Newbie with Property Under Contract

[Kenyatta Donley]

Hi...I am a fairly new member to the community but have been following the podcasts for a bit. I just wanted to take a second to share that I got my first property under contract. I am based in Philadelphia area and purchased a property in Baltimore. It was through an auction site that is managing a good volume of properties in that area. I took a last minute shot not expecting to win and well...I did. Baltimore is super hot right now and slowly gentrifying like many urban cities. So I am excited. The transaction and communication has been super smooth and we close next month. 

So right now I am just lining up my next steps. I have reached out to get insurance coverage while I rehab and also just reached out to get an inspector into the property to give me a full report of the condition and any concerns. Then from there I hope to start working on a scope of work and find me a good contractor to begin rehab. That's it! 

That's my story. I just wanted to contribute something to the community and hopefully encourage someone who is sitting on the sidelines. I was stuck in analysis paralysis most newbies and one night I just said screw it and submitted a bid. I will say the week before I had also put in an offer to a wholesaler which was pretty aggressive and I didnt expect to be accepted. The point is I made a decision to start taking some at bats and the Universe rewarded me. 

I am still working through my numbers and plans but will keep the community updated!

[Sara Frank]

Quote from @Kenyatta Donley:

Update: so it’s been a couple of months and i am chugging along. As many of you know finding a good contractor is a **** show but i ended up going with a referral after interviewing several.

There are lots of challenges in Baltimore and materials are super expenses but I m committed to completely the project. I also experienced my first break in. Some clown stole about $1000 worth of plumbing supplies. It could have been worst. My site has been robbed. So i guess i m really official now! 

I am using my own cash/credit cards on the project. So i have no loan payments or hard money timelines breathing down my back. However the pressure i m putting on myself Is probably just as bad! 

I m based in the Philly area. So i can get to Baltimore in about 90 minutes. So it’s a distance project but not so far that i can’t put feet on the ground. I actually just met my contractor in person for the first time this week. We have been doing everything electronically and the crew has been working over a month. We exchange lots of texts, email, video and early morning calls from Home Depot. 

So it’s my first project and i am a anxious wreck but all in all things are pushing along. 

 Looks great -- good job!! Definitely consider installing even fake security cameras, they will help to deter unwanted visitors. Baltimore can be tricky but you have the right approach in going all in and not succumbing to analysis paralysis.