All Forum Posts by: Scott S.

We have made an offer on a Charles Village row house, built in 1900 and have a couple general questions regarding rehabbing. This will be my daughter's home, I do not live in Baltimore, but an helping with the rehab. Do these properties typically have asbestos? Is asbestos detection usually included in a home inspection?

The property has a gas boiler and radiator heat and window ac units. We are considering putting in a forced air system. I would welcome advice on whether to keep the old system or replace it with a heat pump or A/C unit and gas furnace.

I would also be interested if a Baltimore member could make recommendations for contractors - if so please message. Thanks.

Omar - I just had the kitchen installed in a small townhouse and I selected granite called tan brown. It looks nice with light maple cabinets and cost $31 per sf installed.

Doug - Really nice job on your renovation.

After you take them down, clean with soap and water, then use a wire brush to remove any heavy rust - a little WD-40 works great as a solvent to help remove the rust. Then wash again and let dry. If there are bare spots, use a rustoleum white primer, let it dry and finish with white finish paint from the same manufacturer. Brushing might be better than spraying if you are doing several.

I am interested in a commercial property - a former Elks Lodge - located in a residential neighborhood for possible conversion to a six unit apartment building. The property has been vacant for a long time, maybe several years. It is a two story box, 6500 sq feet, exterior is brick/block and it probably needs a new roof. It looks rough, but I can see it as a nice six unit building. Starting with the idea that the building is only a shell, it needs to be built out as a six unit, each with 2br, 1.5 ba. They would rent for $750-$850.

It was last listed at about $45k and did not sell. What are your ball park estimates for the cost of renovation. Or should I determine the maximum that should be spent on a project assuming maximum gross annual income of $61,200. I think multi family units average about $75k in this area. Those numbers tell me renovation costs should be limited to about $400,000.

I submitted a new offer at $47,000, which was accepted by Chase. I originally saw the property on the local REIN website. I expect to spend $10,000 to renovate the property and it should rent for $850. Thanks to those BP members who offered advice and to the regular posters who provide so much information. I have changed my renovation plan to incorporate ideas I learned here.

I an a new member from the Hampton Roads area of Virginia and could some feedback on a deal I am trying to finish. I am a buy and hold investor of three townhouse properties over the past 20 years, one of which was a rehab. In the last few years I sold two of the properties and I am looking to pick another for a hold.

I found a 2br/1.5ba townhouse REO property owned by one of the big national banks. It was listed for $61,000 and had been on the market for four months with only one lowball offer. I wrote a contract for $50,000 and the bank countered at $60,700. Weeks later I checked and no other offers had come in so I asked the listing agent to resubmit my $50,000 offer. She advised the bank was dropping the price to $52,000 and letting an auction company sell it at an auction. I told her $50k wasn't far from $52k and told her I would buy it for the $52k. They said no, it's going to auction.

I showed up at the auction and I was the high bid at $34,000. The auctioneer looked like he wanted me to keep bidding, but the only other bidder said he was out, so it was over. He said the banks reserve was $49,000, so my bid was not accepted.

I would be willing to split the difference and go to $42,000, but I get the feeling the bank will not budge. The property is not as bad as it might sound and I know I can make it very nice and make money on it. I liked it at $50,000, but I feel like the market has spoken too. Hold out, or go back to their reserve price?