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Updated almost 8 years ago, 01/26/2017
Success in Baltimore County, MD
My husband and I started investing in Baltimore County, MD a little over a year ago. We purchased our first property for $58,000. We were able to rehab the property for $35K. We started the rehab with the intention to sell it, but after studying the market several times, we decided to hold onto it and rent it. We probably could have saved about $5-8K in rehab costs if we hadn't had renovated it with a resell in mind. Either way, we managed to rent it for $1650/month with a Section 8 tenant. We refinanced the property after acquiring a tenant, since we had purchased the property using a hard money lender. The house appraised for $148K and after paying off the hard money lender and doing a cash out refinance, we were able to get back the $35K we spent on the rehab! We have since been able to purchase 5 additional houses using the same model. Our last property we were able to buy CASH to avoid the hard money fees. All of our properties rent for an average of $1600/month. We are continuing to look for buy and hold properties, but now we are interested in trying a flip. Any advice would be greatly appreciated as we venture into our first flip!
@Robert Guilfoyle with Dominio it's 5 points and 10-12% interest. You also have to put 10% down. They offer financing for purchase and rehab.
Does anyone have any recommendations for a good property management company in Baltimore? We have been receiving a lot of complaints about our current company and I want to research some new companies. Recommendations would be helpful. Thanks!
Eliza Luna Congrats on your success thus far. What has been the term of your financing with Dominion? Are the points paid upfront or on the back end?
Thanks
Eliza Luna thanks so much for sharing your success story for us to learn from!
@Eliza Luna Not sure if you're still looking but I came across a thread that will hopefully be of some assistance to you. Hope this helps!
https://www.biggerpockets.com/forums/563/topics/98138-any-good-property-managers-in-baltimore-md
@Destiny Smith, thank you!
Congrats on the success! How is everything working out with the sec 8 tenants? Did you place them i. The home yourself or did the PM place them?
@Eliza Luna, Hi Eliza, have you found an insurance broker that does both builder insurance and rental? Could you share? Thank you.
@Bonnie Y. Yes, we are using a local company near my home. The prices are decent despite the poor customer service. But she only works with people who live in this area, even if they have rentals in other areas.
@Eliza Luna, ah too bad. Please let me know if you know of anyone willing to work with out of town investors. Thanks again!