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All Forum Posts by: Stephanie Barthelemy

Stephanie Barthelemy has started 9 posts and replied 23 times.

Post: 203K General Contractor in Baltimore, MD

Stephanie Barthelemy
Pro Member
Posted
  • Investor
  • Baltimore, MD
  • Posts 23
  • Votes 15

Hi, my wife and I just got our offer accepted on a property in Baltimore, and we are using a 203k rehab loan. Does anyone know a good GC that is experience with working with 203K rehab loan in Baltimore, MD?

Thank you

Greg

Post: 203K General Contractor in Baltimore, MD

Stephanie Barthelemy
Pro Member
Posted
  • Investor
  • Baltimore, MD
  • Posts 23
  • Votes 15

Hi, my wife and I just got our offer accepted on a property in Baltimore, and we are using a 203k rehab loan. Does anyone know a good GC that is experience with working with 203K rehab loan in Baltimore, MD?

Thank you

Greg

Post: CPAs: Reporting rental income on owner occupied

Stephanie Barthelemy
Pro Member
Posted
  • Investor
  • Baltimore, MD
  • Posts 23
  • Votes 15

Thank you @Bill Hampton! I know there are a lot of specifics that must be considered, but generally, you gave me great info. The benefit comes from being able to expense items for business purposes where I may not have been able to do that without the house hack. 

Post: CPAs: Reporting rental income on owner occupied

Stephanie Barthelemy
Pro Member
Posted
  • Investor
  • Baltimore, MD
  • Posts 23
  • Votes 15

What are the rules around reporting rental income in Baltimore, MD on a property that I occupy as my primary residence and collect rent from two tenants?

Post: Long Distance Investing

Stephanie Barthelemy
Pro Member
Posted
  • Investor
  • Baltimore, MD
  • Posts 23
  • Votes 15

@Justin Reed You really know your stuff! Thanks for the advice. Have you done this in Baltimore? If so, what were your results?

Post: Long Distance Investing

Stephanie Barthelemy
Pro Member
Posted
  • Investor
  • Baltimore, MD
  • Posts 23
  • Votes 15

@Magnus Göransson Wow! Congrats on the super long distance investing. I hope that's going well. 

This is great advice! Thank you!

We do have a very trustworthy realtor. We scrutinized and interviewed and tested him a lot. We have met with him several times. We trust him.

Post: Long Distance Investing

Stephanie Barthelemy
Pro Member
Posted
  • Investor
  • Baltimore, MD
  • Posts 23
  • Votes 15
Originally posted by @Hanna M.:

Why Baltimore? I ask because I live in the DMV and am familiar with the Baltimore market. I work in real estate. I wouldn't touch Baltimore with a ten foot pole, honestly. I now invest long-distance in the Southern US instead of Baltimore or DC even though obviously investing locally would be logistically easier. The landlord/tenant laws in Baltimore and DC are an absolute nightmare and only getting worse since Covid. People are also flocking out of cities during the pandemic, making rents shoot down in the short term. In order to cashflow in Baltimore you're mostly looking at C/D properties with neighborhoods you wouldn't want to get out of your car in (just trust me on this). Really wondering why you chose that market.

 Hi Hanna,

We're open to other places. We just have been there a lot and got pretty familiar. We met some great, knowledgeable realtors who know the market and we can see a strategy there. Plus it's not that far from were we are in Brooklyn, NY.

Post: Long Distance Investing

Stephanie Barthelemy
Pro Member
Posted
  • Investor
  • Baltimore, MD
  • Posts 23
  • Votes 15
Originally posted by @Account Closed:

@Stephanie Barthelemy

What is your motivation for targeting long distance?

We live in NYC and it's just way to expensive for us to get in the game here. It's not at all landlord friendly. A triplex here is literally 10x more than in other places - namely Baltimore.

Post: Long Distance Investing

Stephanie Barthelemy
Pro Member
Posted
  • Investor
  • Baltimore, MD
  • Posts 23
  • Votes 15
Originally posted by @Joe Norman:

PLEASE PLEASE PLEASE do your research on the neighborhoods and blocks you are investing on. The numbers in Baltimore sound incredible, and often times they are, but they come with the risks associated with being in C/D class neighborhoods that are harder to manage from afar. 

This is great advice. Thank you! Are there any apps out there you are currently using to get ratings on neighborhoods? I have been using Niche, but the ratings on Baltimore are years old and I would like something more up to date. 

Post: Long Distance Investing

Stephanie Barthelemy
Pro Member
Posted
  • Investor
  • Baltimore, MD
  • Posts 23
  • Votes 15
Originally posted by @Stephen Kehoe:

If you inherit a tenant with your purchase make sure you determine if they are paying there rent. There are a lot of renters that took advantage of the eviction moratorium. Currently there is a 4 month backlog in evictions so if you file today you won't get your first court date until March. 

Thank you Stephen! We are definitely looking out for that.