All Forum Posts by: Scott C.

@Todd Gilfoy It's good to see another investor from Harford County.  Let's get together and have coffee sometime.

I have had most of my success finding deals in Baltimore county from HUD foreclosures and Auctions. I'm concentrating on buy and hold Section 8 properties for right now.

Scott

We have used a guy named JB, sorry but I forget his real name, that has a company in the Baltimore area.  He has worked on several of our units in the Dundalk area and has been reasonable and quick to get to the job and address the issues.  Message me for his number if you are interested.

I hope this helps.

Scott

@Asma A.

Welcome to aboard.

Is there anyway for an investor to get around the HomePath First Look period and put an offer on the property?  The "First Look" period is supposed to be for owner occupants or people using public funds to purchase the property.  However, I have seen properties in the past be purchased during an owner occupant phase and then show up as a rental a couple months later so obviously an investor bought it.  Has anyone gotten around this or have any ideas?  

I don't want to do anything shady but I'm just curious to see if I'm missing a strategy out there.

Thanks in advance,

Scott

@Hong Zhu

The property is in Dundalk.  This one was a pretty good deal I know.  I think it would be more realistic to expect to get something for $65-75k with about $20k in repairs. Even at the high end its still not a bad return.  It is below the 2% rule but that is tough to get.  

The other benefit is the instant equity you can get.  The current property I am rehabbing will easily be worth $120k if i wanted to sell it and I could get up to $150k if I put some additional money into it.  So even if the rehab costs run up to $20k with other incidentals coming up, I'll still have $40k at least in equity.  That is hard to beat.

Scott

@Lakia Hudson

Welcome to BP!  What are your investment plans and goals?

@Hong Zhu

Yes, the property is pre-1978.  I make everything at least lead safe but if I can do lead free economically than I will.

This property included only minor bathroom and kitchen rehabs.  In the kitchen the only thing was appliances, new tile floor, and some minor electrical.  The half bath needed a new vanity and the full bath needed some minor work on the linen closet and that was it.

Here are my numbers from the Baltimore county area. You can buy a 3/1.5 SFR townhome in the $60-70k range. You will usually have to put another $10-20k into it to get it rent ready. It will then rent for $1500-1600/month as a section 8.

Here are some real numbers from a current deal that I'm working on:

Acquired the house from a foreclosure auction for $60k

Rehabbing it for $17k

Should be able to rent it for $1600/month

Thanks,

Scott

Welcome aboard!

@Joseph England

Welcome to BP!