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David D.
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New investor closing on my first deal in Baltimore, MD

David D.
Posted Mar 20 2019, 18:10

Hey there,

I'm a soon-to-be new investor in Baltimore, MD. Originally I joined BP in January thinking I was going to learn about small multi-families and then house hack in 2-3 years. 

Well, circumstances changed and moved my timeline way up, and now I'm closing in 3 weeks on a fourplex rowhome in Baltimore.  The inspection didn't turn up anything deal breaking on an as-is property, so things are currently on track. 

I've been reading and researching a little bit of everything, but I'm focusing on the following areas since this real estate investing is going to be a real "thing" very soon for me:

  • Finding an architect and GC who can handle major renovations in a historic district. 
  • Determining what degree of historicity* (<--- evidence of student loans) I should stick to for tax credits in the renovation. (CHAP, MD Historical Trust, etc)
  • Sound proofing
  • Landlording 101 for the student and young professional market
  • Figuring out what kind of Home Sense insurance coverage I need
  • Tenant proofing units, but also making them attractive and differentiated on a reasonable budget
  • Figuring out the right degree of home automation (wiring/full unit audio etc) my owner's unit , public/outward facing cameras, electronic locks etc (Consulting firm? Hours on reddit? etc)

I'll be asking questions here and there, but I'm mostly focused on searching and reading through threads right now, so if you have any good threads saved that would be super helpful.

*I have some personal requirements that take this property and renovation a little outside the norm for a typical investment project. I'll be house hacking (typical), but will be renovating the first floor unit and finishing the basement into an owner's unit that will need to support me hosting small donor development and community building events, as I am active in the Baltimore non-profit scene in my spare time. I'm also interested in using this renovation as a test case for some ideas and materials that my parents might be using in their SFH's renovation. (If you're wondering about my budget, I took a FHA loan instead of putting 25% down in Bolton Hill so I could renovate this property; it needs some love.)

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