All Forum Posts by: Kristen Ray

@Matthew Olszak you're awesome! Thank you for the detailed description and photos. Older investment properties make me nervous. In addition, to the routine maintenance the older pluming, wiring, foundation etc can significantly reduce your cash flow. Issues such as lead paint, asbestos, radon etc I will definitely have  tested prior to purchase and addressed prior to renting. But some of the other nuances that come with older buildings I am not sure is worth the effort. Thus far in my area we have not seen any newer duplexes or triplexes for sale that were build after 1930. 

@Marcia Maynard and @Andrew Cameron thank you both for your input. I had not considered the lack of craftsman’s in today’s market.  If we move forward with the purchase we will definitely have it professionally inspected to ensure it’s up to code. If not, we will factor that into the budget. The house looks like a total gut job. In addition, we aren’t to sure about the location. The area  has several older multiple family houses on that street along with some not-so-nice commercial businesses. It’s also below a highway bridge and has little to no sidewalk. The property offers 2 off stree parking spots with additional parking up the street. Around the corner is a new, updated apartment complex. Based on the information I gathered 2 of the multiple Family homes on the street with the property in question rent for slightly less than the apartment complex a short walk away (and away from the highway bridge). However, the area is zoned to good schools and is easily accessible to the highway. 

Hello

@Anthony Gayden thank you for your feedback. I also love older homes. I love the character they have. Our previous residence was build in 1925 a Victorian style home. However, we constantly did maintenance to the property. I also agree that many of the expensive homes I see esp in historic neighbordhoods are older. I just wasn't sure about using it as a long term investment property. This was assuming that I would have lots of maintenance issues. As it relates to your statement regarding radiated heat, what is so bad about it? As a child I lived in a home with radiated heat and we never had an issue. I was wondering what was your experience with this?

Hello

@Paul Defngin thank you for the referrals. We are looking to build lasting relationships with brokers that can assist us in the acquisition of multiple family properties in the MD area.

@Lisa V. Thank you for your reply. I am new to BP so it is unclear to me.

Yes please share!

Hello BP!

We are new REIs looking to connect with a few Maryland (or someone that is able to put together deals in MD) mortgage brokers. All referrals will be taken seriously and contacted. Feel free to leave them here or PM me.

Kind Regards

Hello,

I noticed many BP members have a score next to their name. What does this score indicate? How is it calculated?

Best

Hello Pros!

We are new REIs in Maryland. We are looking at purchasing our first multiple family unit. However, we’ve noticed that most of the multiple family units in our area are very old. Most of them were built in the mid-late 1800’s and early 1900’s. Our concern is the older the house the more maintenance it will need. Moreover, we are concerned that if we buy and hold the property for a significant period of time it will be hard to sell due to the age of the building.

So what are your thoughts and experiences with purchasing older properties as investments? Any recommendations are appreciated.

In addition, we’ve noticed several multiple family units have few bathrooms. Thus, tenants from the various units would have to share bathrooms.

What have been your experience with such a set up?

Please share

Hello BP!

       We are new REIs in Maryland. We are looking at purchasing our first multiple family unit. However, we’ve noticed that most of the multiple family units in our area are very old. Most of them were built in the mid-late 1800’s and early 1900’s. Our concern is the older the house the more maintenance it will need. Moreover, we are concerned that if we buy and hold the property for a significant period of time it will be hard to sell due to the age of the building.

So what are your thoughts and experiences with purchasing older properties as investments?

In addition, we’ve noticed several multiple family units have few bathrooms. Thus, tenants from the various units would have to share bathrooms.

What have been your experience with such a set up?

Please share