All Forum Posts by: Travis Paez

Really great post! Thanks so much. I am currently in the looking phase in Maryland and this type of story gives me hope that perseverance will turn up something wonderful. Thanks again!

welcome James! Dundalk definitely has some fixer-uppers. If I could do it again, I would have read the book on Estimating Rehab costs and gotten someone with a few flips under their belt to come and look through a place with me. And whatever you do come up with as a rehab number, double it. Then calculate if it's still a good deal. Good luck!

The southern end of the Baltimore city limits is Brooklyn, MD where we bought our first rental.  After some rehab, and screening a long list of applicants, it is cash flowing nicely. The city offices require rental/landlord registration along with yearly fees and much of the communication with the city office must be done in person or by mail(200 Holiday St. could use a big jump into the 21st century) but if you are patient and personable, the city employees can be very helpful. I am currently on the lookout for a multifamily and Baltimore seems to be the best possibility in the area. 

Looks like you have a really well thought out plan, Jeff. Great job and good detail. I would be interested in looking over some potential deals with you when you get to that point. In the meantime, please shoot me any specific questions in a private message. I'm by no means an expert but I was where you are just about a year ago. Forming an LLC, putting team members in place and finding our first buy and hold have all happened. Now we are now looking to the next horizon which will include multi family, medium to large size if we can find the right partner and the right deal. I'm based in Annapolis but I work my day job in downtown DC.

Good luck and hope to hear from you,

Travis

Brandt and Val, hope to connect with you both. I'm very interested in a local meetup. Please let me know. Some Saturday morning would be great! 

@Account Closed

Have you considered multi family investments? If you wanted to use your 150 as a down payment on a solid multi family you could easily generate the CoC that you are looking for. With a smaller investment maybe some of your capital could be used to renovate vacant units within the property. This would add value and demand higher rents for the vacant units all the while generating cash flow from the occupied.

Thorney,

I have just recently rented out a SFR. My next goal is a multi family. As you can see from the posts, there are many benefits. But no matter what your investment, it needs to be properly evaluated and researched. What area of Maryland would you like to invest in? The multi family market may be better or worse depending on the location. Make sure you have a backup plan(other exit strategies) if by some chance that renting it out doesn't work. Do the research in the area to see what the rental demand is like, overestimate any repairs costs that you anticipate. Good luck

Thanks everyone for chiming in. Still waiting to hear back from our lawyer. I'll post back if our tenant actually tries to pay. In the meantime, I've suggested to him that it might be in his best interest to open an account just for that and set up an automatic payment. 

As far as tax reasons go, our accountant is confident that this can be labeled as deferred income and won't hurt our ledger or taxable income. 

Thanks again!

Alright BP, here's a question. I have a tenant that I recently placed in a Baltimore area home on a long term lease. Before the first month is up, he told me that due to an inheritance, he would like to pay the rest of his lease off in one lump sum. It sounds like a no-brainer, but what could be the possible drawbacks to accepting the rest of his rent at once?

Welcome, Mike. It looks like all the best advice to get you started has been said. Being from the same area we may be able to swap stories and share info on specific deals and possibilities.  Let me know if you want to grab some coffee and help each other plan the next step.

Good Luck!