Investor · Vienna, VA · Member since 2015 · 25 posts · 4 votes
Hi folks I have the opportunity to pick up a couple turnkey rehabs - two 3BR units in a building side by side. They are near the intersection of Denison Street and Gwynns Falls Pkwy. Any opinions on that area for both rental and resale appeal? I am a buy and hold rental investor in Baltimore City but I dont know the local neighborhoods that well as I live out of town. I rent my units section 8 - but I like to buy in areas that have a reasonable percentage of owner-occupiers and that will have resale appeal some day to owner-occupiers as well.
This is a C- neighborhood. Certainly not a resale area. If your turnkey is lead free, rented for $1000 month and your purchase price is less than $50,000 it is OK. Anything more and you are overpaying. You can certainly do better in terms of location and price.
@Abena Sidibe I wouldn't have phrased it like that. It implies they expect something special. No, you just need to have all the proper paperwork filled out properly. They may want proof you own the building or area a member of the LLC that owns it. They will tell you what you need and what you are missing. Section 8 can be a pin in the butt, especially the initial and annual inspections but other than that we have been happy working with the program.
@Robert Shaw I agree. I definitely want to partner with someone. My goal is to find a partner through networking on BP or during the REIA meetings I plan to attend.