All Forum Posts by: Greg Grant

@Tim Jacob thank you for all the added information I had no idea.

@Ian Parrish thank you, all this information is great to know. At the moment the basement is unfinished and there isn’t any steps from the main floor unit to get down there.

@Yannik C. Thanks a lot Yannik I called this morning and got a great understanding of the zoning there.

@Ben Guttman that would be great Ben. Thanks.

Buying a 2 unit in Baltimore wanting to zone for 3 units.

Hey Bigger Pockets need some help.

3611 Fairview Ave Baltimore 21216

Let me give you the deal breakdown I bought this on hubzu for $81,900

Rehab $70,000

Rent roll $2,000 for both units

Zoned R-1 passed for duplex

ARV $251,333

There’s space for a third unit on the basement area but how are would it be to get it zoned in Baltimore and does it not being zoned for 3 units bring down the value of the property?

@Ozzy Sirimsi

Yeah it’s close to Druid hill it’s 4 or so apartment on the back. Same place. I’m heading back out there tomorrow to give it a second look.

@Shawn Ackerman

Thanks a lot Shawn.

@Yannik C- V.

Thanks for the cap rate update I’m new to the commercial real estate space, I have a couple single family that are cash flowing amazing and wanted to scale up.

If your local to Maryland let’s connect.

@Ned Carey

They are all one bedroom one bath units.

I would use my hard money to finance the deal 80% and 100% rehab. Carrying cost would be about $1300 a month it may take me 6 months or to get it rent ready.

My worry was more so the area but as I said it is plans in the works to revitalize that area I just don’t know how soon.

@Tj Hines

The property is completely vacant.

The rent is market value.

It’s bank owned so there is no information to see RR or no real way to evaluate the financial stability of the property. My thinking is worst case I could section 8 the units.

Let me give you a little more information the three houses next to it is abandoned but across the street has nice twin homes, also the Baltimore Sun just ran a article yesterday talking about the mayors plans to put $100 million dollars into low income and distressed areas and that area is one that they are focused on also they they have plans to add a lot a new business to Pennsylvania Ave and that’s the cross street.