All Forum Posts by: Spencer Gonzaga

Hi All,

Newbie investor here.  Anyone know any good general contractors in the Baltimore City area? Looking to add a bathroom and a kitchen remodeling.  What's the process involved with this?  

appreciate any feedback.

Thanks 

Just as I was about to search BP for topics on newbie landlords and tenant screening!  Love how intuitive BP is!  

Just about to close on my first ever property and will be doing house hacking.  Excited to start this real estate journey!

Thanks!  Appreciate the feedback.  I will be doing the inspection for risk reduction assessment after I own the property!

Hi all,

Newbie investor here! Just recently got my offer signed on a SFH in Baltimore city with a home inspection due in 9 days. Seller disclosed lead paint in the house, it is a rowhouse built in the 1900. Seller also used the unit as a rental with a lead reduction certificate back in 2014.

Overall the house looks like in good condition without any obvious signs of peeling paint.  My realtor said that doing a lead inspection on the house would be a waste of money since they will only tell you you have lead paint in the house and where it is located.  I have also talked with a lead inspector over the phone and he concurred that if I was just using it as a primary residence, there is no need for a lead inspection and I could simply do it myself and purchase a lead detecting kit on Amazon for 20 bucks.

Predicament:  So I am doing my first house hack.  The house is a 3 bedroom/2 bathroom house.  I plan to rent out the two other bedrooms.  According to Maryland law, if a house is to be used as a rental unit, a lead risk assessment certificate needs to be done for every tenant.  

My question, does it make sense to go ahead and do a lead paint risk assessment certificate since I am planning to rent out the rooms eventually or am I just wasting my time and money?

Appreciate your thoughts and feedback!

Thank you!

Thanks Chris! I have been in the house twice already, nothing stands out as a major issue although when I requested to look at the basement, the realtor reported that he does not have access to it at the moment and that we can gain access once a home inspection is underway.  Overall, the house appears to be a turnkey property. 

But I will heed your advice and ask about the reason why it has been in the listing for that long.

Hey BPers,

Hoping to get your thoughts on a potential 1st deal!

I am looking at a property for a househack located in a B to C neighborhood that has been on the market for over a year now. It is a 1900 sqft 4 bedroom/ 3 bathroom interior rowhouse built in the 1900's that has been recently updated. The HVAC and water heater seems pretty new as well as the roof. Listing price was originally 310k but has been dropped to 250k. My realtor gave me the CMA noting that it was well below the market price with 260k being the lower end, however I am skeptical of the CMA since the quality, the finishing and layout of the listed houses were vastly different. It's like comparing Disneyland park to your local theme park. Personally, looking at the prices of house sold within the last year, I would say the value of the house would be between 240-260k.

I am looking at offering ~ 20% below asking price around 200k and I am hoping to go as high as 220 to 230k.

Calculating with a possible purchase at 230k:

Looking at the numbers using the BP rental calculator, I could rent out the 3 rooms for 700 for both bedrooms with shared bathroom and the 1 bedroom with private bathroom for 800.  I am occupying the 4th room.  

Potential income: 2200/ month

PITI for purchase at 230k: 1400

Potential expenses without utilities: 600 (renters will be covering utilities)

2200 - 2000 = ~ 200 cashflow

CoC ~ 10% on a 5% downpayment and 5% closing cost ~ 24k total

Would appreciate your feedback!  Thanks!

@Yannik Cudjoe-Virgil Thanks for the heads up on this one.  I am actually looking at various grants available in the immediate area and trying to take advantage of them.  Some of them are forgivable loans while some grants have terms and conditions including a requirement to live in the house as a primary resident for 5 years otherwise you have to pay the grant money back.  I might just go ahead and apply for the grant and just give it back when I purchase another property for house hacking?  What are your thoughts on this?

 I appreciate the tip and the specific parameters to look for in a possible house hack, it really helps narrow down my options as to the properties to focus on.  As was mentioned earlier, its a hot market specially the Hampden area and its tough to find a decent deal around the neighborhood specially since everybody's looking at buying houses given the low interest rates.  

It's encouraging to hear your story and I hope I can get my journey started and start building up equity and wealth, one house at a time!

Thanks for the feedback! I am actually looking for a good REIA to help build up my network around the area. Will be sending you a PM to pick your brain on this one.

Hi all, I am a newbie investor and learning all I can about house hacking and starting off my real estate journey. I am looking to house hack my first property around the Hampden/Upper Fells Point/ Remington/ Charles Village area and would appreciate any feedback on how to get started. Is it worth it to join a local REIA for resources and networking?

Thanks!