Urban Living in Baltimore

[Jasmin Pratt-minor]

Investment Info:

Small multi-family (2-4 units) other investment in Baltimore.

Purchase price: $315,000

Duplex in the Charles Village near John Hopkins. Duplex in the last two years increase value is 420K. Currently transitioning to short-term rental.

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

Location and the owner wanted to sell fairly soon. I also wanted to house hack and do limited repairs.

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

Well I did use an agent and the appraisal was about 330, but we needed an extra meter so we went lower due to the delay in meter.

How did you finance this deal?

I used my FHA loan with 3% down, I wanted a triplex or high but the market was limited.

How did you add value to the deal?

I honestly would say I was patient because many did not want to wait for the meter to be installed.

What was the outcome?

I was able to complete the deal, I went back this year and decreased my loan rate decreasing my monthly payments and increasing my cash flow.

Lessons learned? Challenges?

Never just accept a loan rate, be okay with walking from a deal, negotiate like your life depends on it.

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

Donnie Meyd- redfin