All Forum Posts by: Tim Youse

This is for Baltimore Regional Housing Partnership, one of the many voucher programs in the city. Enter the address and it will give you the range that they are able to pay for a given area. 

http://brhp.org/voucher_holders/search/new

I'm curious to see how things are going to pan out on the lending side with more banks opting out of cash-out refis and fewer lenders doing LLC loans or raising their rates.

I only have one unit so far and it's section 8, so even if my tenant can't pay, the gov will be paying their portion. My plan going forward is to stick with section 8 units if I can, even though the initial on-boarding process is a pain.

That seems strange. Are you sure its live? 

I just checked zillow and hotpads and there are no 3 bd rentals on Sargeant St

can you post a link to the listing?

Where are you listing them? I seem to get the most response from mine on Zillow and FB - and usually the hits come in the same day I list the property, with an average of 4 or 5 leads a day.

check SDAT for tax records, or you can check the cities tax bill page here: 

http://cityservices.baltimorecity.gov/

If you end up getting the property for less than its assessed for, you can appeal the assessment and pay the taxes based on your purchase price.

Looking at your numbers:

If your monthly NOI is $1018, and your rent is $1200, then your cash flow is rent minus your noi = $182/mo or $2,184 year. With $20k invested, your CoC return is about 9%. Not great. Ideally you'd want to chase deals that will get you better returns than the stock market average of 8%. Some local investors target 20% to 30% CoC returns here.

Also, I checked a local section 8 rent calculator and their rent ranges are from $1110 to a max of $1264 for a 2 bedroom. Now if you can somehow get in a LEGAL 3rd bedroom? You could get $1637. I can't tell from the listing whether or not that loft area is the 2nd bedroom or not, of if that could be converted to a 3rd bedroom.

I forgot to add that you only need a U&O permit on a property that has been declared vacant and that would show on file with the city code violation department. 

Was the property rehabbed already or will you be doing the rehab? If the property was vacant for a period of time when you purchased it, the city needs to inspect it in order to get your use and occupancy permit - or "U&O" as most people refer to it. This is different than the inspection needed to register for your rental license - and if you get a voucher tenant, then you'll need yet another inspection. In order to get your rental license, you're going to need to have a lead test too. Leadprobe and Leadtech are two local companies that can handle that for you.

0% chance that these properties are in those areas. If so, the OP could probably net over $100k in assignment fees on each one.

Try to do due diligence before you close. Also if you plan to wholesale you're gonna want to do that before you close, so your buyer closes on your closing date. Otherwise you're on the hook for closing costs. I have been in your shoes and had to sell the contract on a house I intended to flip. I considered walking away and losing my EMD, but I made a few calls and sold the contract in minutes and made a few bucks in the process.