All Forum Posts by: Marylin OShea

Hi @Meghan McCallum, so ... we are two crazy ones. I am just about to close on an older property in Maryland, and I am trying to get the MDE history on the property.

Have you gone the lead-free route on any of your properties, care to share what you've learned? 

I am new to the lead inspection process, if you've written about this in another post, will you be so kind to share it with me?

Thanks so much!

And I agree - this topic should be a lot more "popular". I think it's overlooked by many. I met an investor who is transitioning his portfolio to get rid of this old homes in Baltimore Co. and limit his risk. He was hit with an $8 million lawsuit 3 years ago. The only reason he hasn't been actively sued (yet), is that there were bigger fish to fry. The lawyers that specialize in that kind of stuff are too busy making big money elsewhere, he wasn't quite rich enough, but when the "easy and big dollars" are made, he could very well be next on their list... and he knows it too...

@Erin Stephens It's especially frustrating when it seems like you are doing everything right, and yet the effort doesn't bare fruit (yet). I missed out on a house last month despite making a full time offer. But guess what, I ended up getting into another house, similar setup (same area, 2BR/1BA) but for $15K less. With a spend goal around $150K, that's 10%, it's a big deal!

Cheers and report back please!

New investor from Annapolis, working on my first deal now.

Joined BP in February, have been learning about RE for a few months now, watching the videos, searching the forum, reading blog posts and listening to podcasts... Also studying amortization tables, deal analysis spreadsheets and loan estimates. I LOVE numbers.

First contract on a house was accepted last week, inspection in a few days. Lined up lender and title company. 

And already looking at new listings, just because it's so fun!

I've learned a fair amount and almost made serious mistakes. Made an offer on a house that had a very unsteady foundation in a pretty bad neighborhood (the price is right does not mean the deal is right!). Also? Turns out "zoned R2" isn't an automatic approval to "duplexize". Gasp.

It's true, the most important decision is to "buy right". Timing is everything though, if the numbers make sense, check it out in person, and make that offer already. Have your financing lined up and go for it. If you twist it in your head a hundred times, it WILL pass you by.

Currently reading the Millionaire RE Investor, and really liking it. Also would recommend Loopholes of Real Estate Investing (though the title is a tad misleading).

Once the inspection is through, I will post my numbers. Good surprise of the day is that title & rec. fees are significantly lower than expected.

Thanks to the BP community for its incredible wealth of knowledge!

Cheers,

M

 That's a bummer, but keep at it, and it will eventually stick... with the right property. Best of success to you!

Congrats @Austin Fruechting, I've been reading through your blog as well and I agree knowing your "why" is absolutely essential. Out of curiosity, what is your ultimate goal and what do you spend most of your days on?

What attracts me most to real estate, beyond the financial freedom it can afford, is the opportunity to help others, change lives by offering housing to families in need. Some RE projects are designed for pure cashflow, others are social experiments. After all, when you've got all the money you need on auto pilot, why work on getting MORE money if it does not get put to good use?

My offer on a small SFH was just accepted yesterday, my first deal is shaping up!

Best of success to you and your wife!

Great job, @Blake Anderson, I am hoping to do the same thing on a SFH and your advice was most helpful! I will double check with zoning to avoid surprises - it'd better stay an R2 or else...!

I am curious to hear if you've shared more detailed costs of your rehab in another post?

Have you found your "early 2017" opportunity yet?

Thanks again. 

Hi there

@Jason Nguyen I am wondering if you ended up proceeding with the conversion from SFH to duplex? I am up against the same situation and wanted to know what you've learned!

In my case, I'm hoping to convert the finished basement into a 3BR/1BA, and the upstairs would remain a 3BR/2BA. I am looking into permits, it's already zoned R2.

My goal is to hang on to it forever and just rent out both units for cashflow. Cash on cash return is around 8% with my conservative projections of vacancy, capex, etc.

After the rehab I'd refinance and... look for the next deal.

I am not too concerned with resale value in my area, but @Michaela G. has a good point.

Hope to hear more about your venture!

 Here is the link for those interested:

https://www.biggerpockets.com/blogs/7527/47977-the-lack-of-multifamily-housing-in-the-dc-metro-area

Thanks Ned, I like the way you put it. I will investigate these areas. 

Back to crunching numbers and updating my drive-by route!

@Edmund Ricker Kudos for committing to your goals by writing them down! That is all, just wanted to cheer you on. Best of success to you.

MO