All Forum Posts by: Tim Youse

Don't think of it as a bad time to move - you probably got a better deal on the new home now than if you purchased in the spring or summer. You can spend the time now preparing your house for your new tenants - and if you need to hire the work out, contractors tends to be less busy over the winter, so you can get better deals and have the work done in less time doing it now.

I'm no expert, but $6000 to demo the house seems on the high side to me.

Can you get a dumpster in there and have the debris hauled away after the demo?

EDIT: Looks like you just answered my question...

Looks like you're working this area for flips, but are your rental properties in the same area as well? If so, do you mind sharing what these house are renting for? If I'm not mistaken it looks like rents in that area range from about $1000 to $1500.  And have you had good luck with tenants so far?

Yes it did - thanks. Makes sense. I noticed the A/C vents in the before pics. Must have been a nice bonus to pick up a property with the ductwork already there considering so many of the properties in that area lack Central Air (mine included! ugh)

I noticed a lot of rehabs in your market go with the open concept and tear down the the wall between the living room and dining room. Did you consider this but decide against it?

Do you have enough capital for down payment on a new purchase (or two)? That would allow you to invest and THEN do a short sale on your primary residence? Your credit would take a hit, but you should be able to build it up again over time. At least you wouldn't be stuck in the place and it sounds like you'd only be out $3k. 

Since you have a Freddie Mac loan, you should qualify for a HARP refinance. Not sure how much that would help you since a refi would combine your loans and then you'd be paying interest on the $45k loan, but it might lower your payment and interest rate and if it's low enough, you *might* be able to get a renter in there...

Could you do a lease option - or Rent to own without violating the guidelines of the condo's rules?

Here's the link to see if you're eligible for a HARP refinance:

Freddie Mac HARP Refinance tool

Don't the buyers have to submit a loan approval letter with the offer?

Hi Dwayne, I'm a Baltimore local interested in attending some REIA events. Can you suggest which ones are out there and which ones you'd recommend? Currently in the market for an investment property, but like the OP, still trying to learn enough so I can attempt to make a good purchase.

I'll try to post the link below. If I'm not mistaken the thread you're looking for is located in the Success Story section, and titled:  15 Rehabs in 10 Months in Baltimore City - from BP member Joseph England.

15 Rehabs in 10 Months in Baltimore City

Great post Joseph. Could you recommend or PM me any GCs you might recommend?

In the past, I've usually contacted the top 3 or 4 reviewed people on Angie's List. Since my projects were small,  the difference of a few hundred dollars in their quote usually led me to one GC over another. I also found I preferred GCs that would give me itemized quotes so I could pick which things I'd tackle myself and what I'd leave up to them.

Right now, I'm considering buying property in the Loch Raven area and since I live in Endor Gardens (for now), I could have GCs quote me on jobs to my own property that I could then get a reasonable idea for what they'd charge for doing the work on other homes in the area.

Did you find that GCs gave any kind of discounted prices for investors vs home owners?