All Forum Posts by: Amiris Brown

Well, that settles it well enough for me. If any of y'all are willing to take such a crazy risk, even if the price came down below its land value, so to sell at no more than $50K by all means pick up this property and let me know how it goes for you. It will be the final say in wether this was a newbie mistake to pass on up or not. I'm passing it, as a newbie and him never flipped a house before this is outside of our expertise at this point of our REI careers.

IMHO, it would do well only if it was rezoned as a commercial property so to rent it out to businesses. Currently, it is zoned as residential only which is a problem.

This property is located at:

3201 OTIS St MOUNT RAINIER, MD 20712

True, yes same partner @Rick Wang! It's only bass noises that hurt him, he doesn't care about anything other than low frequency, but still I'm sure he'll hear something as just like being next to businesses that keep getting robbed it is also literally next door to a Baptist church. Sunday's and Wednesday's will surely not be quiet, and cars will most likely blast music with bass. I should point that out to him, as it may stop his wishful irrational thinking regarding this property.

I never thought of it that way, @Frank Jiang. Thanks! Very good perspective for me to keep in mind if this arises again within our business ventures between him and I.

Thank you for your understanding btw, @Laura A.. :-)

@Laura A. if only I could get my partner to understand that, which is why I came here. Since I'm a newbie he doesn't always think I'm correct even though I did do research already in what risks are good and what risks are bad to take. In the tax history this house showed it wasn't even able to be rented, now I can't tell if the owner tried to rent it as-is which would be a turn off that explains its past vacancy issues, but even if it was fixed up well the area is nice two blocks down but right next door to this house are businesses that got held up 3 times this past month alone. Even fixed up, with this one block being so rough it will have a 25% vacancy rate. I just don't think having to ride the gentrification wave is worth the wait on this house, which is what I'm essentially having to set out to prove to my partner. Since I have no money of my own, his money and credit plus a loan is what we will be using. Since it's his money and/or credit he's trying to find these deeply discounted deals, but what he needs to understand is numbers aren't everything especially at face value.

@Rick Wang good point!

@Brian J Peterson I just did that FYI ... after @Jim Adrian pointed me in the right direction.

@Matthew A. I never said $3K was too much, I said I had no money like that other than OPM. So please spare me the belittling, I can get $3K if I wanted to get my license after all. As you can read in this thread, I never considered this after reading the crime reports, but my partner keeps insisting it is a deal. I keep saying it's not. I'm here to essentially prove to him who is correct lol, so this isn't exactly a joke. Heck, a flipper or even as a buy-and-hold rental this house will not turn a profit unless it is sold for $50K in cash owned-out-right (I just got done crunching all the numbers, and the most is $50,000 it should sell for if someone isn't gullible). This is the fact I shall present to my partner.

@Brian J Peterson, well considering this is the DMV yes there are companies that specialize in bullet proofing vehicles and houses. After all, everyone in government has to reside here for parts of the year at some point lol.

Even if I got the sellers to sell it at $150,000 instead of $174,000 it would still loose money as a rental lol. As I'd have to put up with a 25% vacancy rate for the next 2 to 5 years in that location. This totally was screaming nope to me, and this settles it. While the comps show that I could charge $3,000/m in rent, those comps are not based on that specific block wich will sit vacant unless I cut the rental price to $2,500/m or less.