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Updated about 7 years ago,

User Stats

27
Posts
10
Votes
Edward Howell, V
  • Manassas, VA
10
Votes |
27
Posts

NOVA Newbie investing in Baltimore Union Square 90 day challenge

Edward Howell, V
  • Manassas, VA
Posted

So, maybe I know enough to think I'm right, but not enough to realize I'm wrong. In all fairness I have listened to every episode of the podcast, many of them multiple times (even the boring ones). You pair that with my PhD in bro science, and I know just enough to be dangerous. My name is Eddie. I live in East Manassas Park, VA. I purchased my primary residence with the intention of house hopping and renting it out, before i discovered BP. To the point: Basically, I make a pretty good W2 income, and get paid to listen to BP all day. I plan on moving forward with my house hopping strategy. However, I live in NOVA DMV. There isn't anywhere for me to move. I digress and I'm long winded. Back to the point: Coworker lives in Baltimore (union Square), has a house warming. I realize he paid like 60K less and got way more (previous owner way overspent, wolf stove, spiral staircase the whole nine). My jealousy and envy compel me to start scouting the area. I like the Union Square Hollins Market area. I spot a doll house, view it, think about airbnb... I could make it work, but I'd be making it work. At the same time , not only does the 90 day challenge put a battery in my back, but a mentor falls out of the sky. I zero in on a REO right around the corner from my friend. I know what he paid for his. I know his income. I know hes bought in for at least the next 5 years. The demographics are working in my favor. The place doesn't look that bad. The bank wanted 44,900. I initially offered 39,500, they countered at 43K, I countered at 41K, they accepted. I wanted to offer less, but I let the realtor talk me out of it. The listing says pending, but they haven't sent back the signed contract. Hopefully, they will tomorrow. I'm estimating 20K in repairs, ARV of 75K, $1250 rent, $162 monthly P+I@ 5.38% over 30 years (called like 50 banks to no avail, decided to call the bank i keep my money in and found out they hold their own paper). Currently it's assessed @ 157K, 60K in the land alone. I'm looking at it like between it being a REO and appealing the tax assessment. I can force equity/cashflow without actually doing too much. I'm looking at it as a long term rental. Still waiting on the contract, but I have Michael D. Pachino tentatively scheduled for the inspection. I have financing and inspection contingencies. What am i missing? Please feel free to rain on my parade. Any and all input is welcomed. I close 12/27/17. Help!

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