New investor closing on my first deal in Baltimore, MD

[David D.]

Hey there,

I'm a soon-to-be new investor in Baltimore, MD. Originally I joined BP in January thinking I was going to learn about small multi-families and then house hack in 2-3 years. 

Well, circumstances changed and moved my timeline way up, and now I'm closing in 3 weeks on a fourplex rowhome in Baltimore.  The inspection didn't turn up anything deal breaking on an as-is property, so things are currently on track. 

I've been reading and researching a little bit of everything, but I'm focusing on the following areas since this real estate investing is going to be a real "thing" very soon for me:

• Finding an architect and GC who can handle major renovations in a historic district. 
• Determining what degree of historicity* (<--- evidence of student loans) I should stick to for tax credits in the renovation. (CHAP, MD Historical Trust, etc)
• Sound proofing
• Landlording 101 for the student and young professional market
• Figuring out what kind of Home Sense insurance coverage I need
• Tenant proofing units, but also making them attractive and differentiated on a reasonable budget
• Figuring out the right degree of home automation (wiring/full unit audio etc) my owner's unit , public/outward facing cameras, electronic locks etc (Consulting firm? Hours on reddit? etc)

I'll be asking questions here and there, but I'm mostly focused on searching and reading through threads right now, so if you have any good threads saved that would be super helpful.

*I have some personal requirements that take this property and renovation a little outside the norm for a typical investment project. I'll be house hacking (typical), but will be renovating the first floor unit and finishing the basement into an owner's unit that will need to support me hosting small donor development and community building events, as I am active in the Baltimore non-profit scene in my spare time. I'm also interested in using this renovation as a test case for some ideas and materials that my parents might be using in their SFH's renovation. (If you're wondering about my budget, I took a FHA loan instead of putting 25% down in Bolton Hill so I could renovate this property; it needs some love.)

[Ryan Whitcher]

@David D.

Dang! I love how that just fell into place. Just wanted to drop in a say congrats and you sound like you're the type of person to 'figure it out' so I'm sure you'll do fine. 

Good luck my dude,

Ryan

[Chad Gallagher]

Sounds like you have a pretty plan in place.  I live in Canton -- we do a breakfast about once a month in THB if you are interested in meeting some other folks that invest in the area in a casual setting.  Let me know if there's anything I can do to help.  Love the initiative you have.

[Joe Norman]

Awesome, welcome to the Baltimore REI Community!

[David D.]

@Ryan Whitcher thanks, I hope so!

@Chad Gallagher A casual breakfast sounds great. LMK details.

@Joe Norman

@Joe Norman Thanks, excited to take the plunge.

[Ladaz Mars]

Congratulations! 

[Solomon Morris]

@David D. congrats man! awesome when things just work out

[Ozzy Sirimsi]

Congrats!!!