All Forum Posts by: Lorenzo Hatten

Hello BP Family! This is my first time dealing with a Section 8 property so I wanted to ask some expert Landlords for things I might be missing.. I placed a property under contract for reassignment. It’s been a rental property for 15 years. The current tenants have lived there for 6 years and would like to stay for as long as possible. After meeting with the owner it was a no brainer that this would be a great buy and hold opportunity. Consistent And on time Rent. Family of 4 who plans to stay. Little to no maintenance or pesky phone calls from the tenants because they treat the house as if they owned it. Not to mention the rent is much lower then suggested for the area. ($1350 when the suggested rent for the area is $1700) However it’s been 2 days and I haven’t had even a nibble on the property. You’re probably thinking “it’s a little early to start worrying” But with past deals I’ve had when the numbers are right especially with tenants already there my email is blowing up! For landlords in regards to section 8 is there something I’m missing that makes this deal “risky” or “complicated” from a Buy n Hold perspective? Would love to hear thoughts! Thanks Price: $210,000 ARV; 265,000 Current Rent: $1350 2018 Tax assessment $259,133 2017 Tax assessment $241,900 Thanks everyone!

This property is the perfect Rental for the investor who wants something easy to maintain. Current Tenants have lived in the property for 6 years and would prefer to stay and continue long term because of work and school proximity. Great news for you! Means no updates or repairs needed currently.

Tenant responsible for utilities. Current owner has had no maintenance issues or complaints. Tenants treat the property as if they own it. Property is Section 8 Eligible and the current Tenants are Section 8 residents. 

Anyone familiar with the area knows the appreciation and growth and know the opportunity this could yield. 

Call/Text 2404909488

Or leave you email so I can provide additional info/Photos

Tax Assessment of $259,133

I'm looking for ANY deals in PG, Anne Arundel, or Howard County. Focus is Fix and Flip but will do a Buy&Hold if it makes sense.

Cash and quick settlement 2 weeks max! PM me with info on what you have. Looking to buy at least two this month

@Russell Brazil ARV can be safely assumed right in the .range of $350k and $360k.

DC is a funny market and getting a fix on that has been the most difficult part. But seller stated the roof needs to be repaired, and the interior would need a Complete rehab to be anywhere close to similar properties that sold for $300k. My gut feeling was exactly what everyone had mentioned. Just wanted to see if I was possibly missing something.

Thanks everyone! The hunt continues! 

Hello Everyone,

I have been speaking with a seller who is offering a property in Washington DC. The property itself is a Single Family home 2 bedrooms 1 bath and its Zoned R2. The seller is asking well over what my Comps would say the home is realistically worth. However the seller is willing to accept Cash, Or to hold the Note for a Rehab.

He says that he is an Investor himself but my concern is that the price he is asking is over 100k more than anything listed on the market that is similar to that property. Im finding properties sold for $250k-290k with Full interior rehabs that are Sold. My initial thought was "Give him an embarrassing offer and see what happens" Possibly Reassign it out to someone. But I cant help but think this may be the perfect opportunity to do my own Flip.

If the seller is willing to hold the Note. What would be the best strategy to make this work? If it is even possible.

Should I get the price down and work with a contractor and assume responsibility of the note myself?

Basically using sweat equity in exchange for the properties equity when its done?

Since he is "Holding the Note" he is taking the place of the bank. So even if I help Rehab. What would be left for me to benefit from? Overpriced Note that the seller has rights to.

Any questions I should be asking him to get a better handle on the situation as a whole?

Hello Everyone,

I have been speaking with a seller who is offering a property in Washington DC. The property itself is a Single Family home 2 bedrooms 1 bath and its Zoned R2. The seller is asking well over what my Comps would say the home is realistically worth. However the seller is willing to accept Cash, Or to hold the Note for a Rehab.

He says that he is an Investor himself but my concern is that the price he is asking is over 100k more than anything listed on the market that is similar to that property.  Im finding properties sold for $250k-290k with Full interior rehabs that are Sold. My initial thought was "Give him an embarrassing offer and see what happens" Possibly Reassign it out to someone. But I cant help but think this may be the perfect opportunity to do my own Flip.

If the seller is willing to hold the Note. What would be the best strategy to make this work? If it is even possible.

Should I get the price down and work with a contractor and assume responsibility of the note myself? 

Basically using sweat equity in exchange for the properties equity when its done?

Since he is "Holding the Note" he is taking the place of the bank. So even if I help Rehab. What would be left for me to benefit from? Overpriced Note that the seller has rights to.

Any questions I should be asking him to get a better handle on the situation as a whole?

All other properties are within a 10-15 mile radius of 1 another 

1: 25 Lee rental income : $600.00 a month taxes $1828.00

2: 128 Manchester rental income : 700.00 a month taxes $1750.00

3: 121 Lehman $700.00 a month taxes $2757.00

4: 202 Park Place $650.00 a month $1001.00

5: 130 W Maple St $550.00 a month $3382.00

6: 305 Queen St $600.00 a month taxes $1001.00

7: 14 Lee St. $550.00 a month taxes $1827.00

8: 662 Salem St $700.00 a month taxes $2091.00

9: 734 Market 4 units @ $2250 a month taxes $3511.00

PM for details. Seller is ready to unload 

1: 25 Lee rental income : $600.00 a month taxes $1828.00

2: 128 Manchester rental income : 700.00 a month taxes $1750.00

3: 121 Lehman $700.00 a month taxes $2757.00

4: 202 Park Place $650.00 a month $1001.00

5: 130 W Maple St $550.00 a month $3382.00

6: 305 Queen St $600.00 a month taxes $1001.00

7: 14 Lee St. $550.00 a month taxes $1827.00

8: 662 Salem St $700.00 a month taxes $2091.00

9: 734 Market 4 units @ $2250 a month taxes $3511.00

All of the above for $275000.00 

1: 25 Lee rental income : $600.00 a month taxes $1828.00

2: 128 Manchester rental income : 700.00 a month taxes $1750.00

3: 121 Lehman $700.00 a month taxes $2757.00

4: 202 Park Place $650.00 a month $1001.00

5: 130 W Maple St $550.00 a month $3382.00

6: 305 Queen St $600.00 a month taxes $1001.00

7: 14 Lee St. $550.00 a month taxes $1827.00

8: 662 Salem St $700.00 a month taxes $2091.00

9: 734 Market 4 units @ $2250 a month taxes $3511.00

 Rental fix up. 2 bedroom, 1 bathroom Previously rented as is for $600. Vinyl Siding needs to be finished, but the extra siding is there, it just needs installing. 2 sheds on property and plenty of yard. Nice wood paneling and floors inside and porch in the back that needs to be finished with washer/dryer hookups. Roof is ok with no leaks Plumbing has been redone and windows replaced. Fenced in backyard.

Good neighbors in a quiet neighborhood with several renovations going on in area and is a fantastic opportunity!

Homes in the area have sold from $31,743 to $53,963

Would love to speak