All Forum Posts by: Michael Perry

Good Morning Friends,

I have an opportunity to purchase 2 row homes on the 1200 block of Sargeant St in Pigtown Baltimore City. They are both 2/1 with section 8 tenants in place. Tenants have both been there 3-5 years and don’t want to leave. Rent is $1200 and acquisition is 65k a piece.

Sounds all good to me EXCEPT my property manager told me Sargeant St has historically had a drug and crime problem.

Is this information enough to dissuade you from buying these rentals? Too much risk? Any Baltimore City investors familiar with this area?

Thank you!

I'll say up front, I've already purchased my first rental property in my LLC's name. I financed it by getting a HELOC on my personal residence. So now I own this renovated rental free and clear and I have a tenant who pays 1200/month. I'm into the deal for about 50k. It will appraise for about 70-75k. I'm in the Gwynns Falls area of Baltimore City.

I'm finally at the point where I'm looking for a lender who will give me financing so I can pay off my HELOC and do this all over again. But I'm discovering that I would get better rates and terms if I owned this property on my personal name instead of my LLC's. But I originally put it into my LLC's name so that my personal assets would be protected in the event something went wrong and I also wanted my LLC to actually become a money making entity which it has not been until now. I've heard of people buying their first 5 in their name and then transferring them to an LLC? Should I transfer this one for a better rate? or should I keep it in my LLC and get 6% 5/1 ARM over 25 years?

@Ned Carey Would you say so for both properties? 3512 is end unit 300 sq ft more and finished basement.

@Michael Perry Sorry those are two links and I can’t edit the list from my phone. I’ll try again. 3514: https://www.dropbox.com/sh/jkkpaj6glw0d7t2/AADd8OwiYiWHtiv83C5n8uNJa?dl=0 3512: https://www.dropbox.com/sh/k0snvtktwaqfhb8/AADQfO3bIfJ86MlmO5WLkqCja?dl=0

@Ron Davis and @Ned Carey, THANK YOU for taking the time to offer some advice. Here are the pictures I took of the two properties. Just hoping they’ll appraise for more than 60k and I don’t know if it’s a pipe dream:) https://www.dropbox.com/sh/k0snvtktwaqfhb8/AADQfO3bIfJ86MlmO5WLkqCja?dl=0 https://www.dropbox.com/sh/jkkpaj6glw0d7t2/AADd8OwiYiWHtiv83C5n8uNJa?dl=0

@Ned Carey, any thoughts?

Hey Baltimore City Investors,

I need some help evaluating a couple rentals in 21229.  They are 3512 and 3514 Old Frederick Rd.  They are off-market and I'm talking to the seller now about buying them for 60k each.  3512 already has a voucher tenant in place who pays $0 (the housing authority pays $1200).  3514 is vacant and rent ready.  

They've both been renovated to rent standards in 2014.  They are up to section 8 standards.  They will both rent for 2% of acquisition so my question is not about cash flow.  

My concern is about what they'll appraise for.  My plan is buy with 0% interest business credit (Fund&Grow) then refinace after 30 days-6 months (depending on the lender).  But I'm only gonna get 75% of the appraised value from the lender.  I need help in figuring out if these are still good deals.  I don't want to get myself in a situation where if I have to sell them for some reason, I've paid more than the appraised value.  

Here's a few more details about them:

3512:  end unit, 3 bedroom 1 and 1/2 bath, finished basement with 7'1" ceiling; rented by voucher tenant for $1200.  1344 sq ft.  Renovated in 2014.  

3514: 3 bedroom, 2 full bathrooms, unifinished basement with 6' ceiling; renovated in 2014, vacant, 1044 sq ft

Any help would be greatly appreciated.  Thank you!

BP Community, 

I have a great investment opportunity available in Forest Park in Baltimore City.  I am a wholesaler and I have a property available for you at 4115 Norfolk Ave in Baltimore City.  Middle of the row Townhouse, 10 minutes from the beltway, 3 bedrooms and 1 full bath upstairs and 1 full bathroom in  basement.   Basement unfinished but could be converted to living space with bedroom.  

Price 30k

ARV 130k

Dropbox Link to all the pictures is here:

https://www.dropbox.com/sh/le1cmh1epkwzhbz/AABtJ2U...

Let me know if you have any further questions,

Michael Perry

Sovereign Hill Properties has a new deal available.

11358 Cherry Hill Rd. Beltsville MD. 20705 A 3BD 1.5BA Condo w/ vaulted ceilings

Buy:$78k, ARV:$140k

Open House will be January 9th from 2PM to 4PM

You can view photos here: https://www.dropbox.com/sh/u51e79jie1795zp/AACnY1QAntSe-SUoVrwIyvuka?dl=0

For more info please contact us at 301-804-2644. Thanks & enjoy the rest of your day :) God Bless

-Michael

Michael Perry,

Managing Partner Sovereign Hill Properties

4423 Lehigh Rd. #149

College Park, MD 20740

Phone: 301-804-2644

Email: [email protected]

So I'm looking for a good title company in the DC Metro Area. I'm preferably looking for a title company or attorney who's worked with wholesalers before... Any recommendations? Thanks!