All Forum Posts by: Mike Collins

Hi all,

Thanks to everyone that replied to my earlier post. I've since done a bit of research and have found a property Im interested in but it will require some work. Besides for the required fixes, I'd like to make upgrades or changes to the property. I hope to use a FHA/203k to purchase and fix up the property. That being said, Id like a contractor to provide a quote for repairs and upgrades. For repairs, I'm guessing it would be straight forward (fingers crossed). For upgrades, I don't know - because I literally don't know what Id want, but would be hoping for suggestions that would increase the value of the property and make it attractive to renters when I leave in a few years.

So for the upgrades, do I need a specialist? If so what type? Piggyback - can anyone make a suggestion/referral ? 

If a general contractor can handle each/all of the above - same thing, any referrals?  Thanks in advance!

Thank you all for your responses. Very informative so far! I will say that I pretty much figured buying then living in a house in the prince range I initially thought was going to be a challenge (being kind). I figured I'd grind it out with enough upgrades, security and restoration that it would be manageable for a year or so - while using the money saved to purchase and invest in something better. I don't live in Baltimore, but I am in Maryland and can get to most areas in Baltimore in less than an hour. Currently researching the BRRR approach too.

Hi all, I'm such a newby that I even hesitated to post on this forum. That being said, I'm in the initial research phase of what of investing in rental properties.

My generic plan (which is sure to change) is to buy a low priced fixer upper in Baltimore (under 15k), renovate/fix up and live there for a year (or longer), mortgage/rent free, to accumulate funding for another, better rental/investment property that I can renovate and earn income from. Rinse and repeat until I have 10 or more properties, not necessarily in Baltimore. I know this is extremely new and original - right? I know there are pitfalls, unexpected costs etc, but I'm wanting to get an estimate on what renovation/repairs for a fixer upper - even though I haven't actually decided on a property yet. I've seen the estimate or profit tool on the site which is very cool, but it can only account for MY estimate of repair costs, not an actual professional. I'm also hoping to get thoughts and experiences and recommendations from others (good or bad) that may have taken a similar path, hopefully starting in the same area.

Again - I'm new and still combing through the forums, so even the basics are appreciated as well as the details.

Thanks in advance!