Myself And my girlfriend are newbie investors looking to eventually start our own company in the future once we become familiar with the investing biz. Right now we would like to start with foreclosure investing seeing that you prob get the best deals for a high ROI. I have a few questions about achieving our goal.
Does Maryland State release foreclosure listing to the public??(Courthouse)
Who do we need on our team to close a deal? (tax attorney, realator, etc…)
3 what type of enity should we open?? LLC, S-corp, C-corp.
4 Does anyone have referreals to tax attorney, realaotrs,…etc in MD
5 where to get the money to purchase homes(Currently have 10k)
5 Does anyone want to be a mentor to some young motivated investors?
I guess any good information that I might need to make my dream real.
1. Does Maryland State release foreclosure listing to the public??(Courthouse)
The state of Maryland does not do foreclosures. Instead, each lender that lends in Maryland will foreclose on their defaulted loans. Each individual lender has their own process for advertising foreclosure property for sale. Some lenders with webpages have a tab or link to "Available Property". This is that lender's list of foreclosures. Check the newspapers. Many real estate agencies have a broker or associate broker who specializes in government and bank foreclosures. The ads are easy to spot.
2. Who do we need on our team to close a deal? (tax attorney, realator, etc...)
Maryland is a title company state. You need a title company on your team. If you are financing, you need a lender on your team. You might consider putting a real estate agent on your team, if you can find one that understands creative investing. If you are planning to make offers on HUD or VA foreclosures, then you definitely need a HUD or VA approved Realtor on your team. Depending upon your exit strategy, you might want a rehab contractor, and a professional property manager on your team. If you don't do your own taxes and/or bookkeeping, you might add a CPA to your team. If you are planning to use a business entity, then someone experienced in entity structuring would be good to have on your team.
3 what type of enity should we open?? LLC, S-corp, C-corp
The type of entity will vary with your investment strategy, your financial posture, the type of benefits you need the entity to provide, whether you have partners, even your estate planning needs, There is not a single entity that fits all for all situations.
4 Does anyone have referreals to tax attorney, realaotrs,...etc in MD
There are a lot of people with these skill sets all over the state. A referral in Baltimore may not help you much if you live in Pax River. Quite often, the best referrals come from other experienced investors. Join a local REI club in your area and begin networking.
5 where to get the money to purchase homes(Currently have 10k)
Join a local REI club in your area and begin networking. Other successful investors can partner on deals, tell you their funding sources, or suggest which institutional lenders in your area work best with investors.
Roy Kelly (in Gaithersburg) puts out a weekly list of HUD foreclosure properties in the MD counties bordering DC. Every once in awhile, he gets Fannie Mae and Freddie Mac foreclosures too. Roy used to also include VA foreclosures, but ever since the VA has gone to Ocwen, I don’t see them advertised anymore.
Check out the website and sign up for his free weekly list called “The Kelly Update”. Just send him an email and ask to be added to the mail distribution.
