All Forum Posts by: Kyle Deutschmann

Quote from @Jack Seiden:

Also in the holiday spirit we are asking that you donate one of your properties to someone less fortunate, in lieu of that we will also accept canned and non-perishable food items.

 In the spirit of "Giving Tuesday", I will match each canned food item (up to 50 cans) and will drop off all of our canned good donations to the Maryland Food Bank: https://mdfoodbank.org/

Homelessness and hunger are always a problem, but I've noticed it become much worse in the Baltimore/DC area over the past few years. Let's do what we can to help out the people in the communities we invest in. 

In lieu of a canned good, please consider donating money here: https://mdfoodbank.fenly.org/teams/biggerpocket-central-md-rei-social/

Looking forward to this next event coming up! Looks like we have a good number RSVP'd so far on the other page: https://www.meetup.com/dmv-area-real-estate-social/events/29...

BiggerPockets makes it hard to find these events so please share this with your investor friends, realtors, lenders, contractors, etc. in the central MD area. 

Next event is posted: https://www.meetup.com/dmv-area-real-estate-social/events/29...

Quote from @Kesha Hamilton:

Hello, I am seeking a hard money lender for a few TN purchases. Please let me know the requirements, what documents you need from me, and the terms/parameters of the financing. 

 Hey Kesha, I used to live in Nashville and have some good hard/private lender contacts. Let me know if you are still looking for someone. 

Quote from @Lilly Fang:

Quote from @Kyle Deutschmann:

Quote from @Lilly Fang:

If we buy a foreclosed house from the bank, but the house has a solar lease on it, do we have to take over the lease?

I was planning to buy the house to prevent it from foreclosure but decided to pass it after reading its solar lease term carefully.

The term says that the owner must pay for all the electricity the panel produces. This is an 1190 s.f. house. and the panels produce about 1000kwh a month. sell is paying $200 a month no matter whether he uses the power or not! I can't take over this lease as a rental. I will pass on the house and let it go foreclosure, but not sure what happen to the solar lease after it's foreclosed.

I hope the foreclosure will get rid of this solar lease, then I can contact the bank directly. I am usually for solar, but this one is excessive. If it produces 400kwh a month and I can pass it to my tenant, but 1000 kwh, no way, unless the tenant has an EV.

 Do you know what solar company installed them/who holds the lease? Depending on the company, leases and Power Purchase Agreements are typically transferrable to the next buyer. If the electricity costs $200/month and you can get the same from solar, why not keep them? Obviously if the electric usage is less than that on average then it doesn't make sense and the previous homeowner installed 'too much' solar. 

 The solar power costs $200 a month, it's about 1000 kwh output. A home of size probably only uses 300 kwh (my house is 2000 SF and we use about 500 kwh a month in average, which is about $160 a month). I would rather the solar company remove it.

Where are you located? In my area, solar panels are a popular amenity because our utility rates continue to go up about 3.9% per year (on average) over the past 30 years. Solar in our area can cause your home value to increase 4-10% compared to homes that sell without  solar panels... see this trend from Housing Wire:

"6. Sustainable, energy-efficient homes are not optional - 

Gen Z buyers prioritize eco-friendly and energy-efficient homes. This generation wants to save money on utilities, but they also want to do what they can to be more gentle with the environment. Gen Z buyers will look for homes with solar panels and energy-efficient appliances and finishes." Nov 14, 2023
https://www.housingwire.com/articles/14-real-estate-trends-g...

That being said, there are "good" solar companies and "bad" ones, just like any industry. If the seller bought them from a 'bad' / cheap installer then unfortunately they got what they paid for and yes go ahead and rip them off. If you are in our area and need help with that let me know. 

Quote from @Lilly Fang:

If we buy a foreclosed house from the bank, but the house has a solar lease on it, do we have to take over the lease?

I was planning to buy the house to prevent it from foreclosure but decided to pass it after reading its solar lease term carefully.

