All Forum Posts by: Dominique Ellis

I’m hoping BP will come in handy for me here. I have a unique situation where an elder lady wants to gift me her house. The only problem is she has a reverse mortgage on the property. So instead of gifting me the property she is deciding to sell me the property for 100k which is what she owes plus interest and that would pay off the reverse mortgage. I’m willing to give a pretty significant interest rate for a private lender who is willing to fund this deal for me. As-is the house is worth about 250k and will be worth well over 300k once rehabbed, but I’m hoping for 24 month loan. I’m happy to chat so we can discuss further. Obviously you would be first position lean holder on the property. Hope to speak to someone soon!

@Jennifer Donley Thank you for all the great information. That helped me a ton! 

Hey everyone, quick couple of questions.

I'm currently looking to buy my first property here in Baltimore. The property that I am looking at has a tenant already in place. They are section 8 tenants. If I was to purchase this property, I'm curious as to the process I would have to go through seeing I am not currently registered and this will be my first property. 

1. 1: I understand that I would need to get registered for section 8. Would I have to wait until the house is under contract to register? How long is that process typically?
   
2. 2: What other things do I need to know while transitioning ownership with a section 8 tenant already in place?
3. 3: What are some of your experiences taking over a section 8 tenant for the first time?

I look forward to hearing from you, and thanks in advance for all of your help!

@Lawrence Snells Hey! Welcome to BP. I'm brand new in the investing game too. I'm also looking at buying in the Baltimore area. Would love to connect and discuss our experiences! Let's build that empire for our family and freedom.

@Justin Schreibeis thanks for the reply! Yea so I planned on self managing the property. Definitely needs so updating and touch ups. Based on the looks of things I wouldn’t expect more than 7k.

Hey guys! After analyzing deal after deal in the Maryland market, I finally found a potential deal. Let me know what you think and would you take this deal???

Purchase Price: 70k

Down Payment + Closing: 19K

Mortgage: 56K

Interest: 5%

Vacancy, Maint, Cap Ex, Insurance, Taxes, P&I: $635

Rental Income: $850

Cash Flow after expenses: $215

ROI: 14.05

Would love to hear everyone’s opinions as I continue to learn!

I want to thank you all for your feedback, advise, and recommendations. You have each given me a lot to think about. Best of luck to everyone in their continued pursuit of greatness in the world of real estate. I am determined to make this new adventure of mine a success. If there is anything I can do for you, please do not hesitate to reach out!

Hey bigger pockets fam! So I’m a brand new investor looking to make an offer on my first deal and hoped you all could give me your opinions and advice. So this property has a tenant already in it. According to the seller the tenant has been there 10 plus years and are paying below market rent. They are on a month to month lease and would like to stay. The property definitely has some updating and remodeling that needs to be done and from the pictures it looks like the tenants have a slight hoarding problem. If I was to close on this deal, do you all think that I should move on from the current tenant and remodel and get some new people in there so I can bump the rent to market value? Or go with the stable tenant until they are ready to leave? What are some downfalls I could face with this current tenant? Obviously this being my first potential deal it is a bit scary. Also does anyone know of any good real estate lawyers in the Baltimore area that you all have had a good experience with? Any help would be greatly appreciated!