All Forum Posts by: Julie Hassett

Originally posted by @Joe Cummings:

Buying these kind of things is a lot like being in a dysfunctional relationship. Whoever lets their love show the most loses.

The only way to win is to always be postured to look like you're going to walk away.

 BTW Joe, my experience in the world of online dating has me well prepared for this one. ;)

Originally posted by @Joe Cummings:

Offer them $150,000 and let them come to you.

Flat out tell the guy his comps suck, like Nancy said.

Don't worry about insulting them or hurting their feelings, you're the one with the money.

I'm kinda curious, why Baltimore? Work? School? Family?

 Hi Joe! Please see my previous post with my question about the comps.

Why Baltimore? Sunshine, palm trees, the year-round sunny weather, the gorgeous babes in bikinis... Oh wait... that's where I'm moving FROM!

Work. Even though I technically don't have to since I'm a contractor for a Baltimore-based company. But I'm excited about it. And I'm excited to be able to afford a little piece of earth (or two), which I haven't been able to do in LA. :)

Thank you, Nancy! You bring up excellent points. I checked for Hampden comps myself and I couldn't find any triplexes that have sold in the past six months in the neighborhood. I don't really think there are many of them in that zip code from what I could tell from driving around the last time I was there.

If there are no comps in the same zip code, would there be a better way to estimate fair value than expanding into surrounding neighborhoods? I'm not sure... as Baltimore has such distinct neighborhoods that abut each other.

Your point is well taken about the different building styles. 

And this next question is a newbie one... seeing as how the GRMs of all the comps listed are fairly consistent, is that an indicator that Elm is fairly priced compared to the Charles Village comps?

Thanks again. Your input is greatly appreciated!

Thank you all so much for your thoughtful input! I realize now that my first post was unclear. I was wondering about putting in the offer site unseen, but would certainly travel out during the 10 day inspection period if my offer was accepted. I can swing a plane ticket for something this important! :)

Originally posted by @Account Closed:

 and know exactly what being a landlord means. you will be doing work to earn that rent every month.

 Thanks, Seth! The eternal optimist in me needs a reality check from time to time! :)

My sister is studying for her Maryland real estate license right now and she just informed me that it's illegal in MD for a listing agent to also rep the buyer.  So, that plan is out the window!

Thanks for your input, Terry and Seth!

Terry, I'll look into those closing cost figures. Would the oil heat fit into the GRM calc if it's kind of a "reimbursement type situation" where landlord pays and then tenants reimburse?

Seth, I've been in touch with a Baltimore realtor on BP who specializes in investment properties. I could enlist him to rep me.

I have a friend who never uses his own agent and always jumps on board with the listing agent when he buys properties, because then the listing agent is doubly interested in getting the deal done when he doesn't have to split commissions. Is that considered conflict of interest or just smart business?

Jai and Sandra, thanks for contributing!

Sandra, can I ask where you are seeing that rents are $1K more on Calvert?

I'm seeing that Elm is bringing in $3,092/mo and Calvert is bringing in $2,935/mo.

My goal with this particular property would be to live there and pay little to no mortgage. From the spreadsheet, it looks like I could reasonably expect to pay $200-$300 per month after all expenses, including budgeted maintenance, if I took over the unit that's currently generating $1K per month.

But if I am missing something, please call my attention to it!

Thanks again!

Thought I'd chime in! I also don't see my post about "Falling in love with a long-distance MFH" in the "recent thread" either. I posted it about 10 minutes ago. Thanks for looking into this. I poured my heart into it! :)

Hi BP colleagues!

I'm relocating to Baltimore from Los Angeles in June/July and I found a triplex online that I've fallen for. 

It is:

• in the exact neighborhood I want
• in the sweet spot of my price range
• the first-floor remodeled unit I had my eye on is going to be vacant in July, so I can move in without evicting anyone
• a rare find multi in a neighborhood of SFHs (there is nothing else like it on the market right now)

Plus, it has a huge fenced backyard for my dogs (also rare to find)

The numbers are all laid out right here:

http://www.benfrederick.com/assets/properties/Elm3...

So, being the impulsive sort that I am, I want to put in an offer from a distance. But I'm not scheduled to go back to Baltimore until mid-July. I'm nervous that this is the "one" and it might be gone by then. 

It's already been under contract twice in two months (fell out once for financing and once for timing of the leases not lining up with an investor's rehab plans).

What's my next actionable step? Would I be crazy to put in an offer sight unseen? Or should I listen to my gut and go for it, knowing that if something crazy comes up during escrow I can always bounce?

Any hard-won advice is much appreciated! Thank you!

--Julie