All Forum Posts by: Kim Coleman

Thank you @Ned Carey and @Joe Norman.  Your opinions mean a lot as local Baltimore investors with much more experience than me.  The current property I live in had termites upon inspection when I purchased it 5 years ago.  The seller treated and I haven't had an issue with them in or on the house so I'm not necessarily scared by them. But I've never owned a row home so I was thinking it may be different.

@Account Closed please let me know what other info you need and hopefully I can provide after my inspection is complete.

Update: seller paid for inspection and remediation is occurring today (cost of $450). I will know more about the damage done and hopefully level of infestation once my own property inspection is completed.

Advice for how to proceed for an investor new to Baltimore City and the property has termites? Walk away? Ask seller to pay for some kind of warranty against re-investation? Thanks for any and all suggestions and stories! 

@Asumahu Mustapher I'm a little confused as to what your question is and what your goals are. If you rent your current house for $350 more than your mortgage, how much profit will you really have? Assuming your payment includes taxes and insurance, you still need to account for vacancy (5-10%), maintenance (5%), capital expenditures (5%) and property management (10%) unless you are comfortable managing yourself. Once you factor those in you have negative cash flow. 

Thanks for the response @Jerry Padilla. @Jarred Sleeth and @Ned Carey

@ned 

@Ned Carey can you clarify? Are you saying in your experience banks won't cash out on rentals? This would make the much discussed BRRRR strategy unworkable. Just trying to make sure I and others don't misunderstand your comment. Thanks.

@Robert Garcia what I've read about these neighborhoods, especially in Baltimore is to strongly consider accepting Section 8 and similar programs. Baltimore has a few different programs. Using one of these guarantee some of your income as tenants would be leary of being removed from these valuable programs. Tenant screening is still a priority and ensure you hold tenants accountable for paying their portion of the rent.  

Congratulations! I hope you get a top dollar offer! Looks beautiful. I especially love the yoga mat staging! 

@Carlann Mckenna www.livebaltimore.com is a good resource for learning about the more than 300 neighborhoods in Baltimore 

Welcome to BP @Carlann Mckenna!! You are in the right place to learn and grow.  Make sure to check out the podcasts and set up key word alerts if you haven't already.  I saw your other post about driving by some places this weekend.  Keep me in the mind for future trips.  I'm out of town this weekend.  

@Lisa Montana i sent you a PM.