All Forum Posts by: Tim Youse

Welcome Susan. You might want to have a few property management companies come in and give you their thoughts - and see how much they think your place could rent for. They can offer advice as well if your place needs anything prior to renting it. You can also check sites like rentometer.com to see what various rents are near you. In Baltimore, you will have to have your place registered with the city as a rental and you'll have to have a lead inspection.

You might want to check out the Bigger Pockets rental calculator to see how much your property will cash flow.

https://www.biggerpockets.com/buy-and-hold-calculator

GL!

I have not, but I'm keeping a list of local contractors (and any vendors) that get mentioned here on BP so I can contact them when I have projects. I'm still looking to buy my first investment property at the moment.

welcome. What PM company are you using that does construction?

You get more than one FHA "bullet" as you call it. You have to live in the house for a certain period of time and then you can use it again to move into another owner-occupied SFR or MFR.

There is a multi-family on the market in Catonsville right now for around $380k I think. Two properties, side by side...and re-reading your OP I see we are both talking about the same properties. Have you had a chance to visit the property? Looks like it could use some updating but overall it seems to show well.

Thanks for sharing. What neighborhood was this in? Any details on the house? 2BR? how many sq ft?

This was the property I was considering. It seems l'm too late as it went pending this morning. Seemed like a good deal. 2/1 SFR foreclosure for $22k with ARV of $60k+

2032 Grinnalds Ave 21230

For properties that low ($22k) - will banks even lend that amount or would all cash be the way to go?

Thanks for your input. 

The property hit the market yesterday. It's located in Baltimore County in a good school district in an area that is mostly families with young children. Solid B area, maybe even an A I'd say. I've come across similar deals nearby and they tend to go in about 5 days or less. A larger SFR (3000 sq ft) in similar condition recently sold for $175k and hit the market 2 months later at over $450k.

Hi BP,

I have no idea what I'm doing, but want to learn. I came across a listing that looks like it would be a great candidate for a flip (IMO) but I am still completely new at this so not sure if my instincts are correct. The property is a1440 sq ft, 3/1 SFR listed at $115k with an ARV of at least $275k. Most houses in the immediate area are selling at $240k to $300k. The house needs a lot of work, but seems structurally sound with no signs of any major interior damage (mold/water/structural issues)

- Is there a way to get a ball park estimate for what this house would need prior to contacting a contractor?

-What would be the best way to handle financing the purchase? 203k? hard money? Cash?

-Should I read J SCOTT's book on flipping first?? 

Looking at the pics, I'm thinking it needs

• new kitchen and appliances (might keep fridge)
• New baths (would it even be possible to add a 2nd bath?)
• refinish hardwoods
• New HVAC - remove radators
• windows, doors
• minor landscaping (trees removed)
• replace rear deck
• Exterior? new siding? roof? Shutters? 
• remove or replace fence

So I'm asking you fellow members of BP, take the wheel! Please let me know and I can provide more details on the property.

Hi BP, 

I'm doing some analysis of various areas around Baltimore for potential purchases and was wondering if anyone here has any input on the South Baltimore area - Morrell Park, Carroll Park, St Agnes areas etc. I'm seeing homes for under $50k there that only need minimal work to get them rent ready ($5k-$10k or less) Most of these are 2/1 SFR that rent for $1000/mo. What has me a little concerned is the crime in the area based on what I've seen on Trulia. Looks a bit rough - and this is coming from someone whose lived in Baltimore all my life! So, any other investors out there with experience or knowledge of that area, I'd love to hear from you.

York Rd/Greenmount Ave in that area is going to be a little seedy, but there are worse areas of Baltimore for sure. You have class A neighborhoods to the west of York Rd there. The property will probably cash flow, but I would not expect the value to go up much over time. I think your realistic rents will probably be closer to the $1000 than the zestimate of $1250.