All Forum Posts by: Steven King

I’m here from Maryland(Baltimore). I was told from my real estate mentor to wait to buy in a year when more foreclosures hit the market. He’s assuming a fair amount of people won’t make it out strong. At my job where everyone makes above the average salary there’s panic now that we are making a third of our normal salary. Abiet many of those panicking drive bmws and pay 1700 in rent it’s still a bad sight to see.The 40 people that was laid off is getting more money in unemployment. So I’m thinking I should just wait and see. I have 30k saved up now guess this give me more time to save up another 15k

Not what I wanted to hear but exactly what I needed to hear. I was trying to avoid binding up my capital with the first house. Now I’m going to get quotes from contractors for Reno in my primary home to see what numbers I need to start crunching. Might be worth coming out of pocket for my home cost. 

I'll try to keep it as detailed and short as possible if that's possible. My plan is to house hack for the next 4 years taking advantage of the FHA loan benefits. Right now I have a 700 credit score and should be able to get it a little higher by March. I plan to buy a multifamily/duplex property next year and renovate then rent out my current home(townhouse)(rent 900/previously rented 1200 section8). I have a equity line of credit(5.2interest rate) of 34 against my house no mortgage. I estimate it would take around 10-15k to fully renovate my home. With a full rehab plumbing electrical appliances etc the house next to mine sold for 120. I don't want to hurt my credit score checking for different loans. But I wanted to get a cash out refinance with a lower interest rate pay off my line of credit and have funds for the renovation. My credit score was a 650 when I first got the line of credit. After the first duplex I plan to yearly house hack duplexes and between that time use portfolio loans to buy 40-60k rent ready rentals(rent for 800-950)(in Baltimore it's possible). All the rental income for the first 5-7 years will go toward the mortgages esp any balloon payment portfolio loans. I make around 70k a year do y'all think this would work?

SN: a friend owns a 4 bedroom single family she uses as a assisted living and suggest that I either  turn my 3 bedroom home into a group home or assisted living to reach my goal faster. If I were to do either of these things I would have her manage it. I’ve read group homes average 75-100k a year per child placement 

Interested to know that as well 

My mother ex owns apartment buildings and have contractors, just talked with him and he gave me a couple ideas for what approach I should take and his contractor price ranges to compare to other future rates. Been doing a little more reading and thankfully I’m taking my time need to learn more about refinancing and this 10 loan limit 

That’s what I was thinking maybe not a full overhaul. By shell I meant  new walls, floors, electrical, plumbing, havac, roof  

Maybe the guy was talking just gutted or something. I thought that sounded extremely low. Thanks for the range so I think I’ll just stick with finding a modest rehab multiunit. When I wasn’t looking for my home it was hard finding a cheap house that roof didnt leak and spread mold throughout the homes. 

@Katrina Nicole-Ivy I’m new to investing as well I’m a couple months out from my first deal while I juggle which route I want to take to pay for the property. I live in Baltimore, shoot me the address and I’ll check it out for you. I’m familiar with the different areas and can atleast give you an idea of what your dealing with. What a lot of these guys/girls are saying is true of Baltimore’s that’s why I’ve been waiting to strike my first deal. Technically my home was my first investment considering I rehabbed and plan to move into a multiunit and rent out my  current home and the other unit of my investment property. Good luck 

Hey guys new investor here, in Baltimore there’s townhome vacants ranging from shells that can be had for 2-10k, to gutted or leaky roof ones for up to 30k. I know that each house is different and I’m not asking for solid estimates. I was told that a gutted townhomes between 1,100-1,300sq would cost around 30k to be rent ready. Now that I’m aware of the Brrrrrrr technique I feel a little more comfortable jumping into the flip game since eventually I want to also hold a couple homes for rentals. My home have a 35k line of credit but no mortgage. I could cash out and get between 60-80k.