All Forum Posts by: Heath Thomas Jr

Hello BP,

I have a house under contract in southern PG County and need a contractor or GC to come give an estimate/confirm my rehab costs. Unfortunately, most of my contractor contacts only work in the Baltimore area, so if anyone is a contractor or knows one, I would really appreciate it!

Thank you. And if it makes a difference it is a section 8 tenant. 

I need to evict a tenant in MD who has not paid rent. I delivered a certified letter (60 day notice) to the home, however, they have not accepted it. What Do I do next? Should I call them? I'm not sure what the next steps are. 

Welcome to BP John Gillick My partner and I are also recent college grads who started investing last year. We have debated college rentals and would be happy to talk. Also check out some of the Caza meet ups in northern Virginia.

Thanks for the feedback everyone. Its in the West Forest park neighborhood. By Windsor Hills. 

We have dealt in Baltimore city and we don;t expect finding Section 8 tenants to be a problem at all. We've checked with our Tenant Placement/ PM company 

Hello, 

My partner and I are looking very closely at purchasing a house in a pretty nice neighborhood, at  great price. 

We want to use the property as a rental and refinance out of our Private money loan. The only issue is there is 1 boarded up house about 6 doors down. I can't seem to track down the owner however. 

Question is, will we be able to refinance (using a commercial loan) if there is a board up on the street? This is in Baltimore City.

Welcome Andrew Sommer ! Take advantage of all the site has to offer. I'm also in NOVA so let me know if you have any questions!

Thanks @Ned Carey asked a lender after posting. If anyone is curious, the bank I use is 8%. Lender said that was standard

Does anyone know which cap rate a commercial lender would use to value a multi-family property in Baltimore? Thinking specifically about the Curtis Bay area.

My Partner and I have 1 rental property currently, valued at 200K. Our goal is to pick up another 3 (at least) by the end of the year. Ideally, we would like to purchase 3 using hard money and refinance out under a blanket loan. 

I'm currently looking at 3 we would like to buy. But see 2 possible problems.

1. Two of them are recently rehabbed and selling for very close to 75% of ARV. Seems a little tight if we want to refi and there's a market shift or the appraiser is having a bad day and we don't appraise at the exact amount. Two (2) produce great cash flow, total investment of 108K and rent for $2,800

- Question, Do blanket lenders of SFH look only at comps? Or will they take in to account the performance and Debt service ratio of the properties?

2. The total value of the 3 properties will be about 260K. And we would need a loan for about $180,000 just to clear the HML, and not get any cash out.

Question: Are their many blanket lenders who will lend on such a low amount ,~180K? If we refinanced our first rental, appraised at 200K for $150K would that help?  Bringing the total loan amount to $330K?