All Forum Posts 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.

99% sure it's one of the following:

• Roof leaking into foundation seeping to the bottom of house
• Downspout overflow or spillage seeping to bottom of house
• Sumppump back up or not working
• Air compressor leak from HVAC unit if central air
• Clogged sewer line (if toilets are having difficulty flushing)
• Water forming a reservoire outside due to unsloped ground (need to have a downslope from house to keep water flowing away from foundation)
• *Next door unit experiencing one of the above

Given the limited amount of info we know from this post, your best bet is to get a lead inspection from a licensed lead inspector. 

I recommend Lead Probe or ARC environmental. I have used ARC multiple times for myself and clients. This is the only way to know where lead lies in your home - they will scan each surface with an XRF gun.

Once they give you the report of all the things that failed, you can go about remediating it with a lead abatement contractor. For the average Baltimore City row home, budget 5K if you hired this out professionally. I actually did it myself and saved about 4 or 5K.

There are three ways to make something lead free:

1. Remove the surface
2. Cover the surface
3. Replace the surface

Examples

If your old boiler has lead paint (and you plan to upgrade to central air) --> remove the boiler

If your basement I-beam (structural support) has lead paint --> cover the I-beam with drywall

If your base trim board has lead paint --> replace the trim 

Ideally you want your house to be LEAD FREE CERTIFIED. This will prevent you from lawsuits that suggest negligence on your behalf. Fully lead free means there is a safe amount of lead in AND outside of your home. A property that's found to be free of lead paint is exempted from annual registration fees and risk reduction inspection requirements.

If you can't get your property fully lead free, you will have to get it inspected before each new tenant move-in. This is called a full risk reduction certification. 

Since 2011 in Maryland, the words "landlord" and "lead" didn't mix well together. Do not skimp on this.

In 2011, the Maryland Court of Appeals struck down portions of the Maryland Lead Paint Act that protected landlords from being sued by their tenants. Before the case, if landlords were in compliance with certain parts of the Lead Paint Act, they could offer $17,000 to a tenant who had been poisoned by lead. If the tenant accepted the $17,000, the landlord could not be sued, and if the tenant rejected the $17,000, the landlord was also immune from a lawsuit. The Court struck these parts of the Lead Paint Act down as unconstitutional, and tenants and their children who have been poisoned by lead paint are no longer limited by the damage cap and immunity provisions.

Hoping this helps!

Agreeing with Russell on this one. Multifamily is the buzzword that has every investor upping the prices of the already limited inventory of multifamily deals

Your best bet is to join wholesaler lists that occasionally come across off-market multifamily deals. I would not rely on a realtor on this one : )

Always a good time to buy, just tighter criteria in today's crazy market : )

Hit the nail right on the head. 

@Julie Hassett It’s a Section 8 hotspot in a lower class C neighborhood with rents meeting the 2% rule in a part of Baltimore that isn’t ridden with crime (yet)!

It’s also wedged between Herring Run Park and Clifton Park making it a generally safe area to live in compared to other areas

Hey Manu, congrats on your first post with many more to come. Are you looking to BRRRR, househack, flip, buy and hold, or a mix?

With an owner-occupied househack, your range of lenders is pretty wide since you can qualify for a low down payment Freddie/Fannie loan with an interest rate in the low 3s. 

As for property managers I know of a couple in this area, but I highly suggest self-managing to gain experience.

As far as attorneys, are you looking to establish an LLC (if so, it's probably not necessary), or are you hoping to get some leases drafted? If it's lease-related, PM me your email and I can send you my template

Hey Austin, I actually have a househack in Towson and am helping two clients find househacks (one in city, one in county) It's a great start to investing - can't tell you how much I've saved (and earned) since doing it. 

Echoing Jon here, Scott is great - you can also try Meridian or Dominion Financial Group

Hey AJ, I am not from this area but I would check out rentometer.com. Better yet check out craigslist and click the map to see what properties are going for. On Zillow rentals you can also sort by bedroom count!

Good luck!