All Forum Posts by: Chinyere Orie

Congrats!  I would suggest managing the property yourself for the first year or two (depending on how many units you have).  That way, you know what to expect from a good property manager, you know whether or not they are cheating you, and you know exactly what their job is.  I would imagine it would be hard to manage a property manager if you don't know how to do their job.  Good luck!

Have you checked rental comps, like FB and Craigslist?  $550 seems reasonable but it depends on your locale.  

I've never worked with Roofstock...is this something that they can take care of since it's within one year of purchase? Also, who hired the home inspector? This should have been in the inspection report because it's an obvious defect. I would reach out to both Roofstock and the home inspection company (they should have some sort of GL or E&O insurance) to see what remedies either of them could offer. If all else fails, I would get at least 3 estimates and go with the most reasonable. Good luck!

What is your long term goal?  Are you looking to eventually become an investor?  If so, I would probably buy the investment property first, just so that you can jump in and get started.  Also, over time, that investment property will pay you back through appreciation, cashflow, etc. that you can use the money you make to buy a condo in a few years.  

I would reply and send comps.  If she still won't budge, then let her know that unfortunately you're moving on.  Once the home doesn't sell, she may reach out to you in a month or two and be more reasonable.

Always stick to your numbers!  This market is super competitive right now, so yes, most buyers are offering over asking price.  But even though getting a deal is important, it's more important to get a good deal.  You don't want to buy a money suck just for the sake of buying a deal.  Trust me I understand.  I'm looking for a multifamily right now and it's super competitive.  But you have to stand by what make sense otherwise you'll regret buying the home b/c you won't make any money.  

Welcome!  Best of luck to you!  BP is a great community, full of helpful people, blogs, webinars, etc.  so you're in the right place.

Baltimore is a great area to invest in, you just have to be familiar with the neighborhoods!  Feel free to reach out if you have any questions about a particular location or want to run numbers.  Best of luck!

Hi!  In Maryland, usually the buyer is responsible for transfer and recording taxes.  But if you're a first time home buyer in the state of Maryland, it's split 50/50 between the parties.  Also, title insurance is always optional, but ALWAYS recommended!

Nice!