All Forum Posts by: Reco Collins

@Josh Shein Thanks for the post. What are your base terms (rate,points,LTV) for your fix & flip product?

Good morning Everyone -

I have a tenant occupied property under contract in West Baltimore.

During the due diligence process it was uncovered that the tenant is a substance abuse clinic and they are using the property to provide temporary housing for patients.

The home currently has a sIngle family dwelling U&O. Do I need to obtain an updated U&O considering the property isn’t being occupied as a SFD?

Thanks in advance.

So to circle back to this post. I’ve been able to reinstate the previous permits to allow for final inspection solely on the grounds that the rough-in inspection me had already been completed. The fee was $52 per permit which is a lot cheaper than having to pull all new permits. 

@Shardae Robinson I’ve actually only used local auction companies in Baltimore. I’ve given a run at some properties offered by the larger auction sites with no luck. 

@Alex G. $18,500 July 2018 and just got one through a receivership Auction for $35k

@Nandy B. It’s a house that is typically attached to a home on both sides unless its an end of group unit. 

@Nandy B.

1st Fix and Flip

Oct 2017: $25k rowhouse at an auction

Jan-July 2018: $85k full gut renovation

July 2018: Sold for $174k after 8 days on the market.

@Nandy B.

Purchased a burned out rowhome for $16k

Full gut renovation - $90k

Currently rents for $1500 with $180k ARV.

Wish I could find more deals like this.

Thanks everyone for the comments. I wanted to circle back on this post. Interestingly enough I've acquired a 2nd property with existing permits. After speaking with the City's zoning and permit offices, I learned that I can apply for new permits and reference the previous permits and get the benefit of the approved work done by the previous owner. 

Thanks @Kenneth Garrett 

This should be fun because a lot of the approved work (additions, reconfiguring of floor plan) has been completed but never inspected. This conversation should be interesting. 

@Jamal L. @Greg Dickerson Thanks for the responses. I understand that permits expire, in Baltimore you have 6 months to compete the work.

My question is whether zoning approvals for a major renovations expire and if the approved plans are transferable to the new owner in the event the zoning approval doesn’t expire.