All Forum Posts by: Jeffrey H.

Just generally curious....why would anyone ever buy a "turnkey" property for "turnkey" money that isnt "turnkey"?....the idea to paying the premium for the done/occupied property is that all of this nonsence, real or imagined, in these situations is avoided. Aka, the construction/tenant stuff is done and/or in place. (And can also be properly evaluated prior to purchase) Certainly those that have gone down this alternative road can understand the monetary value to avoiding the hassles being discussed here. 

1. What law? Never heard such a thing. B and E OR TRESSPASSING NEVER PERMITTED BY LAW ENFORCEMENT. if one can prove sufficiently to a cop that they dont belong in house, they get removed. One would have to create a fake lease with the correct owner and signature, and probably be receiving mail to that address to be granted to stay in a home. 

2. once a court judgement is granted for posession, a " warrant of restitution" can be filed after the appeal period passes...10 days-ish. 10 days after filing warrant, sherriff has it and schedules eviction date...3 weeks later. 

2-3 months max

No such thing as a lease that will shorten your time. Courts and law dictate what is allowable. A lease can extend that time by not being written correctly. Make sure a lease doesnt say anything counter to allowing you to file for unpaid rent 5 days after its due. Why 5 days? Because the baltimore courts incorrectly assume a 5 day grace period to be a legal requirement. 

I am a longtime baltimore city landlord in good/bad neighborhoods and everything in between. I have become nothing short of an expert in everything involved, including but not limited to: construction, rehab, permits, court, house value, geography, vouchers, and law. Multiple things are immeadiately troubling about this guy jays posts:

1. No rowhome takes a year to deal with, even if its a shell. One should get in and out in a MAX of 4 months, and thats a full gut, new room adding high end flip rehab, not a rental rehab (different priorities)...and that includes permits. 

2. If this guy doesnt install hot water heaters and furnaces until day of move-in?? Several things are true. First either no plumbing or hvac permit has been pulled, and if pulled definitely isnt finaled out. Without a finaled out plumbing/hvac permit, you have no u and o permit. One needs a u and o permit to rent a home in baltimore post any level of permited construction. Which brings me to SECOND, this guy isnt pulling permits more than likely. Big problem. Now you may have a house that has functional equippment in it that the city never verified to be safe. Let one of your tenants get hurt as a result, see what happens to you. When you sue jays, it will only  be as a result of you being sued, which are two separate issues. P.S. nobody steals a full installed hot water heater or an installed furnace, unless your contractors are the ones stealing it. The street value is very little, the amount of time and hassle to get them out of a house could be hours. (Imagine emptying a 40gal heater, or cutting trunk and return ductwork, for an item with a serial number on it. These are big items too, not easy to transport) 

3. That "rent guarantee" is just him giving you your money he took from you initially back. Check out SDAT and find out the price he paid for a house he sold you, with nothing done to it yet. The spread is found money for him, than add in what he makes from the "construction" 

4. Cops show up same day when you call them, to imply anything but is bs unless  riots are happening at the same time. 

Again, i have properties throughout baltimore city, some very hairy areas and some nice ones. Each come with their plusses and minuses but all are profitable. Many things ive read here are both obvious and troubling, and im not even talking about anyones personal feelings on the matter....knowledge is power

Yes it can work. The key is that the bank will value your house higher than the price you pay for it. Can happen if you underpay the "turnkey" company. 

22k for 351 a month. 5.5 years to break even. Others like it but ill pass. Section 8 dependent. Mgmt company dependent. Big variables that could blow up in your face. One expensive repair/ garbage tenant would smash you too. 

Being a City school student is like being in prison. Cant blame her for trying to get her kid out. 

Crowded market. Good luck. 

Remington is the new hotness

Whats the question?