All Forum Posts by: Melissa Wilson

I actually spoke with lender and asked for more details and in the end there's no a meaningful difference when factoring in closing costs. And also he let me know I'd have to take the listing off the market for some time (at least 6 months) so it's not really a good short term strategy. So I'm just waiting out the market at this point.  

Hello all, currently I have a property losing $700/month (not including vacancy cost). I am trying to sell, but as we all know DC is rough right now and I’m really not sure when I’d be able to sell. I have spoken with my lender and they brought up the idea of a 5-year AMR which could save me up to $500/month. This is attractive to me because I can minimize the bleeding while I wait out the selling process.

I understand if I do this, the risk I’d be taking is not being able to sell within 5 years and having my rates jack up. I’d like to think this is a minimal risk but I also never thought DC would be where it’s at today.

Does anyone have any experience using AMR in cases like this/any thoughts?

@Bruce Woodruff Thanks and good to hear that the prices shouldn't be quite so high. I will keep looking around until I can find something more reasonable.  @Account Closedthank you for the thoughtful response. Somehow it didn't occur to me to just go ahead and get it snaked versus starting w/ a scope. 

I am curious about how often landlords perform sewer scoping as part of preventative maitenance. I can find info/advice on scoping as part of initial due diligence but not so much as a PM effort. Although my property in Baltimore isn't exhibiting any symptoms, it hasn't been scoped in at least 5 years. It's a 100 year old home, although city records state a permit was requested for water/sewer line re-construction in 2005. Main reason I'm hesitating is because I'm getting quoted $700 to get a scope done. Any thoughts? 

Hello! I recently failed my certificate of occupancy building inspection in part due to "1. 2017 R401.3 Missing Energy Certificate". When I asked the inspector how to correct this issue, she told me to "google it". I found the DC energy certificate template she was referring to but I do not know how to complete all the information they request such as air leakage test results, fenestration rating, insultation rating, etc. The flippers who sold me the house are non responsive. Anyone have a clue how to complete these things? 

@Eric Fernwood Thank you for this thoughtful response, very helpful!

Thanks @Erin Dorsch ! I decided I'm going to try and making house hacking in DC work, but I am still considering Baltimore for the future so may take you up on your offer then :) 

@Ozzy Sirimsi will send you a PM, thanks.

I own my primary in DC, have a rental in Upper Fells and have recently started my search to expand my portfolio. My target total purchase price is 175k-200k, and I am hoping to buy a relatively turnkey place that will cash flow with some modest appreciation as a LTR. (Although I am a bit more interested in cash flow at this point.)

I am told in my price range this would be difficult to do in Baltimore City, at least in a neighborhood that is less risky/has some appreciation potential/is desirable to tenants. Questions: 

-I am looking at Patterson Park area, Upper Fells, Highland town. Is it possible to buy relatively turnkey property in the 175k-200k range that is worth buying? Are there other neighborhoods I should be considering?

-I’m trying to establish criteria for a “good property” is. For example, I am told a two-bedroom is not desirable. I’m not sure this is true, but is there anything else I should keep in mind that I should consider a deal breaker- like a minimum square footage, lack of parking pad etc.

-I’m also considering Dundalk area. Is there sufficient rental demand there? According to one source there appears to be very little appreciation there; can anyone confirm? If anyone is familiar with Dundalk and would be willing to chat I’d appreciate it.

@Samuel Choi@Russell Brazil Thanks so much, will look into it!