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All Forum Posts by: Vina Real

Vina Real has started 12 posts and replied 106 times.

Post: Baltimore or Northern Virginia

Vina RealPosted
  • Alexandria, VA
  • Posts 111
  • Votes 164

I live in NOVA and invest in Baltimore. Cashflow is great but riskier. It is also very tenant friendly. NOVA houses appreciate like crazy. Our house, for example increased for more than $20k in just 4 months. But the rent to purchase ratio is not good. Rents here average around 2200-2500 whereas the purchase price is 500- 550k. I'd say if you'll use it as a primary to house hack and sell it someday, go for NOVA. Don't keep it as a rental.

Post: 2nd Baltimore house under contract, 1121 Sherwood Ave.

Vina RealPosted
  • Alexandria, VA
  • Posts 111
  • Votes 164

@VictoriaTorres Yes, I recommend it but there are some areas that you need to watch out for. 

Post: 2nd Baltimore house under contract, 1121 Sherwood Ave.

Vina RealPosted
  • Alexandria, VA
  • Posts 111
  • Votes 164

@VictoriaTorres Yup! This is the property that you saw before rehab. Good luck to you! 

Vina

Post: 2nd Baltimore house under contract, 1121 Sherwood Ave.

Vina RealPosted
  • Alexandria, VA
  • Posts 111
  • Votes 164

@TyroneHansboro The contractor I picked quoted me 35k initially but total was 40,200 + appliances 2800. I learned a lot of lessons from this rehab:

1. Build a strong scope of work. I should've made an itemized pricing of repairs instead of as a whole package. I noticed the contractor tried to add things to be done in addition to the original SOW.

2. Visit the site when they least expect it. I should've but I didn't because of my work. I always went there on the weekends so I didn't know how the contractor and the team worked. In the end it resulted to a warning from the citt because of the trash pile in the backyard. Bad management from my part.

3. One blooper that the contractor did was expanding the basement bathroom shower without checking if there was a real drainage outlet. We had to redo it and cost us 1500 worth of repairs.

The rehab was a month late and also missed the mark for summer rent. The good thing that happened was I found my handyman thru this contractor. They say that sometimes people come to our lives for one reason and to me that was this handyman. I also found my reliable realtor thru a person that I had a bad experience with lending. I have more lessons to tell but this is getting longer. I hope this post helped you a bit.

Post: 2nd Baltimore house under contract, 1121 Sherwood Ave.

Vina RealPosted
  • Alexandria, VA
  • Posts 111
  • Votes 164

I search the MLS for deals and then I reach out to my realtor when I find something good. I'm still a newbie and don't have the system to find deals on my own yet.

Post: 2nd Baltimore house under contract, 1121 Sherwood Ave.

Vina RealPosted
  • Alexandria, VA
  • Posts 111
  • Votes 164

Here's my latest numbers:

PP- 99000 conventional financing, 20% DP 19800

Closing Costs- 12700

Rehab Cost $43000

Loan- 79200 @ 5.5% (PITI= 707.55)

ARV- 160,000-170,000

Rent 1700, listed for rent at 1500 but was offered 1700 by one tenant

Repairs- @ 8% 136

Capex- @ 8% 136

Vacancy- @ 8% 136

PM @ 10% 170 ( self managed)

408+170= 578

707.55+578= 1285

1700-1285= 415 monthly cashflow

Great tenants, always on time and easy to work with.



@Joe Splitrock Wow! That is harsh comment. Thank you for crushing me. I'm sorry I'm not that smart like you. I made a mistake and I am paying for it. The reason I came out with this post is to simply WARN OTHERS especially beginners like me not to commit the mistakes that I did. I know I look like a fool but I posted it anyway. As an operating room nurse, 2 most important traits for me are honesty and trustworthiness. I'm sure my borrowers in my other notes have those traits coz they've been with me for years and they never missed payments. I thought this is a helpful community. I'm mistaken. Peace out. I'm not gonna participate in this thread anymore.

@Andrew S. The Custodian sent me letter every month after the note matured. I notified them about the case. Thanks for pointing that out!

@Tony Kim @Dan Heuschele Thank you for your kind words! I have a second property in Baltimore acquired last year that's pretty good, too! I really dont want to refi this. ARV = 180k- 185k

Purchase Price 99k (from MLS short sale)

DP 20% 19800 Closing costs 7500, interest rate 5.5%

Rehab 42500

Rent 1500

PITI 707

Expenses 8% 360

PM (I self manage)10% 150

Profit 283

I'm on my second set of tenants too. The first ones broke their lease. There was a bidding war for my property this summer and tenant offered 1700 as rent. It's awesome!

I think of my unfortunate situation with the delinquent note as just a hiccup in my REI journey. I'll just brush it off, get up and continue with this journey. I don't blame BP for my mishap. In fact I'm thankful and grateful for their existence.

Please don't bash BP!. I just wanted to warn beginners like me to be cautious. Thru this platform, I met a lot of incredible people and I couldnt get started without BP.