All Forum Posts by: Sam Lewis

Open craigslist, type in "Catonsville" zoom in on the .1 or .2 mile radius where the house is, and see what properties with the same criteria are being advertised for.

If you're still unsure, call one of the person's ads and ask them

2 Votes

Baltimore, Maryland

I got stuck in a long car ride with my new boss who turned out to be an aspiring real estate investor at the time. I was 20, and he was 23, and he had already built a small portfolio of 3 or 4 homes.

We listened to the Tim Ferriss podcast, bigger pockets, and other "mindset" podcasts on our dreadful 1.5 hour car ride to work. He kept prescribing me books to read and then he ended up selling me my first house! It was a househack

1 Vote

Yes it is possible - I have had multiple commercial lenders reach out in the last couple weeks with their new terms. Some require no seasoning, some require 6 months seasoning, some do up to 80% LTV, some only do 70%, some in LLCs, some not in LLCs.

The most recent quote I got was 75% LTV at 6% either in personal name or LLC, no seasoning period, and this is going the commercial lending route. Short answer: yes it is possible but will require you to call several different lenders.

1 Vote

I know of several multifamily investors who buy hotels and turn them into apartments. This does not exactly answer your question, but am curious if you have considered marketing to multi family investors

1 Vote

Ozzy is right here - multifamily is extremely limited in MD and the ones that are available get swept up by investors quickly and/or are upped in price due to everyone trying to get in on multifamily, which is a buzzword for a lot of investors

Generally it's always a good time to invest in real estate, as long as the deal works. I think your best bet could be to try house-hacking where you can rent rooms - you could qualify for a low down payment if you decide to go the owner occupied route.

Again there's no bad time to invest in real estate, unless the CDC decides to enact legislation that may "ban landlords from receiving rental income" or "all appreciation of real estate values to be collected by CDC" (sarcasm).

0 Votes

Originally posted by @Ozzy Sirimsi:

@Julie Hassett

Personally, I am not kinda of an investor who sells a good cash flowing house just because price is high and I can buy it again when market goss down.

I am in it for the long term so I dont really care about if it is high or down as ling as it cash flows well and I am happy about it.

There are many others who sell high and buy low when times comes.

It is kind of personal preference, not only one answer works to that question.

This. More people should think this way to build long-term wealth

2 Votes

Baltimore, Maryland

Originally posted by @Briana Gilbert:

Originally posted by @Sam Lewis:

My best advice is to invest in an area you are most familiar with, and an area you plan to be in the next 2-3 years (bare minimum).

FHA is a fantastic way to get started and build wealth quickly. It is how I got started and I would do the same all over again.

I'd probably do FHA first as a househack then buy a BRRRR, so you can eliminate rent from your househack and slingshot your way into your second deal.

Let me know if you have any questions - note my expertise will be limited to the greater Baltimore area.

Hi Sam,

Thanks for the advice. Also I'm not sure if you would be able to answer this, say I start with FHA to househack, and BRRR my second property and wanted to buy another property in PG County, would i still be able to use a conventional loan for that property?

Thanks again!

Short answer: yes. Make sure you research owner-occupied conventional mortgages. You can purchase a conventional mortgage for as little as 5% down. Make sure it's been roughly a year or longer since your last purchase or refi, just to be safe.

0 Votes

Nice job @Langston Washington!

0 Votes

For simplicity, if your gross rents for your 4 unit is $1000 ($250 a pop). Then simply multiply by 0.75 (aka 750).

I would assume that all other costs associated with the occupied unit would be the same - with the assumption your renters will treat the property as well as you!

0 Votes

Originally posted by @Jeff Brown:

Yes, get a lead inspector. I use Homecheck and they've always been great. Get limited let free. They will do several scrapings around the house. Do not tell the inspector you want lead safe. For lead free they will use the gun and they will find lead. It's a rowhouse in Baltimore it has lead buried. It's safe, but it's still there. If it was built in the 90s, you still have lead, you're just except from the testing. When the lead is found, and it will be, you need to have a licensed abatement company remove it. Do not do it yourself!!!!! Painting over lead paint will make it safe, however the gun will still detect the lead and you're wasting you $$$$. You can GWB over the lead. This will make it safe, however the gun sometimes can see through 1/2" GWB.

Once you have the limited lead free you will need to renew every 10 years or after each tenant.

In this situation there is reality and perception. You can have lead present in a home, have it covered, and be 100% safe. If there is the perception you didn't 100% cover your butt, you are rolling the dice.

These are solid points. Getting limited lead free works for most people - for complete peace of mind I argue to get a fully lead free certification if achievable and cost effective

0 Votes

All Forum Posts by: Sam Lewis

Sam Lewis has started 10 posts and replied 277 times.

Post: How find market rent in the Baltimore / Baltimore county area?

Post: Newbie from Chicago, IL!

Post: BRRRR In Baltimore City: Looking for information only

Post: Best Way to Market a Non-Operating Boutique Hotel?

Post: Is it a good time to get into multi-family rental units?

Post: Why are people so hot to buy in Belair Edison (Baltimore 21213)?

Post: MFR househack or BRRRR

Post: 5209 Pembroke AVE Baltimore, MD Fix and Flip

Post: Four Square Analysis on a House Hack?

Post: So i need Lead Certs