The term says that the owner must pay for all the electricity the panel produces. This is an 1190 s.f. house. and the panels produce about 1000kwh a month. sell is paying $200 a month no matter whether he uses the power or not! I can't take over this lease as a rental. I will pass on the house and let it go foreclosure, but not sure what happen to the solar lease after it's foreclosed.

I hope the foreclosure will get rid of this solar lease, then I can contact the bank directly. I am usually for solar, but this one is excessive. If it produces 400kwh a month and I can pass it to my tenant, but 1000 kwh, no way, unless the tenant has an EV.

 Do you know what solar company installed them/who holds the lease? Depending on the company, leases and Power Purchase Agreements are typically transferrable to the next buyer. If the electricity costs $200/month and you can get the same from solar, why not keep them? Obviously if the electric usage is less than that on average then it doesn't make sense and the previous homeowner installed 'too much' solar. 

Quote from @Jack Seiden:

Quote from @Eric Smith:

Quote from @Brian S.:

Hello all,

I am an experienced investor and real estate agent in the Baltimore area. I'm in the refinance stage for my latest project and am considering changing lenders. Does anyone have any recommendations for local lender (or at least someone familiar with the market)?

I know there's a ton of them out there, so I would be particularly interested in hearing from the folks who have worked with lenders to completion and had a good experience.

Thank you.

 Currently live and work in DC - was curious about Baltimore area since people are practically giving away properties there. Which side are you investing on and are you doing BRRRs, turnkey, or section 8? 

 I’ll 2nd @Kyle Deutschmann that in my personal opinion the actual risk adjusted return is much better in either canton, fells point, federal hill or Hamden or frankly Baltimore county, there are extremely cheap houses in Baltimore that look good on paper but pretty much everyone I know who has one has eventually sold it off, difficult tenants, high turnover and frankly even you have good coc return the actual dollar amount are pretty small. 

@Jack Seiden I agree with this for the most part; however, I'm seeing some big development news that is making me interested in certain pockets of the city where there are still sub $175k homes... i.e. Pigtown, Westport, near Druid Hill, near Penn Station etc.. I'd consider Baltimore County as well, but don't have any personal experience buying there (yet)

Quote from @Eric Smith:

Quote from @Brian S.:

Hello all,

I am an experienced investor and real estate agent in the Baltimore area. I'm in the refinance stage for my latest project and am considering changing lenders. Does anyone have any recommendations for local lender (or at least someone familiar with the market)?

I know there's a ton of them out there, so I would be particularly interested in hearing from the folks who have worked with lenders to completion and had a good experience.

Thank you.

 Currently live and work in DC - was curious about Baltimore area since people are practically giving away properties there. Which side are you investing on and are you doing BRRRs, turnkey, or section 8? 

 Who is giving away properties? Can I have one haha? I have lived all over the 'safe' parts of Baltimore... Locust Point, Ridgely's Delight, Pigtown, Riverside, and now Canton. My girlfriend also lived in Mount Vernon when we met, so I've also spent time there. Property values have been on a steady rise near the harbor since the 90s (when they were truly giving away properties...)

Houses in safe neighborhoods are great spots for house hacks, rentals, BRRRs, etc. I do not personally deal with Section 8, but there are a lot of investors in the Maryland Investors Network on Facebook that do that. If you learn how to deal with it... supposedly it can be a good/safe long term strategy since the government is essentially guaranteeing part of your rental income. 

Quote from @Brian S.:

Quote from @Kyle Deutschmann:

Thanks for the tag @Jack Seiden 

Brian - I used to be a mortgage LO for about 5 years and own a few properties in Baltimore. I'd be happy to connect you with one of my preferred lenders/brokers. Are you looking for conventional, DSCR, something else?

 Hi Kyle,

I'm looking for a DSCR loan. I just sent you my number via PM.

Thanks.

 Sounds good - just sent you a text. Hope it works out with him. 

Thanks for the tag @Jack Seiden 

Brian - I used to be a mortgage LO for about 5 years and own a few properties in Baltimore. I'd be happy to connect you with one of my preferred lenders/brokers. Are you looking for conventional, DSCR, something else?