All Forum Posts by: Jeremy B.

I'm in the DC area, under contract for a condo in a 150+ unit complex that I'll use as a long-term rental.  The condo complex has recently switched management companies, and the new management company is actively trying to dig out from a bunch of deferred maintenance and collect from owners who are delinquent on their dues.  When this turnaround is complete, the complex will be in much better physical and financial condition and I believe in the long-term value of this location for a rental.  

As a result of the number of delinquencies, the complex is unwarrantable and on the Fannie/Freddie unapproved list.  Complicating matters, some of the deferred maintenance is the repair of some sprinkler systems, which will take 30-60 days to complete, plus however long it takes the county to inspect & approve the work.  So the complex is currently under firewatch, and will remain so for at least 3 more months.

I have a lender lined up who is comfortable with the unwarrantable and Fannie/Freddie unapproved situation, but will not lend to a property currently under firewatch. 

My next plan is to ask the seller if they're willing to consider seller financing, at least until the condo complex gets stabilized.  But if that's not an option, does anyone have any ideas for lenders who would entertain an unwarrantable condo that's on firewatch?  Thanks for any leads!

Thanks for all the feedback - @Christopher Salazar, I would be interested in any deals that you have in the SFR or small MFR arenas, especially on the Iowa side of the border!

Hello,

I'm interested in recommendations or references for a reliable plumber and electrician who is licensed to work in the District.  Please PM me if you have any good suggestions - thank you!

Posting this again to try and bump it up...does anyone have any good recommendations for an agent in Bettendorf, Davenport, Moline or Rock Island in the Quad Cities of IL and IA?  If not, I'll start making some cold calls...

Thank for any suggestions you've got!

Hello,

I'm wondering if any investors in the QCA have suggestions for any real estate agents and property managers that you have experience with who you would recommend?  Preferably agents who have experience working with RE investors. I'm looking primarily for the Davenport/Bettendorf area, but will talk to anyone who is recommended and who operates in the QCA.  Thanks!

Welcome, @Christopher N Grant !  I'm in DC and new myself.  There are lots of folks to learn from on BP, so good luck with your endeavors!

welcome, @Carla Patterson , from another beginner in the area!

@Account Closed , I have also found http://livebaltimore.com/ to be a nice resource in giving quick snapshots about individual neighborhoods, and offering some useful info as you're looking to narrow down your search.  I'm planning on going up to Baltimore this weekend to take my own 'windshield tour' of some neighborhoods myself!

@Wayne Brooks, I'm not sure about the utilities.  My recollection from conversations with the listing agent is that they're covered by the tenants, but I'd have to confirm.

@Mark Gallagher, that's a good point. I hadn't considered the owner's motivation, and also the fact that the only buyers would be other investors...as opposed to a SFH, where you'd be competing with regular families as well. so perhaps that helps explain the longevity of the listing on the MLS.

Thanks to you both for your comments.

Thanks, @Account Closed !