All Forum Posts by: Lois Stern

Get a pre-qualification in place.  Then take a look at how close to the universities it is ... if walking distance from at least one, you are in an excellent position.  It will not matter what "normal" rent is in the area.  Students are used to paying by the room and $4-500 per room is not uncommon [nor is 6-700 depending on the area].  You should do a search on these forums about college student housing.  There are a lot of redundant posts with great information about how to lease to students and what to expect.  You should be able to get 8-1000 easy for the other side plus 4-600 for the other room in your side... IF the apartment is walking distance.

Best of luck!

I hope you will continue to update this.  I am looking at the possibility of either adding a window or possibly moving the door in the basement.  I've not begun to get estimates.  

As stated above, a structural engineer is your best move to save time and money in the long run.  Do it right the first time so it isn't a continuous fixer-upper!

I have a number of friends & co-workers who live and rent in Frederick. They love it there and told me that there are plenty of people renting instead of owning. I would definitely consider purchasing there! I am new and figured my first few will be near home... but branching out in MD, DC, VA, maybe DEL ... are within reason eventually. I think there are deals almost everywhere if you can be patient and tenacious. Although MoCo and DC proper are tougher to find.

Welcome to Bigger Pockets @Jacquice Davis!  I grew up in MoCo, but have been residing in Baltimore County for over 20 years now.  MoCo is a tough market for fix and flip - although you may be able to find some good deals if you can be patient.  Perhaps even to move a little north to Greenbelt will be closer to home and a little more open to what you want to accomplish.  Please remember not to be so intent on closing your first property that you will take just anything!  I'm kind of doubting you would though - as a scientist I am sure you have loads of patience.  Best of luck and welcome!

Hi Justin!  Give Alyscia from Uprising a call - based in DC, but does work in Baltimore as well.

Welcome Dan! I thought your name sounded familiar. [watch a little poker on tv] This is definitely the right place for people who like to figure it out on their own, yet have others who've walked the walk before them to ask questions of. Utilize the forums and the webinars ... the resources are endless. I look forward to hearing of your successes in REI!

 @David Pearson  -PNC is just a bank that is investor friendly  [vs Bank of America and some of the bigger banks] ... I didn't know if it was national.  @Michael Faulk - the folks who weighed in above are all correct, you can get a regular 30 year mortgage based on your personal info from pretty much any of the banks.  But reach out to @Jerry Padilla, he can help you out

Do you have PNC in Louisiana?  That's a good one - and if you set up the appt to talk to one of their loan specialists, they have a rep of "getting" RE Investments.  You can also look here on BP for someone who is a Loan Officer.  I am working with @Jerry Padilla 

@Jerry Padillaundefined

 and we are putting the loans in my husband and my name.  I believe this may be what you are asking.

@Amy Zemser - I am also so glad you asked the question.  I generally try to find a thread along the lines of my latest questions.  The advice and willingness to give it out is so wonderful here.  I hope you don't mind if I try to hijack this thread to change up the question a bit.

@Ryan Shaw - perhaps you'll weigh in - you seem to have a good grip on the money end of things!  

I am in the midst of refinancing our home and rolling up a HELOC my husband took out for business 10 years ago that has come due. I think we'd be able to get another HELOC when that is done, but am not sure. Meanwhile, I took a personal loan for $25k [the most they would allow] from my Credit Union. I have a property I am very interested in purchasing for $150k [for buy & hold] - it would rent for about $1900/mo plus utilities.

Seller has already moved out of state and her 2 renters just moved out this month...  priced to sell by asking $150k - the houses on either side are valued about $310 - and I've checked it and it is in very good condition.  Can I refi after renting for a year w/o having to increase its value as the owner is pricing it to sell?  

the basement is unfinished and could be turned into another room & bath or even a mother in law suite - possibly a studio apartment if I can get the zoning.  but that's a bit in the future.  This would be my first purchase, and like Amy, my stomach turns as I think about the HOW.  

THOUGHTS?  Thanks in advance!

 Regarding the rental law in many cities that prohibits renting to more than 2, sometimes 3 adults with different last names... Can anyone explain the purpose of this law as it pertains to modern times?  I believe it may have started regarding women and brothels.  

It seems to me that without owning an apartment complex, one cannot lawfully rent to college students AND make money.  2 students cannot afford the amount it costs to rent a house.  Our city's law states that an exception can be made for a rooming house, but then puts criteria into effect that keeps that from happening.  I've done some research, and it seems that there has NEVER been an exception to create a rooming house in this city.

Yet, there are at least 20 houses directly across from the university that I have done some research on - and none of them are owner occupied.  I am 99.9% positive that they are all rented to students ... and more than the 2 we are allowed.  I'm guessing this has gone under the heading "if no one complains, who will know"... and am at an ethical crossroads.

I want to buy one of these homes and rent to students.  I'd think there are enough folks who are either NOT filing as landlords or lying.  And that, if banded together, they could make a good claim for changing the law.  But ... who wants to rock the boat and put a spotlight on themselves?  I have not purchased yet... and really just putting this out there for some healthy debate about this.  Thanks for your comments in advance!