All Forum Posts by: Rita Oliva

Hi Jimmy, any other details? Price, photos, etc?

Thanks everyone. That's what I was thinking. It makes more sense to spread it out over more properties even if I spend a bit more on the purchase price. 

There are two scenarios below for a first purchase. What would you do? Let's say you could buy a turnkey property for a market value $67k that cash flows at $400 a month after all expenses. With a 20% down payment and closing costs, you are in it for $17k. You don't have much equity in the property but the acquisition cost is low and it cash flows immediately. You also could buy an equivalent property off market for $55k. It will only need about $1-2k to make it rent ready and once rented t will rent for the same amount as the property above. Since the purchase price is low, you would have to buy it will cash. You need $60k cash upfront to buy the property and get it rent ready. Let's say the ARV will be $67k. Which option would you choose if you only had $60k to invest and plan to build a portfolio of buy and hold properties?

There have been a ton of responses, but I wanted to add that you should think like a buyer. Many buyers are wary of flips, and so if the first think they see is a yard with dirt and seeds, you are already positioning yourself as a low-budget flip. They will think, if he couldn't spring for sod, which just about anyone can install, how do we know the plumbing, electrical, etc is up to par? When you are flipping, you're hoping someone will have an emotional reaction to the house and love it enough to buy it. So to me, curb appeal, staging, and pro photos are essential. In the current condition, buyers are just going through and tallying up the work you did, the materials you used, and the work they would still have to do, instead of seeing the value in the work you buy in. Good luck! Please update with the new listing once you get it back on the market!

Hi @Jade N., welcome to BP! Ditto what @Ozzy Sirimsi said above. Also, for me it came down to the highest concentration of homes in an affordable price range within a reasonable drive. There are many other areas in VA and MD that I considered, but Baltimore seemed like the most logical choice. Now I just have to stop analyzing and buy something!

Welcome to BP Ryan! I'm a newbie as well and so far BP has been so helpful. We have an eerily similar background; I live in Northern VA with my husband, 3 year old daughter and 1 year old son. My husband and I also met in college and I am a realtor! We are currently on the hunt for our first investment property in Baltimore. Good luck!

@dan Bernstein, I would like to get some info on your quad in Falls Church. When you say you're working on it, do you mean renovating it to sell?

Hi Ivy, what are the estimated repairs? The link to the dropbox document isn't working. Thanks!

Hi, I'd like more details please.

Congrats! It looks great!