All Forum Posts by: Wesley Adams

@Nicole W. Thanks for introducing yourself. Its nice to meet you.

@Roy Schauer. There will be times that I hold over for a day or so in Anchorage either before or after my hitches. I'll contact you when I know of one of those hold-overs. . Thanks for introducing yourself also!

Hi! My name is Wes Adams and while I've been on Bigger Pockets for several years now, I have not participated very much in the past. I am (as it indicates in the title) from the Baltimore, MD area. My father and I started a property investment company back at the height of the housing boom, but that quickly fizzled out. I have been working for the past few months to re-acquaint myself with the concepts and to improve my knowledge base. This time I'm setting out on my own and determined to succeed. I am mostly interested in fix and flips, although some buy and holds such as SFH, multiplexes, and smaller apartment complexes are likely to be in my future. Currently, I work for an engineering company in Prudhoe Bay, Alaska at an oil field with two weeks on and two weeks off. The time off has allowed me to really focus on taking the first steps towards what I see as an eventual career change. I am hoping that this introduction is the start of my involvement with the community here on Bigger Pockets and my local real estate investment community. I am currently reading every book/ article and listening to every podcast that I can get my hands (or ears) on. If you are in the Baltimore area, or even the Anchorage, AK area, I would love the chance to connect with you here and maybe meetup for a cup of coffee some time. Thanks!

 -Wes

Very interested!!!

@Ned Carey Any idea if one or two are better than the others for beginners? Eventually I'd like to attend them all, but for now I'll start with one or two.

Thanks Brandon,
I have a few realtors in my area that I have dealt with in the past. Looks like they will be getting some phone calls!

So after a long hiatus in order to get my personal finances under control and to a minimum, I find myself back on these forms for hours each night pouring over the threads and finding plenty of great information in the process.

I took the time to contact and meet with an old high school friend who is now a real estate agent and we discussed various paths in real estate investing that I am interested in. I ultimately would like to have a mix of flips and multi-unit rental properties to achieve success in both my short and long term goals. Basically, at this point in the game, I know I can bring x amount of dollars and a heck of a lot of construction back ground with some project management experience to the table. The issue is finding other like minded individuals to team up with and succeed.

I know for a new investor the best way to get started is by attending local real estate investor meetings. Problem is, i'm having a hard time finding any. I wanted to see if anyone knew of some within the Baltimore/ DC area?

Gas stations are a headache and a half. The bank requirements (assuming it's not a cash deal) will not only most likely include any "normal" proceedings but include things such as Phase I and Phase II site assessments. Not only do the banks require that the owners/ buyers complete these lengthy envrionmental surveys, but I want to say that CAL EPA also requires them anytime a gas station changes hands. Essentially at the conclusion of the report, the amount (and most likely 100% is) of subsurface petroleum leaked from the tanks is delineated and general ground run offs are calculated. This helps establish liability in the event of a future problem with pollution potentially comming from that station. The general time frame for completion on just that part of the selling process can take from weeks to months to complete (again, assuming that the EPA doesn't force the owner to get any excessive pollution remediated). I agree with Don, your time would be better spent on flips and such. I have done countless environmental surveys at countless gas stations in my five years in this profession, and I would never ever purchase a station due to the emense cost/ liability (when contaminants end up in someone elses ground water supply) of remediation. Wholesaleing it would almost certainly eat up a ton of time for what you expect to gain from it. Sorry for being long winded.

not sure really where to post this so I'll post it here. I was curious as to what the average time on the market everyones flips are going for these days? I am trying to gauge my local market and whether it is better to buy and hold or flip in this dismal market.

No, not pre-qualified yet. And thats where I'm stuck right now. Talking to that lender today it was as if she was deciding for me that the loan was too much. I sent her an email explaining that I felt I had enough wiggle room on the property to carry a higher mortgage due to added fees and points. And your right, as of right now.... what alternatives do I really have? Go beg and hope to borrow from my well-to-do relatives?? I asked her to send me a quote so that I could run the numbers as well. I will also look to other lenders as well. I knew it was going to be tough to find financing on such a low cost property, but if it were easy.. everyone would do it. Thanks again for putting things into perspective for me.

I had planned on keeping this long term.. I am more comfortable with holding and improving then cash out refinancing at the end of a year or two to go buy some additional properties.

I'm not sure I understand your point? What do you mean by financial costs holding me back? Should I just get a list of scheduled fees associated with this "high cost loan"from the lender and see if when it is all said and done I come out on top?

Also, I have never written an offer and not entirely sure what you meant by "kick-out" but I will research that some more. Have you ever placed offers without knowing where your financing is coming from first?