All Forum Posts by: Johnson Ejalu

Awesome! @Todd Whiddon .... What are the numbers if you don't mind sharing?

Well to BP @Janet Brown, 

Im also based in MD,  I am a Rehabber & Realtor.  See you around the forums, wishing you the best.

Funny story, I recently bid on a property and mistakenly sent two offers for the same property within several days. I then got a multiple offer notice which surprised me cause the property had been on the market for sometime. I checked my account and canceled the duplicate offer. I then got a counter the next day! :-)  I have countered back and waiting for their response.

@Christina R.

HUD will usually counter back at 80% of list and will not go below that if the property hasn't been on the market for some time.

How much work do you think that property needs?

Contrats BP!....Wait, was that an older Harry Porter in the last pic? :-)

Awesome podcast! As we say in Swahili "Safi sana!"

I entered the contest and I think my info went through but i got an error after so i'm not sure....tried it several times and got same error :-(

HTTP ERROR: 504

RequestURI=http://www.yellowletters.com/?contactId=22226&inf_contact_key=79a94fb15beb62c7....

I have never heard of such a law in DC. Investors buy foreclosed properties in DC all the time...all that "Realtor" had to do is search the MLS :-)

Maybe he/she was referring the DC's rent control and tenant friendly rules.

Hey @Tal B

Washington DC is a great place to flip property but the price point is high for most new investors. DC has been undergoing major revitalization and as a result you can find good deals in all four quadrants (NW,NE,SW &SE) in DC. Competition is fierce but if there is competition then there is money to made. The Petworth neighborhood in DC is one of the hottest areas to flip right now. The average deal price is about 350K and ARV is around $650K, so with a spread of $300K and average rehab cost of about $120K you can see why competition in Petworth is fierce. Here a some rehabs in Petworth that closed in the last 90 days -

http://mrislistings.mris.com/DE.asp?k=3489715XJ4WL&p=DE-246865875-439

There are other areas in DC that have a lower price point but with good flip results as well.

@Zachary Mowery

I am based in Maryland and in this market end buyers tend to be more active during spring and end of summer/ fall season when kids are back in school and vacations are done. Winter tends to be lowest in activity.

Doing rehabs during the winter in this area can be tough especially if your property doesn't have heat. Most people in this area (Including me) are wimps when it comes to winter :-) ... I went through one this past winter and it was not fun wrestling my contractors but as long as you stay ahead in payments they will respond especially with holiday season coming up, just be fair and pay as promised. At the end of the day, the name of the game is get it done, period!

Hey @Jimmy Klein I'm not aware of any turn key properties along the 270 corridor. They are hard to find in the area but not impossible. Had a condo that was going to be for sale but owner decided to rent instead -

http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=3489715XJ4WL&p=DE-246414735-28

However in Baltimore turnkeys are available for way more than 1% rule. You just have to know which areas are ok. The properties are mostly townhouses/row homes that have been fully renovated. Prices range from 60K -120K depending on the property and area.

They usually rent for $1100-$1600 depending of the size of the property and program utilized ( Section 8, project place, project fresh start...etc) Leases range from 1-2 years and sometimes 3 years.

https://drive.google.com/folderview?id=0B6Q8OkcweTwCVTAtTWhPUDRaS3c&usp=sharing

Are you interested in the Baltimore market? What type of properties are interested in? What returns are you looking for? Will you need help with financing? Will you need help with property management?