All Forum Posts by: Christopher Bell

@Kareem Abdelazim

Kareem...just recently moved to MD from NJ and looking to explore the area to find the same thing you’re looking for. What’s the BWI meetup in August? Let’s link up see how we may be able to help each other

@David Savick

David,

I may not be the expert but recently listened to a podcast where the seller allowed for 100% financing on the property @ market rate. So they agreed on 4.75% on the agreed upon sale price on the home - In This case 325k. If the numbers work great. If not there are some lending options for 75% the price of home and 100% renovation cost then cash out refi after.

Also, I live near there and I’ve been looking to invest in this market. I see you’re an agent - maybe we can chat in a private message.

Thanks!

@Byron Scott

Congrats!!! Like you I’ve been listening to EVERY podcast I can! I can’t wait to really dive in!!!! Congrats!!!

@Wyatt Johnson

Thanks for the reply! It does appear section 8 tents are 1400 and non S8 is 1275-1300 on recent rentals. I mean you still get to vet the tenant the same way - you’re at at the governments mercy at who goes in the house.

Any other opinions on if this would  a good dal to proceed with?

@Steve W.

Steve,

I went back to do more research on the cash flow calculation after the post. They would generate about $700/mo cash flow (for both collectively) after factoring in repairs, vacancy, capex, etc. the cash/cash is just under 12%

@John Steiner

Funny, I just went from New Jersey to Maryland and am looking to put my stake down here for RE Investing

Hey BP!

Just wanted your expertise on this. I've flipped 3 homes and taken a bit of a break. However, looking to drive into what my dream has been and that's rental properties. I've looked into the BRRRR strategy and will continue looking for prospective deals to BRRRR.

Here's where I stand:

I came across 2 properties in the same neighborhood that could be acquired for about 105k each. I have the 20% down through conventional lending to acquire the properties. The properties carry a $1,100/yr tax and 188/mo HOA. Appears The total holding cost would be about +/- $725/mo. No additional income from parking spaces, laundry, etc. Now, they both would Section 8 cashflow about $675/each resulting in about 1300/mo cashflow. I drove the area and it's not the best/not the worst. Definitely not an appreciation speculation for these properties. However, starting out I think $1350/mo cashflow would start me in the right direction.

Now, how many would think starting out it would be a good idea to dive into 2 S8 homes. I've read through the pro's/con's and read through horror story after horror story and still many people have good things to say for S8. 

Would you look to go this direction?

I'm located in Maryland and the housing market is pretty steep in this market. I'm in between Washington DC and Baltimore so your average SFH goes in the 250-275k range.

Thank you again for any input!!! I've learned so much from the BP site.

@Etai Gil

That would hopefully be the plan then! I knew taking the new job would prohibit my ability for bank lending. However, the pay/benefits coverage were considerably greater than before. Price worth paying. Now I just need to build the network of private lenders. Any suggestions on ways to find private lenders?

@Etai Gil

Thank you for the response! All of what you mentioned is not a problem with the exception for employment. I just took a new job with a great salary but with lending I understand 2 years is usually the cut.

My hopes were to hopefully buy the homes in poor condition cash, perform the renovations cash, rent them, and then refinance. It’s a lot to tie up if I can’t find the lending. I may go the private lending route as you mentioned but haven’t explored that direction and personally don’t have any direct contacts there.

Thanks again for your advice!