All Forum Posts by: Patricia Redsicker

Thank you @Zachary Deal!

Just to close the loop and shout out to @Mary Ainsworth and @Shawn Parsh for your input/advise. We found a distressed property (SF rowhouse) close to Johns Hopkins hospital and placed a bid. It was very competitive due to location but offer was accepted and we closed in April. We got an amazing contractor who did a brilliant job and completed the rehab in two months. Final appraisal came in way higher than we expected and made $57,000 after paying ourselves back and hard-money lender. We are now renting as fully furnished mid term rental and really pleased with the success of that project. Looking forward to next investment in early Spring 2025. 

Hey, hey @Mary Ainsworth -- thanks for reaching out, I appreciate it! I do (live in Baltimore, and loving it!) and honestly...driving around this city exposes you to the best and worst of urban landscapes in America. Anyhow...sounds like you're on the same page with @Shawn Parsh about picking the worst property in the best neighborhoods  >>> I get it, and trust me I'm always looking for those gems (if/when you find them, they get snatched up fast!!). But like I said, I'm starting to see a lot of development in the worst neighborhoods in Baltimore, so either there's a lot of LIHTC funding to be had or something...  because bulldozers are popping up in the most unlikely places...I'll keep keeping my eye out. Let's stay in touch Mary! I'd love to hear what you're doing.

Hey @Shawn Parsh -- how's it going? I appreciate your thoughtful advise, especially since you're doing similar deals in TN. Yes, I am in the process of putting together a team of advisors (including an experienced developer and other fix/flip investors). If all goes well, I may be able to partner with this seasoned developer in Baltimore to help me through the process and we're currently discussing what that partnership might look like. I also like your general rule about buying the worst house in a decent neighborhood, and it's been on my mind to do exactly that -- About a month ago, I placed a bid on a distressed house in a nice  neighborhood, but my offer was too low and the competition was brutal. So back to the drawing board....and yes, the financial piece has to make sense... I work as an investment officer for my 9-5, so I'm always looking to see if the numbers work before I make an offer. I know cities like Baltimore scare a lot of investors but I've seen a lot of activity lately as if folks have finally decided it's time to act. Thank you so much for your feedback Shawn!

Thanks @Jack Seiden -- I'm familiar with Habitat for Humanity and the great work they're doing, however I'm looking to flip in Baltimore City. Cheers.

My husband and I have other property investments but recently, we established an LLC to start doing fix and flips in Baltimore City/County/surrounding areas. Baltimore City has a massive vacant housing crisis (no surprise there!). However, the City initiated the "Buy Into Baltimore" open bid program (which we're interested in participating) through which you can bid/buy city-owned abandoned/vacant properties for redevelopment/resale.The problem is, there are so many blighted neighborhoods in Baltimore, it's tough to know where to start. Our goal is to help tackle this crisis by rehabilitating one unit/block at a time. Has anyone looked into this issue? How did you start? How did you decide which neighborhood/street/zip code to start with? What was your approach? Appreciate all your feedback.

I was able to get a HELOC last August, which I used for my first investment property. However considering high interest rates currently, goal is to pay it off by March this year (25% remaining!!!). Will continue using it for down payments on future investment properties.

@Anthony D. -- yes, that's a great idea. I was able to connect with two good agents in my local area and am currently in discussion with them about my plans and options. I hope your investing journey is going well too! 

Hey @Chris Mcdonald -- thanks for your advice, really appreciate it. We're now connected and I DM'd you as well. Will connect with you tomorrow! Cheers

Hi @Chris Mcdonald -- thanks for reaching out! I"m actually in Catonsville, my kids went to school in Arbutus so very familiar with the area. Would love to grab a coffee and expand this conversation. I'll DM you and we can set something up! I"m so wowed by the support of people in the BP community. What an amazing space! Looking forward to connecting.