Section 8 BRRRR in Baltimore

[Michael Beirne]

Hi everyone,

Some business partners of mine are looking into BRRRRing in the Baltimore market and are looking to find a GC, agent, property manager and an attorney that could help us affordably close on properties.  

Our strategy is to buy out of shape properties and rehab them back into shape, so a GC with experience in doing extensive renovations at once would be preferred. An agent with market knowledge and deal flow that could present us with off and on market properties that match our strategy will be needed. A property manager that can assist with rent collection, tenant screening, maintenance, and run an online ledger for us to track expenses. Lastly, we'll need a closing attorney who can close quickly and as inexpensively as possible.

Any recommendations are much appreciated!

[Isaac Blas]

Hi, we do property management in Baltimore as well as GC projects for our clients. We also have connections with real estate agents, wholeslaers and title companies. Happy to be of service. Feel free to reach out! 

[Drew Sygit]

@Michael Beirne chat with @Russell Brazil before doing anything!

You can get eaten alive in the Baltimore market by people selling you Class D properties "dressed up" as Class B.

[Logan Lambert]

Quote from @Michael Beirne:

Hi everyone,

Some business partners of mine are looking into BRRRRing in the Baltimore market and are looking to find a GC, agent, property manager and an attorney that could help us affordably close on properties.  

Our strategy is to buy out of shape properties and rehab them back into shape, so a GC with experience in doing extensive renovations at once would be preferred. An agent with market knowledge and deal flow that could present us with off and on market properties that match our strategy will be needed. A property manager that can assist with rent collection, tenant screening, maintenance, and run an online ledger for us to track expenses. Lastly, we'll need a closing attorney who can close quickly and as inexpensively as possible.

Any recommendations are much appreciated!

 Hey Michael,

I work for Beltway Lending in Baltimore. I would love to connect with you. I am not looking to pitch you but I can have connections for what you are looking for. Shoot me a conenction.

[Michael Beirne]

Quote from @Drew Sygit:

@Michael Beirne chat with @Russell Brazil before doing anything!

You can get eaten alive in the Baltimore market by people selling you Class D properties "dressed up" as Class B.

 Thanks for the advice! I just messaged him :)

[Mija Aguilera]

I completely agree contact @Russell Brazil, he is very knowledgeable. 

[Jake Baker]

@Michael Beirne

I agree with @Drew Sygit about class D properties. On the surface, they can look like great deals. 

General Contractor - Look for someone experienced in renovating older structures common in Baltimore. Many properties will need specialized attention, especially with plumbing, electrical, and historical elements. 

Agent - Work with an agent who focuses on investors. They can provide access to off-market deals and connect you with a network of contractors familiar with BRRRR projects. https://www.biggerpockets.com/business/finder/agents

Property Manager - Choose a PM with Section 8 expertise to ensure smooth tenant placement and compliance with inspections and rent guidelines. 

[Stuart Udis]

@Michael Beirne Lower priced markets such as Baltimore are very difficult to operate in utilizing entirely 3rd party support. You and your partners are going to do nothing but put food on the table for your GC, Agent & PM. You may want to reconsider your approach to investing, especially since you are already pooling resources with a few partners. It may not appear this way on the surface but you are going to come out ahead by focusing on purchasing fewer but quality assets rather than becoming a door accumulator. Take advantage of the pooled resources you have at your disposal.

[Jay Fayz]

Quote from @Drew Sygit:

@Michael Beirne chat with @Russell Brazil before doing anything!

You can get eaten alive in the Baltimore market by people selling you Class D properties "dressed up" as Class B.

 Is there a reliable source to get this information from other than agents? 

[Drew Sygit]

@Jay Fayz what info please?

[Jay Fayz]

Quote from @Drew Sygit:

@Jay Fayz what info please?

 Of what class neighborhood it is and what the evection rate is in the area.