All Forum Posts by: Jamal Okon

I agree, get the items suggested by @Chris M.  But, not before getting the deal under contract.  Prior to getting the building under contract, look at RentoMeter.com and Craigslist to look at market rents in the area.  Then do the MATH.  Ask your questions, then decide if you want the deal.

I actually am pursuing this as a tangential business, outsourcing most of the work.  It is LABOR INTENSIVE.  And if I did not have the retiree working this daily (on commission), I would not be doing the business.

@Alvin Grier what did you discover?

@Ryan White I was told by mortgage folks that 75% of the remaining tenant rent would be added to your qualifying income.  I would definitely hesitate removing all the tenants, especially prior to closing.  But getting rid of a tenant should be easier if they are on a month-to-month lease.

I do direct mail... It's expensive, but it works like a charm!

@Heath Thomas Jr

I have not done any condo conversions, however, my only caution is to KNOW the neighborhood.  I was born and raised in Baltimore City, and getting the areas down can be quite tricky.

Be sure to examine the market thoroughly.

@Matthew Smuts ,welcome to BP!! I am a Pittsburgh investor that is always looking for partnerships.

Please feel free to check out my BP blog regarding Pittsburgh as an emergent multifamily market!

@Matthew Paul I have not closed on it yet, thus I do not own it.  Great idea though, would you suggest pursuing this option while in contract? 

@Chris Townley I am also an aspiring out-of-state Pittsburgh investor.  Good luck with your acquisition! 

If this helps at all, I actually had a few conversations with Mr. Herbert Halsband, as his company was referred by @Jeremy Pace... and he seemed like a very nice man.

I am looking for partners and am currently building my team... please let me know if interested.  I do heavy mail marketing in the city. 

Well thank you for the insights.  I have not closed yet.  I grew up in Baltimore, so I know the area.  My girlfriend in HS lived a few blocks west...lol!  You can see Pimlico Race Track from the corner.

I do have 2 advantages in my favor.

1. I have my property management team in place, that I have been working with since 2008.  They recommended rehabbing it in sections, beginning with the 2 squatters' places. 

2. The contractor that came in with the best bid, I have also known since 2008.  He is very professional and does excellent work.

Not sure if this alters your opinion  @Ian Barnes

@Brian Tome I am definitely NOT planning on living in it.

Since I got this at auction, @Michael Noto what is the likelihood I can actually get the seller to evict?  Especially during the winter (with the blizzard of the century coming)... I know the City hates to remove people in the winter, especially with children (one of the squatters has a child; and based on the condition of the place I don't blame them for not paying...)

@Joshua D. So I'd need to conduct some of the rehab myself, prior to going to the local bank? Then they provide funding. Baltimore has a program called "Vacants to Value" which on the surface does not specify any SFR versus MFR... I am digging into it.

Anyone have experience with Community Development Block Grants?

I was thinking Hard Money as one option @Joe Norman, but it appears your comment was truncated.  What were you trying to say?

Thanks again for all the feedback!!