All Forum Posts by: Joe Norman

I'm not aware of any movement towards regulating short term rentals in Baltimore County, but I would still proceed cautiously and make sure that any purchase would work as a regular rental as well.

I've had good success with Scott Freitag at Eastern Savings Bank with non-traditional refi's.  If you're looking to do a traditional refi (home is seasoned, full documentation of income and assets, etc) then give Alex Thomas at Primary Residential a call‬.

I've been advising my clients to be cautious and to have a backup strategy when they are buying homes with the goal of turning them into short term rentals.  Its inevitable that the City Council, and eventually the General Assembly, will regulate this market.

Proceed with caution!  If The Orange Ave Realtors 1) have a good deal, and 2) have a good reputation in Milwaukee, then I'd be very skeptical of why they have to advertise for "partners" on Craigslist.

Congratulations! I wish I had considered the house hacking/BRRR strategy in my younger days before I started a family. Keep it up!

Hey there Assaf, welcome to BP!  Are you looking for a Maryland licensed general contractor who can do a full reno for you, or a handyman to do a simple tenant turnover? 

Welcome to BP! You could definitely find a $200k property that will cashflow, but you might be better off looking at $120-150k ARV properties in some of the B/C class areas of Baltimore and surrounding suburbs (Dundalk/Essex/Middle River come to mind). Northern AA County is also a good bet, as Dave suggested.

There are plenty of ways and areas to maximize your $40k investment in Baltimore, just do your homework first.  You're making the right first step by introducing yourself on here, and I also suggest you hit some local meet ups (avoid the ones that just pitch you on buying seminars and products) and connect with some other Baltimore investors and professionals.  Good luck!

I second Russel's assessment of the difference in markets - do your research on the neighborhoods in Baltimore that you are considering investing in and talk to some local investors and professionals who can help guide you.

Regarding sell vs. refi - that depends on your goals.  If you're investing for cashflow then selling seems like a no brainer, since this one is barely breaking even as it is, and will be in a negative cashflow position if you put a second mortgage/HELCO on it to pull out the equity.  If you're in it for appreciation then maybe there is an argument for holding on to it.

Good luck!

Contact SDAT and Baltimore Housing to change your mailing address directly with those two entities, and then contact USPS to have all the rest of your mail forwarded.  Congratulations on the purchasing your first unit!

I suggest giving Eastern Savings Bank and Kopernik Bank a call as well, they  both do smaller portfolio loans in and around Baltimore.