FIRST PROPERTY & PARTNERSHIP!!

[Courtney Rollins]

I am excited beyond measure to have my first property under contract! I know there is a long way ahead, but I am thankful to the BiggerPockets community and all the investors who are have been willing to share their advice and support.

Here is the skinny:

Property: Zoned 2-Unit, Baltimore County, 3,056 sq ft

• Unit 1: 2 bed 1 bath; Unit 2: 3 bed 1 bath; Basement: unfinished w/ 2 bed 1 bath w/ a 1,000 + sq ft, full bath, kitchen

Purchase: $135k Rehab: $75k ARV: $295k projected monthly NOI: $3,000 (not including if I rehab & rent the basement)

Strategy:  Rehab, Rent, Refinance

Challenges:

• Mold Remediation. There is a serious mold issue in the basement unit. We have to locate the source of the water. Since it is in the basement and there are 4 trees lining up next to the property, I am going to have a structural engineer inspect the foundation to see if we can find the water source. If the project fits my budget, then, I am going to waterproof the basement. Then I will order the mold remediation
• Rezoning. I have to decide if I want to go through the hoops of rezoning it from a 2 unit into a 3 unit with the basement. I am checking the numbers to see if that will increase my ARV significantly enough.

If you have any experience with mold remediation or rezoning I’d appreciate any advice. Take care!