All Forum Posts by: Jarrod Deshields

@Kevin Hart thanks for the feedback. Sounds like a plan!

@Sam Shueh thanks for the reply.

I was thinking of offering some incentive to least through the summer. Assuming they're either local or returning for the next semester, I'd imagine not having to move would be worth $400 to hold over the summer. Maybe not..

It's about a miles drive from the school. One turn then straight shot. Even closer to the hospital. Traveling nurse or med students maybe?

I've many older forum posts about college rentals but I wanted to reintroduce the topic for a more fresh perspective.

I'm getting myself in position to purchase a 3bed 1bath duplex locally. This will be my first property. The asking is $70k with very light rehab already done. The rehab will run about$65k. ARV about $180-195k My optimal strategy would be to rent it out to students $400 a room. I have other plans but "Plan A" brings me rightly $1k in cash flow. I plan on using the Fannie Mae homestyle renovation loan for the deal.

So a few questions:

1. Do I (or does anyone suggest) get any special insurance?

2. Do I need to register my housing with the university?

3. How do you suggest I vet my tenants who may have little or no credit?

*More questions to possibly follow

Thanks for any and all input.

@Phillip Shafer

Compared to your area I think you'd fare better here. Are you investing in Baltimore city or IN Howard county? Because ANYWHERE would be cheaper than Howard county. Specifically Salisbury. College area, beach proximity, etc.. What is your strategy? Buy & hold? Flips?

I've split a good part of my life between the shore and north Laurel and as much as I'd prefer to live on your side, housing is a little expensive IMO. However if you ever make the decision to invest on the shore I'd be happy to be your boots on the ground. Good luck on further endeavors. My apologies for not contributing to the topic. 

@Phillip Shafer

Are you invested anywhere on the eastern shore?

@Cathy Svercl Thanks for the reply. I posted from my phone and didn't see my post after. Assumed something malfunctioned. Anyway, since this post I've been inside of the unit. Current owner ran out of rehab money. But during the process the wall was cut away where the black stuff was and it wasn't mold. Was just something on the drywall. For sure not mold. 

As for the zoning my agent is waiting on a call from the city about the current classification. Might be as simple as paperwork. And hopefully not too many dollars.

*Newbie Here*

I'm looking into a deal on a duplex in my area that has the potential to be a pretty good deal. There's been a couple buyers who came with hard money but fell through because the property wouldn't appraise for +200k ARV. Realtor says 175-180k. No problem.

The realtor also told me that because the units didn't rent over a year, the city now classifies this property as a single family. Once purchased it can still be rented as intended.

My question is how, if in any way, will this affect my financing or HML qualifications? Will it hinder me in the future if I decide to sell or refi?

*Also, I have yet to get inside of the property but looking through windows I can see all black around the walls. About 1 foot up the wall from the floor. Can anyone speculate on what this is? Mold?

Thanks for any and all insight.

@Steven McDermott

Welcome to BP!

@Aaron Mayo if you're in Maryland, check out the Maryland Mortgage Program. I think the exact program is called SMART BUY. They use student loan debt toward the price of the home. Up to $40K.

@Brandon Turner

What factors do you look for to determine a "good" market?