All Forum Posts by: Eric G.

Originally posted by @Joseph Abad:

Hi

I am looking for a contractor located in Baltimore County close to Towson University who can install a new washer/dryer hookup. So far I have gotten two contractor bids. 

• One of them is only able to do the waterline hook up and can not do a new electrical hook up. Their quote came out to around $2500. 
• The second one is able to do the whole thing and their quote came out to around $8k

I've tried reaching out to more contractors but a lot of the contractors in the area have been really flaky. Does anyone in the area have any recommendations on a contractor? I am having a hard time gauging whether or not the quotes are too high because I can't even get a contractor to come out to give me a quote. 

 I don't even think I could continue a conversation with someone who told me a washer dryer hookup was an 8K dollar job, that's insane. I have some people I can probably put you in touch with. I'm not 100% sure what their price would be but I use them and they are very reasonable. You should try to reach out to more Baltimore area investors because there are lot of good contractors and handymen in the area. I will send you a PM.

Hi @Christopher Haynes,

I'm a fellow investor from Baltimore, I can send you my insurance guys information. He's currently insuring my multifamily in the City. I liked him because hes more informative than most of the insurance agents I found - responds fast too. I can pm you his information if you want to reach out. 

-Eric

Hey Sam,

Looking at the picture, it looks like you probably live in my neighborhood (Canton or Patterson Park). To be honest, a lot of the line work done by BGE  in Canton is some of the worst I've ever seen. The first property I was going to purchase needed lines to be relocated in order for me to install a rooftop deck. BGE responded (eventually) and wanted a professional "site plan" to be submitted before they could make a decision and even then I didn't know the cost associated. 

I have a friend who is a former BGE lineman and can probably answer your question. I will give him a call and shoot you a PM. 

-Eric

Hi Michael, To my understanding, as long as you are an honorably discharged veteran with the minimum amount of service, the VA Loan can be used forever. I currently have a VA LOAN on my property. Here are some things to think about, 1. A VA Loan adds a "VA funding fee" which is a percentage of your purchase price that gets added on to the back of your mortgage. I believe mine was somewhere around $5,000 or somewhere around 2%. It ends up being a much better deal than having to pay PMI as $5,000 over 30 years comes out to less than $20 a month. 2. Consider #1 if you plan on doing a flip. I feel as though a VA Loan is better for buy and holds. Why add $5,000 onto a loan that you're trying to cash out in less than a year anyway? Sometimes it's better just to put cash down (some circumstances). 3. A huge problem I had with VA Loans are appraisals. At least in Maryland, there's very little inventory for a large amount of buyers. That tends to drive prices up and you need to make CERTAIN that an appraiser will come back with the right numbers considering you won't be putting anything down. Either way, I think a VA Loan is a genius way to start house hacking. You can get into a property for 0$ down and have a tenant(s) pay your mortgage. The cash flow from what you previously paid in rent (that you're not paying now) for 0$ down is a no brainer. Hope that helps, good luck.

Originally posted by @Scott Kronzek:

Thanks for the help guys. From a strictly rental/income perspective, I'm having a tough time finding anything that even meets the 1% rule. What do you Baltimore people think of this? https://www.redfin.com/MD/Baltimore/815-S-Curley-S...

Might rent for $1450-1500?

Hey Scott,

                       If you're curious about what things will rent for in Canton you can always reach out and I should be able to get you pretty close as I've lived here for quite some-time. When it comes to straight location, this is a great property. You're about 3 blocks from the "Square" which is a very popular place for neighborhood drinking/bars. In my experience, its not often that rentals in Canton sit on the market very long if they are priced appropriately. Notice, I didn't say low, just appropriately. This property is on a street that runs N-S and they tend to be more narrow and the properties are slightly smaller. 

                      If I was looking to purchase this as a rental, my mindset would be on the "roommate" factor, not necessarily the overall MP of rent. What I mean by that is, "How much would I be able to get, per bedroom"?  A lot of younger professionals in this area budget according to that as people living with multiple roommates is very very common. In my opinion, this property would average around $675-$725 a room. On the low end, you might be looking at 1425, high end maybe 1500 ish?

                   Now, I can't really see what the alley looks like. However, if you are able to create parking in the rear you would get wayyyyy more. Parking in Canton is HUGE. A rooftop deck would also add about $100-125 a bedroom. I don't think this property would cash flow very well at that price but anything in the area will probably appreciate overtime. This is all just opinion based on my experience in Canton, hope that helps!

               PS: If you're interested in seeing what rooms go for in that and surrounding neighborhoods, there is a Facebook group called "Roomates and Rooms in Canton - Patterson Park". I'm not sure if that's the exact name but it should pop up fairly quick.

Welcome to BP, @Calvin Douglass. 

I'm new to the investor community as I recently purchased a two unit property that I am currently house hacking. I'm also currently live in Canton and would be interested in local meetups. I work full time as a Detective and enjoy the long term aspect of REI (Buy and Hold - Rentals). From time to time, I've seen a few investors pop up that also happen to be living in Canton. Our goals are slightly different but I think if someone was to hold a local meet up in the City I would love to attend and introduce myself. @Ozzy Sirimsi. Best of luck to you!

-Eric.

Welcome to BP, @Neil Brown

I'm 25 years old and currently house-hacking a two unit property in Baltimore City. There are some really great (small) multi unit properties available in Baltimore City that I hope to capitalize on in the near future, you should too. Best of luck to you.

- Eric 

Hey Greg,

I think theres a lot of money to be made in Baltimore, regardless. I was brought into the REI game by other collegues who have advised me there really aren't any "no go" areas it just depends on what strategy your aiming for. If you send me a DM I can tell you a bit about what strategies I (along with friends) have found does and doesn't not work based on neighborhoods.

Hi @Bex Young,

     I'm new to this site as well but I'm currently in the same City. I only have two units and have not done done a flip (yet), but I can help advise you where to stay AWAY from in Pigtown in reference to buy and holds. I was just talking to @Kody Veit about Pigtown, maybe you guys can exchange ideas.

Originally posted by @Ned Carey:

@Eric G. I use and recommend Jeff Stoller from Goodwich Stoller and Associates. He know real estate and gives very good service.

 Thanks, Ned. I understand you own and manage quite a few properties. Would he still be beneficial to me being as though I only have two units at the moment?