All Forum Posts by: Ken Nyczaj

@Ibrahim Oyegbola consider the area you buy in and ensure you can find a management company that will manage in that area if you are going to have a property manager. Not all areas in Baltimore are created equally as far as safety as with most large cities.

@Ben Guttman thank you

December 24th update: 

Local Bank in Queen Annes County Maryland gave us our loan commitment yesterday on the 10 unit apartment complex in Queen Annes County. This is the apartment we were most concerned about on the financing due to the complexity. Now, for the appraisal to come back favorable is the next step as well as the permitting. Since weren't not doing a laundry facility and keeping the commercial existing use, it should be smooth from here. 

With great rapport built between the local bank and our lender, 18 months interest only was granted too which will greatly help with our cash flow during turnover and renovations. If anyone is looking for a great local bank in Maryland that loans in Annapolis Baltimore Wilmington areas, I'd be happy to pass along the banks info.

We've had the loan commitment for the 7 unit apartment in Kent County, and all permits now for about a week and closing is set for mid January.

Definitely has been a learning experience with these two apartment complexes but hopeful all my teams due diligence will pay off and we minimize our negative surprises come ownership time.

@Jordan Berry we decided to put washers and dryers in the units instead of having a laundry facility, the permitting and sewer/ water allocations were just starting to cause to many concerns in the local town. Thank you for your resources though, they'll come in handy in the future!

@Brit Sharon once you get some deals under your belt and experience, a local lender may be a little less strict on your debt to income ratio while being self employed.

Seems like we have come to an agreement on sale price after some back and forth.

Currently looking for more grant funding and may be able to through a state energy grant. We are looking into adding solar panels to the roof to help pay for the electric bill of the laundry facility on site.

Save up enough money to house hack and you'll start off on the right foot for real estate. You may not even need much money down with a FHA, VA, USDA loan and a seller contribution addendum.

Keep up with the driving for dollars, eventually something will stick, it's all about numbers and trial and error. Post a note on their door as well or even start knocking on it. Be professional but aggressive in your search for properties. Look up scripts on how to talk to motivated sellers on this web site.

@alec marchand all great questions. If you have some money saved up, take action and start driving around and looking for beat up houses and knock on their door or post a note to there door. You can search this website and find great scripts about how to interact with a potential seller. Might be difficult and strange at first, but so was riding a bike.

Have a seller contribution addendum so the seller pays most of the closings costs and all you have is the down payment. With VA, FHA, or USDA, you may be able to get into a property with 0%-3% down.