All Forum Posts by: Tim Youse

Well that explains it - those houses are the exception over there so that would explain to me why some investors would shy away from a deal. Even with comps, it's a risk IMO, since there are so many properties of lesser value over there. Mid 200s would put home buyers in a more desirable neighborhood, so that narrows your buyers pool on the front side and the back side of the deal, and it seems like the numbers wouldn't work for investors that plan to buy and hold/rent it out.

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120K? in Morrell Park?? Is that the ARV? That seems incredibly high to me. What type of unit is this? Detached? Rowhouse? 3 bed or 2? I'm not saying that 120K is out of the question, but seems to be the exception to the rule over there where many distressed units can be picked up for under $40k that might have an ARV of $80k to $100k.

https://www.redfin.com/neighborhood/1773/MD/Baltimore/Morrell-Park/filter/include=forsale+mlsfsbo+construction+fsbo+sold-6mo,viewport=39.27222:39.26191:-76.64061:-76.66449

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Congratulations!

How much out of pocket did you spend on the first place? Was it just the $5k on the Hard Money Loan? Those terms seem terrific if so!

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Is that lead free?

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Originally posted by @Ozzy Sirimsi:

I absolutely love Roland Park, it is a shame that taxes are ridiculous in the city.

Absolutely agree - but for someone that is open to other areas outside of town, you can get more house and land elsewhere than Roland Park, and save money on taxes and schooling.

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Originally posted by @Cate Mee:

Thank you all for the input. Its been very helpful. One last request for advice - if my absolute ceiling on purchase price is 500K and my ceiling on renovations is 100k, from Roland Park (Baltimore) to the northern DC suburbs south and Annapolis east, where would you all suggest as the best bet with those financial limitations? Again my only requirements are: yard with property and relative safety for my kids. I know everyone has a different definition of the term safety - I have lived in cities all over the US from Denver to Houston to San Antonio for context.

If you plan to send your kids to public school, I would not suggest Baltimore City - you mention Roland Park - which is probably as good as you're gonna get school-wise in the city, but property taxes there are probably going to run you at least $10k annually. Private schools in that area are plentiful, but also expensive - around $15k-$25k+ a year per child.

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Originally posted by @Ozzy Sirimsi:

... I bet you need to update the kitchen and may be a bathroom which will require at least 15K.

We do some updates right around Belvedere Square , let me know if you want me to look at it.

Hey Ozzy - what updates do you recommend? Any pics?

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You should get your financing in place first so you have a solid idea of your budget. If you wait til you find the deal, you may lose it while you're shopping around for financing.

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Let me add a follow up question to this.

Is it uncommon to ask the seller to pay ALL of the closing/transfer costs, by offering - let's say $11k over asking to have these costs wrapped into the loan?

This particular property is already about $30k - $40k under ARV for the area.

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All Forum Posts by: Tim Youse

Tim Youse has started 11 posts and replied 148 times.

Post: Overpriced, first home bought in 2007 - what to do with it now?

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Post: Are these closing costs high? Need opinions - Baltimore, MD