Acquired 5 Properties and want to talk strategy with BP

[Bernard Pearson]

Hello BP. I took the the plunge again... I just acquired 5 properties in Baltimore and want to talk strategy on how the BP community would approach this project. 

NOTE: Catch/Caveat I need to get $55K of my cash back in less than 40 Day to avoid some penalties

Option 1. Take'em all on at once with Hard Money Loan?

Option 2. Take on 2 or 3 properties with Hard Money for construction loan, Refinance into conventional, pull cash out and use the money to complete the other 2

Option 3. Sell them all as an Investor Package for $250K

Option 4. Your Thoughts 

Looking for interested serious investors also.

Here are the details.....

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4 of the 5 properties are owned outright the 5th property is under seller financing

We have four of the 5 appraisals completed. The properties are in the John Hopkins area and there is a lot of reno going on in the area with John Hopkins and Habitat For Humanity.

Package Purchase Price: $120K
Combined Construction: $385 (estimating high)
Combined Estimated ARV: $850K - $1.1M

1. Property 1 : Seller Financing (Converting to 2 -Family as a hold for $2300)

Appraisal Results Pending
As-IS $35-45K (TBD)
Construction $125-$150K
Estimating ARV $225-$250K

Some Encouraging Comps on Property 1 

($247K Multi-Family)

https://www.realtor.com/realestateandhomes-detail/1532-N-Caroline-St_Baltimore_MD_21213_M50251-76862
https://www.realtor.com/realestateandhomes-detail/1534-N-Caroline-St_Baltimore_MD_21213_M50254-00458
There's also an older/less modern 3 Family unit directly across the street at 1841 N Caroline St.

$249K (869 W Lombard St.)

https://www.realtor.com/realestateandhomes-detail/869-W-Lombard-St_Baltimore_MD_21201_M51998-28733?view=qv

$449K (2209 E Lombard St)

https://www.realtor.com/realestateandhomes-detail/2209-E-Lombard-St_Baltimore_MD_21231_M55848-85425?ex=MD2692696249&view=qv

$280K (259 S Ann St)

https://www.realtor.com/realestateandhomes-detail/259-S-Ann-St_Baltimore_MD_21231_M55836-56569?view=qv

2. Property 2. (Selling)
Actual Appraisal Conducted
As-IS $30K
Construction $80K
ARV $215K

Encouraging comps in the area that recently sold for property 2
https://www.realtor.com/realestateandhomes-detail/743-N-Patterson-Park-Ave_Baltimore_MD_21205_M62094-62622
https://www.realtor.com/realestateandhomes-detail/2200-E-Madison-St_Baltimore_MD_21205_M93876-20243( $334K This was converted to a multi-family but 6 min walk from our property)
https://www.realtor.com/realestateandhomes-detail/909-N-Bradford-St_Baltimore_MD_21205_M69525-51509($238K)



3. Property 3 (Hold and Rent for approx. $900 - $1000 Mo.)
Actual appraisal conducted
Sales Price: $15K
AS-IS: $12K
Construction $25K
ARV $174K

4. Property 4 (Selling)
Actual appraisal conducted
As-Is $5
Construction $75K
ARV $177K

5. Property 5  (Selling)

Actual Appraisal Completed 

As-IS $12K
Construction $65K
ARV $200K

Encouraging comps in the area for proerty 5 that recently sold
https://www.realtor.com/realestateandhomes-detail/2504-E-Eager-St_Baltimore_MD_21205_M61748-05296($247K)

Thanks for your thoughts lets talk strategy....