Advice for First Time Homebuyer; homes for $1
Not sure if anyone is aware of Baltimore, MD offering vacant properties for a $1, however needing $90,000 minimum for rehabbing. I would be a first time home buyer. I enjoy Baltimore and all it has to offer, however, I am not sure if this can work for me. I currently live in Pennsylvania. I've reached out to the local housing authority for additional information waiting to hear back. I have the money saved for the rehab but I would apply for a loan to cover the majority of the rehab and use savings for future repairs. I seek a multifamily property to use the rents to cover the mortgage. My credit score is good high side. My yearly salary is about S80,000. So, I am sure I can afforded it, but not sure if I should pursue this. I am sure the properties are not in some of the better neighborhoods, but I am hoping with these new initiatives it can be changed if more people invest in home ownership. Baltimore is suppose to be an up and coming for investors. Looking for some advice or should I stay in my home town and purchase here but I really don't want to stay here for no more than 2 more years. Thanks
Most Popular Reply
@Joanne Wyman
The issue with these homes is the renovation cost will far exceed the after repair value.
Unless you are someone who can do a majority of the work/labor, it’s unlikely the numbers will work on these properties
- Chris Seveney
