Hello BP Family. I am looking to purchase my first Buy and Hold Property in the Baltimore area. I am not working with a bunch of cash to put down a good enough down payment for a home. My question to you guys is how would I go about purchasing a home that's on the lower side when it comes to price range? I am a handyman so I would do most of the work myself when it comes to fixing it up. Any suggestions on where are the steps I would need to take in order to get the property under contract and to place tenants in there after doing the work that's needed far as fix up?.
Well it sounds like you need to look a little further outside your target area. You would be surprised how far the prices go down the further you go out.
You will most likely want to fix it up without the tenants living in it. I doubt any tenants will want to live through a house renovation. That also could be risky for you if someone happens to get hurt you will get sued.
I'm really not sure what your question is....steps?
See a property you like, do your inspection or have a home inspection, itemize what you think needs doing, double it cause your itemizing is way wrong, fix everything, add more money to the budget, and then get it rented.
The key to buying these houses is to avoid the bad neighborhoods, and find the house in the good neighborhood that can be rented for what you want, and that will appreciate.
The problem with the war zone neighborhoods isn't actually collecting rents, but the appreciation of the property as your exit strategy.
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