All Forum Posts by: David Wandel

Before investing in Baltimore City make sure you understand the eviction process and all the requirements. Baltimore City is extremely tenant friendly and the current eviction time line is over 6 months if you do everything correctly.

One mistake and you will be starting over. Tenant screening is critical to your success.

I would base my offer based on what can be verified, meaning my offer would be based off of the tax returns even though the cash flow is probably more than is being reported. I wouldn't be suprised at all that some, if not all, of the rents paid in cash do not go in the bank.

Most, if not all, of the texts and calls you are getting aren't investors. They are wholesalers. You are getting all this interest because (I assume) that you own it free and clear. There is no guarantee that they will get it sold for you.

Do you have it rented out? Is it making you money? Do you enjoy owning the property? If you sold it what would you do with the money?

Some of the wholesalers that are contacting you are actually pretty competent and can probably get the house sold for you. Others will just tie your property up and give you false hope.

Not sure where you live at or what kind of contacts you have in Baltimore but after answering the above questions and the decision was to sell the house I would probably post it myself in the local Baltimore Real Estate FB groups, BP Marketplace.

If you are local stop in at the Friday lunch at Spirits and meet some of the real players in the Baltimore market. Good chance you could sell the property there.

What street is the house ? Let me know if I can be of any help to yo.

I own 4 properties that are used for assisted living. I have rented them experienced operators of existing assisted living facilities looking to expand their businesses. if you wanted to explore this option i would pull the list of licensed assisted living facilities in your county and reach out to them.

Of all the real estate I own these four properties are the most headache free and profitable properties that I own.

Hi Ned,

  When is this event. Your post says Oct. 27th.

(Moderator note: the date has been corrected)

I would not want the seller replacing the roof unless I was the one picking the contractor. Most likely the seller will be choosing the cheapest price which normally isn't the best job/warranty's,materials,etc.

I would prefer a credit for the roof, whether that is a reduction in price or a check at settlement.

They are legit. I have refinanced three rentals with them over the last year.

Russell Brazil posts on here often and is a very thorough and knowledgeable agent. One of the top agents in the Md/DC area

@Russell Brazil

Baltimore REIA is back to having in person meetings. They meet on the third Wednesday at the Best Western on O"Donnell Street at 7 pm.

Calendar - Baltimore REIA

Why can't he get a mortgage now? How likely is it he will be able to get one in 6 months? I have one lease option agreement that the lessee has yet to execute. The first 2 years I had them pay an extension fee that did not go towards the purchase price and was non refundable. The second year I also increased the purchase price 5k.

This year I will probably not extend and they can just continue renting.

I would probably increase the sales price pretty close to the appraised value. Something to think about-after giving you 3k he probably will struggle to come up with the down payment and closing costs. How bad do you want to sell the house? If you really want to sell the house I would probably write a new option and sales agreement raising the price but would probably have a smaller option fee like $500-$1,000. If you don't really want to sell the house raise the sales price and have a large option fee.