All Forum Posts by: Steven Silbert

Thank you Debbie! The SOW is a new concept to me and I'll look into it.

Very new to the game and am looking for some ideas as to how much a project like this might cost. It doesn't need to be exact, but I'm curious about the range. I have a split foyer in Howard County, MD. The living room ceilings are vaulted but the kitchen is lowered for some reason. I'd like to eliminate a couple of walls, move the sink and oven, vault the ceiling, change the window on the wall and add an island. I'm pretty early in saving for this, so I'm not exactly going out for quotes. I just want to know what I'm getting myself into! 

Investment Info:

Single-family residence buy & hold investment in Columbia.

Purchase price: $410,000
Cash invested: $80,000

I found a 5 bedroom 3 bath 70s split foyer in sought after HoCo MD. There are bike paths everywhere and a lake walking distance to the house. I'll need to put in some updates (most notably the kitchen and master), but it was turn key and without any inspection issues. Mortgage is almost covered by roommates.

What made you interested in investing in this type of deal?

I had a recent windfall and was able to move into the neighborhood I want close to work.

How did you find this deal and how did you negotiate it?

With this current market, I put in an offer the first day it was on the market and was already competing with six other offers! Thankfully my wonderful real estate agent suggested I offer an extra month of rent back, and I ended up getting the house even though I wasn't the highest offer.

How did you finance this deal?

With BB&T who I am very happy with.

How did you add value to the deal?

Offer of free first month rent back and paid second month rent back.

What was the outcome?

I paid 20K over but wasn't the highest offer. So far I haven't had to put any money into the house. The roommates seem to be happy with the house as well, and we are enjoying the three season room in the Spring. Also, never underestimate the walkability of a neighborhood! I love being able to walk 5 minutes down to a lake.

Lessons learned? Challenges?

Realizing that it's not always about the money. The family needed more time to find a new place, which I was able to provide. I have not seen any deals nearly as good in this neighborhood since. Sometimes you'll just know when it is right. Make sure to leap on those chances.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Zagros Ahmed from Northrop Realty and Asia Jeng from BB&T. Zagros is an awesome negotiator, and Asia helped cover most of my closing costs.

As far as best schools, bang for your buck, and crime rates, I would put Howard County at the top of the list. Ellicott City is great but expensive. I just bought in Columbia and am happy so far.

Investment Info:

Townhouse buy & hold investment in Hanover.

Purchase price: $368,000
Cash invested: $5,000

New 3 bedroom 3 1/2 bath townhouse built by Pulte.

What made you interested in investing in this type of deal?

First house. I'm active duty and have access to VA loan, so I decided sooner rather than later is better!

How did you find this deal and how did you negotiate it?

My realtor showed it to me, and it seemed like a perfect fit.

How did you finance this deal?

VA loan

How did you add value to the deal?

Pulte Mortgage offered $15,000 toward closing costs, so I went with them with a VA loan.

What was the outcome?

I lived there with roommates until I moved into my next house. Now have renters there paying the mortgage with a few hundred in profit.

Lessons learned? Challenges?

Sometimes you need to be willing to move fast and take a leap of faith, even when your friends think you are crazy.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked with Zagros Ahmed at Northrop Realty, a Long and Foster Company. She is absolutely amazing and has managed to find two perfect fits for me. This is also during a complete seller's market too.