All Forum Posts by: Edward Howell, V

How outside of the box are you willing to go? Over the summer you could still find 20-30K 2/1's or maybe even a 3/1, in the city and on the MLS. Now, I don't see anything under 45K and most of those aren't really deals. That said, as a realtor you probably know the area a lot better. How much rehab are you willing to do? Could you find one of those tiny 2/1's in a good location, pop the top and add a level? Are you looking to stay in Richmond/local? All of VA? Out of state?

@Nicole B.

I'm going with Luray & Associates, Inc. recommended by @David Fernandez. I called everybody in order, but made sure to call everyone. I'm going with a 12 month builder's risk and general liability (non-binding because I'm on my like 5th extension (pending) and still don't have an actual close date). They're quoting $1053.50. I can prorate it and switch to a different policy once I have a tenant occupying the property, but I have to use 3 months of the builders risk. 

I touched base with @Eric G.'s guy a few times, and gave him all the information he requested Saturday, but I haven't heard back from him yet. He seems like a nice enough guy and I'd request a quote from him again, but for now, I'm going with Luray.

@Ryan Ingram @Nick H. and everyone else mentioned/unmentioned if I missed anyone on this thread. Thank you for your help/input! 

Side note: 1204 has been on the market for 5 days. It's a homepath, so, we'll all have to wait another 15 (if you're interested). I passed along the lead to a couple of my friends in hopes that they scoop it up as a 203K PR, but I doubt they will. It's closer to downtown and I want to say on a nicer block, but it's smaller and looks to be in worse shape. Bro Science says 50K repairs and it'll probably appraise for 85K, but it's probably 1% all day. If I don't get it hopefully one of you do, or can advise me why I shouldn't. My numbers are pure Bro Science, but maybe it still counts as science? Thanks in advance.

@Nick H.

Thanks! Adding them to the list.

@Eric G.

PM sent. Thanks!

@Ryan Ingram

Thanks for the tip. Will do! Do you guys do business in Maryland? That’s where the home is located.

@David Fernandez

Thanks for the recommendation. Based upon google I’m showing a nationwide affiliate based out of Pikesville. Am I on the right track, or are you thinking of someone else? I was contacted by a different nationwide “affiliate” “subsidiary.” I don’t know the proper terminology, but I will follow up on your lead when I wake up in the morning. If nothing else it will keep me motivated. Much appreciated! Thanks!

$1500 

My Auto/Homeowners on my PR are through Geico, so, naturally I turned to them. I close on my 1st investment property (hopefully) 1/5/17. My lender asked me to get a quote so she can work on my HUD. I was honest with Geico and told them the roof needed to be resealed. They are saying they can't even give me a quote until I get the roof sealed. Obviously, I cant do that until I close on the property and can't close without insurance. I'm still shopping around, but Liberty mutual is quoting me $2300+ for the year with %1500 deductibles. The purchase price of the property is 41K. To me that seems really high. I pay $525 on my PR PP 260K Manassas Park, VA. Is doing business in the city of Baltimore/Landlord insurance really that much more expensive? Is it because my house is located in the crust of Union Square? Can anyone recommend a local company or someone who specializes in the type of insurance I need? this is my first one and I'm still learning. It's literally taken me this long to figure out how to post in the Baltimore Forum.

@Russell Brazil 

That’s great news thanks!

@Ned Carey 

Sorry for the novel.

Thanks for your response. Here’s my update. The inspection went well enough. Didn’t do the thermo, but @Mindy Jensenhas a post on it. Something about a tub and a leak... savings... moving on.

All of the major systems are intact for the most part. The electric panel needs to be upgraded. It’s 100 amp and they double tapped it in some places. The roof needs to be re sealed. New gutters. The kitchen is an addition and the stucco on the outside is cracked. It needs to be resealed and I’ll have to open the wall on the inside. A few other things, but nothing major. Realistically though I think I’m looking at 30-40K in repairs. I have the report in pdf, but don’t know if I’m allowed/how to post it.

I had to extend closing to 1/12/17 so no #90daychallenge (do hashtags work here?), but whatever I think I might have found a deal. Supposedly, they ordered the appraisal this last Friday. At this point I don’t believe any of these people. I’m jaded. We settled at 41K as long as the appraisal comes back at that I still think I’m good. I’m hoping for the Zestimate which is 77K.

My house is 1320. 1316 from what I can tell is pending. They started at like 87, but once I got mine under contract they dropped it to 80K and it was pending a few days later. I looked at that one too and thought mine was the deal.  You can see paint on the fixtures in the pictures, and the pictures make it look better than it is. Sorry if me typing that detracts from anyone’s deal, but those are my honest thoughts. They’re already advertising it for rent for $1300, but I don’t know if it’s closed yet. In my mind of bro science all of this works in my favor. Here’s the thing. They are advertising SECTION 8 ONLY. 

There is a liquor store at the far end of the block towards downtown and a bar across the street from the liquor store. Our side of the street is definitely union square, and I have favorable inside knowledge about some of the residents and demographics of the neighborhood as a whole. People live on my side of the street, but it’s a dope block. I think my inside advantage is that these things don’t really bother me. I’m looking at the long term.

The tree in the back looks like it’s 100+ years old. I don’t think I’ll obstruct anyone’s view with a rooftop deck, and you can see purple ravens stadium  seats from the master bedroom. The kitchen is an addition and each of the upper levels contains a bedroom and a bathroom. I think that’s the layout across the board on that block.

Realistically, across the street is Pratt-Monroe. My side of the street is the crust of union square with the cheese being the Park itself (#parktheory). This property is above 1% even if I botch it, but I know what I’m buying. Worst case scenario I can stomach the loan, but I’m all actuality. I’m considering staying in my PR until May (2yr Mark) and moving into this house. If I could stomach the commute... I could turn my W2 into live in flip heaven in Baltimore.

Thanks again for your feedback.

I'm currently under contract in Baltimore. 30 years @ 5.38, 20% down, 41K purchase price (REO).