All Forum Posts by: Tim Youse

Listen to Rich. $100k for that area is WAY too high considering you can get them for under $40k off the MLS - sometimes less. These are for properties that need rehab of course.

If you're looking for turnkey rentals in the $100k range, you can get ones with CAC already installed for less. This house does not seem like a deal for this area if you are expecting decent cash flow.

Ask your lender if they have rehab loans or find a lender that does.

Where's @Ned Carey?

I've been following that area for the past couple months but have yet to buy. Check the listings for sold rehabs and then check the MD SDAT to see what the rehabbers got them for. That doesn't give you concrete #s on what the rehabs cost or the initial condition of the homes, but it does get you an idea of what some other investors considered a "deal". I see places over there going for around 20K +/- $7k - depending on the level or "ruin" and the rehabbed comps going for as high as $80k. Take this with a grain of salt, but a refi might be difficult due to so many low priced comps. Maybe another investor could chime in.

Check out my previous post on the topic. 

South Baltimore investing - Morrell Park

Check out the resources in the "Education" section on BP on wholesaling:

BP wholesaling articles

Ultimate Beginner's Guide to Wholesaling

Check out videos on Youtube as well, for effective methods, scripts, etc.

I don't wholesale so I can't speak from experience, but I don't think too many of them work with contractors as far as estimating repairs. The wholesalers job is to get the house under a transferable contract for as little as possible to pass off the deal to investors.

You'll also need to build a network of buyers, so attend all your local investor meet-ups, join investor facebook groups, email lists, etc.

@Ned Carey

Are the potential renters on Section 8 already pre-approved/pre-screened to some extent, by the voucher program? Is your screening process any different going with voucher tenants vs market ones? 

Sent you a PM

AJ Billig posts the results of their auctions on their website so you can see the same day what the properties have sold for. Some sell for about market prices, some don't - depends on who's there bidding really. 

Got a possible rental nearby for a great price. Took a drive by the back though and noticed a crumbling garage. At first glance I thought it would have to come down and turned into a parking pad, but after a second look it looks like it might just need the corner brick replaced - along with the roof and door of course.

Never had to deal with something like this, so those that have - what would you consider doing? This is a row house and the neighboring adjacent garage seems to be intact.

(sorry for the dirty windows on my car - it rained the night before!)

Before I actually make my first BRRRR purchase I wanted to make sure I'm getting it right. Let me know if I'm forgetting something in my numbers below please:

Am I doing it right?

I'm having trouble pulling the trigger in Baltimore, solely based on crime. When I find a 'seemingly' good deal, I'll then check the crime map on truila. More often then not the property will be in a high crime area, and the local police reports reveal shootings, homicides, assaults, etc...Still I'll go drive to the property at night and my gut tells me pass. Maybe seasoned city investors see dollar signs when they see those signals, but mentally I'm not there...yet, or perhaps I just haven't found the area that's right for me.