Baltimore Maryland Flip - Brooklyn Park

[Jonathan Tavarez]

Investment Info:

Single-family residence fix & flip investment in Baltimore.

Purchase price: $135,000
Cash invested: $50,000
Sale price: $245,000

Brooklyn Park Flip in Baltimore a few years ago, I'm finally adding some of the properties I have done under my profile. It took a while but worth the effort so other investors can get more information on the type of work I have done and the areas I invest. Enjoy!

What made you interested in investing in this type of deal?

I really like the Anne Arundel side of Brooklyn Park, this area has some good opportunities for flips and strong rental market.

How did you find this deal and how did you negotiate it?

I got this deal at an online auction, there wasn't much negotiation after the price was set and I offer a little more than the others during the auction time line. I had my numbers set in stone and I also went to see the property before bidding on it (something I strongly recommend you do if you buy at an auction).

How did you finance this deal?

I put some of my cash and some hard money. Hard money is expensive but if you factor your numbers correctly it is a great tool.

How did you add value to the deal?

We did a fairly big renovation, totally gut rehabbed the basement including a bathroom and also added significant work on the second floor. Some landscaping and added granite counters to the kitchen.

What was the outcome?

We got a nice profit but I really like the area so in all honesty I didn't wanted to sell it but at the end decided to let it go. I was happy with all the work and with this property I let my team have more freedom when doing the work and I was less involved. So all in all it was a great project.

Lessons learned? Challenges?

In this kind of project there is always surprises, some areas didn't have insulation and we only find that out after removing some of the drywall, some old electrical work even thought the main panel was upgraded, etc. At this point I see things as everything has a fix just do your numbers and don't freak out, there is always a way.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

My wife Sarah Tavarez with Keller Williams Realty is my agent and she does a great job with negotiations, it really helps to have a realtor in your team :)