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All Forum Posts by: Joe Norman

Joe Norman has started 15 posts and replied 1199 times.

Post: Rolling the dice to BRRRR?

Joe NormanPosted
  • Property Manager
  • Baltimore, MD
  • Posts 1,234
  • Votes 1,088

I strongly suggest you establish a relationship with multiple mortgage providers prior to Buying your first BRRR. While underwriting guidelines can change, I think its important that you have your refinance strategy in place and have confidence that you will be able to get your money out and repeat after you are done your rehab. Talk to other investors in your area who have completed successful BRRR projects and ask who they have used to refinance, and be sure to talk to multiple lenders - not all loan products are created the same. Good luck!

Post: Moving out of 2 year house hack

Joe NormanPosted
  • Property Manager
  • Baltimore, MD
  • Posts 1,234
  • Votes 1,088

So awesome, congratulations on your persistence and initiative!

Post: Buying a multi unit with seller financing then BRRR strategy

Joe NormanPosted
  • Property Manager
  • Baltimore, MD
  • Posts 1,234
  • Votes 1,088

If its is 3 separate deeds (for properties with 4 or less units) then you would need 3 separate mortgages and I would think that they could be residential mortgages.  I strongly suggest talking with multiple commercial and residential lenders to determine your refi strategy before entering into any hard contract with the seller.  As has bee noted there is a lot of uncertainty around seasoning period, commercial vs. residential, term, balloon, rates, soft costs, etc. that could make or break your deal.  Sound like a strong investment though, good luck!

Post: Best crime data websites, Neighborhood research Baltimore

Joe NormanPosted
  • Property Manager
  • Baltimore, MD
  • Posts 1,234
  • Votes 1,088

I second what several people have said, which is that the crime data/crime maps are not the end-all be-all for determining how "safe" an area is.  Its important that you feel comfortable anywhere you are going to invest, but ultimately what matters to me is what do tenants think?  I like to take the approach that the quality of schools, safety, public amenities, etc are all generally priced into the rent rates (assuming a fair and open market w/o a lot of public housing).

Post: How do I BRRRR a Duplex?

Joe NormanPosted
  • Property Manager
  • Baltimore, MD
  • Posts 1,234
  • Votes 1,088

It sounds like you need to talk to several mortgage providers to get their input on how the property will be valued, ] seasoning requirements, whether they will count the rental income, and your general qualification for obtaining a loan.  I strongly suggest you do this BEFORE making any purchases!

Post: New Baltimore Licensed Real Estate Salesperson

Joe NormanPosted
  • Property Manager
  • Baltimore, MD
  • Posts 1,234
  • Votes 1,088

Hey Sean, congratulations on getting licensed!  I love my brokerage (Keller Williams Gateway) and they are very friendly to investor agents (in fact I just spoke on a panel about working with investors that was attended by a lot of agents from outside the brokerage).  I'll send you a PM to connect.

Post: Starting out in Baltimore, MD

Joe NormanPosted
  • Property Manager
  • Baltimore, MD
  • Posts 1,234
  • Votes 1,088

Welcome to BP and good luck in your investing!  I think you'll find that both BP and the Baltimore Real Estate Investing communities are great places to network and learn.  The areas you mentioned having interest in definitely have some two unit properties, but not  a lot so I suggest having your financing and analysis ready to go so that you can pull the trigger when you find one that fits your criteria.

Post: Beginner investor hoping to start out in Baltimore

Joe NormanPosted
  • Property Manager
  • Baltimore, MD
  • Posts 1,234
  • Votes 1,088

Drive around and you'll get a feel for the good ones from the bad ones really quickly.  If there are a lot of boarded up and vacant homes then you can reasonably assume that it is not a desirable area to live or invest in. 

As far as specific neighborhoods go, everyone has their own opinions.  I personally like Belair-Parkside, Barclay, and Greenmont.  There is also a lot of opportunity in Dundalk and Essex.  I know several successful investors who really like Belair-Edison, although I am not as strong an advocate for that neighborhood as they are.

Everyone you talk to will probably have their own opinion of what the "right"neighborhoods to invest in are, and of course there isn't one "right" answer. Do your due dilligance, drive around, check comps (both resale and rental comps), and find a mentor or partner who can double check the deal for you before you pull the trigger.


Good luck!

Post: Beginner investor starting out in Baltimore

Joe NormanPosted
  • Property Manager
  • Baltimore, MD
  • Posts 1,234
  • Votes 1,088

Welcome to BP and to the Baltimore investing community. What neighborhoods in Baltimore are you considering? I ask because "nicer" could mean different things to different people. I think you'll find the best cashflow in some of the B/C class neighborhoods in our city as opposed to what I personally consider the "nicer" A class neighborhoods, and since your goal is passive income you might want to shift your focus to those areas. Good luck!

Post: Beginner investor hoping to start out in Baltimore

Joe NormanPosted
  • Property Manager
  • Baltimore, MD
  • Posts 1,234
  • Votes 1,088

Welcome to BP and to the Baltimore investing community.  What neighborhoods in Baltimore are you considering?  I ask because "nicer" could mean different things to different people.  I think you'll find the best cashflow in some of the B/C class neighborhoods in our city as opposed to what I personally consider the "nicer" A class neighborhoods, and since your goal is passive income you might want to shift your focus to those areas.  Good luck!