to remember everything after listening to about 4 or 5 podcast every day.

-Sorry this last part had nothing to do with the actual post. I just started typing & it was hard to stop, so many things I want to share lol

Hello BP,

This post is for the Buy & Hold/Landlord/Passive income investors who are thinking about acquiring rental properties or actively looking for new properties within the DC, MD, VA area.

While forming my "Buyers List" I thought it would be a great idea to separate my list into each investor category, this Ad catering to the investors that looking for Buy & Hold, Passive Income or Rental Properties. Which ever you prefer to call it.

If at all interested in receiving potential deals from myself would you please kindly respond to this post with a comment or even send a private message. If I have missed a certain question that you may want to be factored into what deals I send you, please comment the question/answer.

- What type of properties are you looking for? (SFH, Condos, Multifamily)

- Do you prefer Turn-Key Properties or Properties that need work?

- How many bed/bath do you like to have in your rentals & is there a minimum sqft you like to have?

- What areas do you prefer for your rental properties? (Baltimore, Prince Georges Co., Montgomery Co., Anne Arundel etc)

- How about neighborhood quality A, B, C, D?

- Would you like to have tenants already occupying the residence?

- What type of tenants do you prefer? 

I'm a new investor that's here to bring specific deals to your table. Not just randomly send you a 2-bedroom condo when you have a criteria/portfolio of 20 SFH with 3 bed/3bath & a basement.

If you aren't interested in answering all of these questions right now but you are willing to view the deals I have, you can simply send your name & the type of properties you look for. 

Ex. John Doe - SFH 3/3 with a basement or Multifamily minimum 4bed/2bath tenant occupied

Ex. Jane Doe - Condominium - 2bed/1bath vacant (Airbnb Property)

Thanks in advance to all that reply & will consider doing business with a new but professional investor.

@David Hanson Hey, I currently live in Gaithersburg, MD & although I don't have the experience in property management it's something I've been open to. If you are still looking for a PM, please contact me so we can talk directly about your needs, the properties you want to be managed & how I can help. 

As I stated I don't have the experience in PM but I can send you my resume, current employer info for a reference/background check & anything else you may need to make a decision. 

I'm looking for different opportunities to get my foot in the door & maybe we both can hit 2 birds with one stone. 

I currently work for a materials company that caters to building professionals & deal with contractors on a daily basis, in which Ive created great relationships with over the past 2 1/2 years. I say that because I have access to just about every different contractor you can think of.

Again, I can provide my resume & current references to my FT job to show my character & work ethic. I'm just looking for an opportunity to show what I can do.

Hey thank you for your response, based on the appraisal, the land is worth $125,00. The value once built is between 350k-800k. The last question I don't have an answer to just yet

Hey guys,

I have a few questions on refinancing raw land, hopefully, someone can lend a little advice on whats been running through my mind.

We have a 7-acre parcel of raw land in Prince Georges County, Maryland. Inherited through grandparents who have also built a 4 story home + barn on their own parcel near ours, as well as my aunt on hers. There's a mix of new & old homes throughout the entire area & new development going on also. We got an appraisal done in Feb of this year,  we know the as-is value without any improvements done. 

- Since we own the land outright is possible refinancing to make those improvements to increase the value & make it more attractive to a developer?

- PG County has recently changed/improved the zoning laws. With that being said, would making improvements create an opportunity for rezoning? (Current Zoning: "OS" Open Space 5) . 

- Would there be a specific type of Lender I would need to go to that specializes in this area of loans? (Hard Money is definitely not an option)

- Besides removing the trees what other improvements can we make to increase value, change zoning to subdivide the parcel into lots?

The Appraisal has some info I thought would help with this post.

Electric: Pepco

Water: Private Well

Sanitary Sewer: Private Septic 

Drainage: Appears to be Adequate

Uses Allowed Under Current Zoning: According to the county this site is large enough to support a 1 single family home

I appreciate any responses that anyone may give.

Thank you all for the responses, it helped me alot. I believe I'll write a check for EMD and make a copy for him. Just to make it easier and to send offers quicker.

I just think that making 25 offers a day with a EMD copy wasn't necessary

Ive been debating with one real estate agent that I work with. I'm new to real estate investing and he just got his license. 

He's been adamant about having a copy of EMD check sent with each offer.

I'm on the other side of it where I don't think it's as important with an initial offer on a fix and flip home.

What are your thoughts on this? 

Should we be sending a EMD with every single offer?

FYI he isn't saying we need to write a different check and make a copy. Just one copy of a 500-1000 check for EMD to send with a offer.

Yeah I didn't think it was much profit because of how much she wants. the only hope I had was the surrounding areas and how the new development is going. Most townhomes in my area are being bought up and fixed. the prices are going up into the 300's.

But I agree with you all about getting it for 200 or under. I was thinking of buying to do a live in flip. I believe this will go up in price. There have been 4 other homes sold on the same street for around 250 and they haven't been rehabbed yet. I think I'll move on unless I can get it for 200 or under.

I thought the neighborhood value would increase because of the fact that investors are buying these other homes at 250 and just starting to renovate.