All Forum Posts by: Connor Corkrin

Hey Stephen- I think you’re in the right space of mind with wanting to house hack until you have to move. 

True Multis are notoriously hard to find in Baltimore that make sense. I tried myself for months watching, and most just simply didn’t work numbers wise. 

I recommend room-hacking, especially as a new grad. Assuming you have student debt, or may not have a large sum available for a down payment, I think the move for you is to room-hack using an FHA loan.

Find a 2-3 BR townhouse in one of the nicer neighborhoods (fed hill, riverside, locust point, fells point, or canton) that has a finished basement that isn’t already counted as a Bedroom. Drop a wall in there to create an additional room and you can take that while charging higher rent to roommates and cash flow from it. 

Tons of opportunities for this method here, I’ve been doing it for two years myself. 

The FHA loan will give you flexibility as it's (I believe) a 1% down payment with the stipulation that the property is your primary residence for 1 year. Saves you from the standard 20% down payment.

happy to chat more if you want, I’m not an agent or anything so no worries on that I just like helping other new owners find a way to make money off of it. 

Hey @Tony Vicente- One method that would likely work would be to find a list of properties with tax-liens against them, and sort it by address. 

You could then find those next to each other, and purchase the tax liens to then move forward with the rehab. 

I haven't personally done this, but know a few people who use tax-liens to get properties for pretty cheap (although they're normally just shells) and then flip them. 

Hope it helps!

Hey man- currently doing just this in Riverside. Feel free to shoot me a message and we can talk about it! 

That's awesome to hear Tim, I feel that (at least initially..time will tell depending on how long this lasts) the rental market hasn't been insanely devastated. We'll see as time goes on though. 

Solomon - Glad to hear you're doing well, I'm definitely grateful as well! I'm definitely looking forward to seeing how this all shakes out in either direction, seeing as we haven't seen such an economic fallout due to completely external forces in our history. 

Daniel - That makes sense, it seems like it's oftentimes a struggle to make sure you come into a situation where there was a preexisting relationship/agreement, and ensuring you have a full understanding in order to fully follow through.

Good point - I remember seeing the Fed stated it's going to keep rates super low "until the economy has recovered," so I'm also curious to see how the impacts the bank's lending risk tolerance

Gotcha - Appreciate that input Daniel.

Interesting that it seems to not have had too much of an impact, but instead maybe help you see some of the problem tenants more clearly. 

Do you think those problem tenants were just able to present a stronger image when you screened them? 

In regards to your signing the new lease with the stipulations on non-payment actions, what were the previous conditions set for that situation? 

Hey all,

I'm curious how the pandemic is affecting your rental portfolios - whether positively or negatively. 

I'm currently only room-hacking a SFH in Riverside, so my tenants are also people I've developed a strong friendship with, but in my case COVID has not disrupted anything in the least.

It is actually the lease-renewal window for all of them, and each of them chose to renew as well as accept a rent increase. Is anyone else seeing normal movement upward like this for cashflow?

If not, how is COVID affecting you? 

Hey Matthew, 

Agree with what several others have mentioned - looking at straight investment? Or house-hacking? That answer helps frame what you'd be looking for.

I house-hack in downtown Baltimore, and it's going great. Some good opportunities here, but plenty around Meade as well. 

Happy to answer any questions, feel free to shoot me a message. Best of luck. 

Hey my Baltimore BP people,

I'm looking for information on how to obtain courthouse lists of pre-forclosures, foreclosures, inherited properties, divorces, etc. 

I haven't used this method before for lead generation, so even a starting point is much appreciated! Thanks!