All Forum Posts by: Paul Georgia

Thanks for the advice.  No taxes have been paid for as far back as the online records show, which is since 2017.  The bills are being sent to the vacant property.

Is there a way to acquire the property?  Do I contact the county?

I recently discovered a vacant property in Maryland that is two townhouses.  The owner listed in the public records died in 2015 and I can find no records of a probate proceeding. It seems odd that it has set there for 5+ years, presumably with no taxes being paid, no upkeep of any sort and it hasn't run afoul of any type of code enforcement or been auctioned off.

How would I proceed to acquire such a property?

Thanks for the feedback everyone.

Agreed, Nathan.  I do have a lot of questions for the seller agent and will definitely see the trailers before purchasing.

I have an opportunity to purchase 13 mobile homes for about $100k (I'd probably offer less) that average $450/month rent, so revenue would be a little under $6000/month. The mobile homes appear to be in good shape (I haven't seen them in person yet) and have a solid rental history in a decent location.

I would just like to get some opinions from experienced investors on the quality of this investment and what to watch out for.

Hi all,

I happened up on small mobile home park for sale when researching another deal and would like to get some general impressions on the deal.  The sale price is $365k.  The annual revenue is $58k. My main concern is that it is on well and sceptic. There are three additional approved sites, which I assume would require development, ie, installing sceptic systems.  

Also, there is an adjacent property with 5 additional approved sites for mobile homes for $80k, which again would require development.

I would appreciate any input.  Thanks.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $10,000
Cash invested: $25,000
Sale price: $50,000

The house sold at a profit.

What made you interested in investing in this type of deal?

Purchase price was very low.

How did you find this deal and how did you negotiate it?

It was listed on Craigslist. I paid the listed price.

How did you finance this deal?

Cash and personal line of credit.

How did you add value to the deal?

Full rehab.

What was the outcome?

House sold at a profit.

Lessons learned? Challenges?

Hire an experienced contractor. The guy I hired did good work, but was too slow due to inexperience.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I used a real estate agent to sell.

Thanks for the comments all. I initially thought the person who had the properties under contract wanted to wholesale them to me. It turns out, he wants to form a JV for me to help him wholesale them. He's an out-of-stater (as am I, but I live within a couple hours of Baltimore).

I have been approached about an investment opportunity on three townhouses in the Westport and Carrollton communities.  

I know that Baltimore can be tricky and from the google maps pictures, I'm not too inclined, but I thought I would check with those who might be knowledgeable about Baltimore investing.  Thanks.