All Forum Posts by: Chris Mcdonald

@Rob Poole

All of my investments are on the west side Baltimore County. So far my multi units are cash cows and that’s why I live them but I have hit a wall from a financing perspective thus why I switched to single unit/hard money.

Hopefully it goes smooth and even if I have to go $15-20k out of pocket to acquire a new rental and learn the process, that’s fine by me. Hopefully I can get that number closer to 0 over the course of a few projects. You don’t learn anything by sitting on the sideline.

By the way I’m in Arbutus to if you ever need a realtor or brainstorm session.

@Jonathan Tavarez

That’s strange that your PM doesn’t want to do multi units, I would imagine they would charge by the door regardless of multi or single.

Yes the idea is to refi as soon as possible. This will be my first time investing in this manor and my mentor said sometimes there is a waiting period of 6 months. Ideally I’ll have it rented out by month 3 so Atleast I’ll stop the bleeding if I have to wait until month 6.

@Stephen Kehoe

I don’t close until 11/13 but yea live pics and will update.

This will be my first hard money BRRR and first single unit. Under contract at $80k needs $25-30k rehab + sweat equity with the hopes of ARV $157k as the identical house next store sold for $157 in June.

This is my first time using hard money and leaving the multi unit arena? What’s everyone’s take on multi vs single unit house?

I’ll update later with numbers - closing on 11/13/20 and probably 60 days or less of work til tenant placed.

Take action!

@Luke H.

My advice, 7 years with little to no problems. Give back 100%. Don’t be greedy and nickel and dime unless there is a major concern. I believe in karma and good things will come if you put food things out. Also why leave a bad taste in someone’s mouth just to keep $200 of a$1XXX deposit.

Do why you think is best.

@Nick Pisano

Fells Point and Greektown are nice, along with Canton and Highlandtown but are townhouse/rowhouse

@Brian Alfaro

I’m in Baltimore and made the mistake of not building a repeatable business model. My first multi unit had appreciated to 350k and I owed 65k did a cash out refi for 140k and invested into another triplex. Unfortunately I spent all 140k on the rehab and 20% down.

I’m not in the worst situation as i now have 2 triplex cash cows that crank cash flow and have 20% +++ equity in both but now I don’t have the cash to buy more.

I’ve decided to change my business model and now focusing on row houses in Baltimore. Purchasing for 60k distressed pumping 40k in cash out refi for arv at $150 and rinse and repeat. Little money out of pocket and a repeatable strategy to financial independence.

BRRRR

I’m also an agent in Maryland if you want to tour any properties. Best of luck

@Shovonte L Hope

+1 (617) 717-4125 Justin Hoy

@Gayle Melnick

That’s 100% true Baltimore is a unique area with Million dollars home sprinkled throughout and $10k homes a few blocks away. Tons of potential but do your due diligence

@Aaron T.

Some dope spots in Portland like that. You could even rent out some multi use rooms to small restaurants etc