All Forum Posts by: Amanda Felton

Hello, I've noticed the same pattern of sales listed in Zillow here in Baltimore. I am wondering if by "sold", Zillow is listing mortgage transfers. Check the SDAT info to see if the sales are to individuals or corporations for any clues, such as are the transfers to individuals with the same last names, are the transfers between financial entities, etc. Zillow also will tell you if the house is a foreclosure. 

@Greg Downey How would you categorize the lenders you mention in your first comment? Are they hard money lenders, or other? 

Hello,

Every deal is different and you have to "run the numbers" on it, but it does help to know where to start looking.

I spend time on Zillow and have seen evidence of flippers targeting neighborhoods west of the Gwynns Falls: Check out the sale of 303 Gwynn Ave for $155K. Two blocks away there is a house for sale for $52K. 

Also, try Hamilton: 6214 Hilltop Ave., for example.

Piggyback question: How are neighborhoods classified A,B,C, and D? What are each level's requirements?

Any input would be greatly appreciated!

Let us know how you made out and what your final decision was. Good Luck!

@SteveVaughan I'm curious how did you get a conventional loan at 3% down for an investment property? I thought banks only lend at 20% down for an investment properties/second homes. That's why I haven't started investing yet! Any thoughts/insights or details would be greatly appreciated. 

@Cody Snow Congratulations! Do you think you were so successful because the market is coming back and prices are on the rise again?  Your original post prompted so many warnings and naysayers. I'm glad you were successful!

Hello, 

A Fannie Mae Homestyle loan may be what you're looking for. You can search for lenders that offer it online. 

Best

Hello,

Here are some thoughts on "areas in Baltimore County" that would meet your price and intent criteria (and I see you are in Ellicott City so access would also be important). To summarize, cheaper homes in the County border the City: 

1) Gwynn Oak - which is inside of the Beltway (695), north of Route 40, and has a good amount of rentals and many houses in this price range or below. 

2) Parts of Catonsville - parts closer to the City, inside of the Beltway, south of Route 40, Academy Heights for example. 

3) Also, areas near St. Agnes and UMBC (Halethorpe and Arbutus) are great rental markets. 

Good Luck!

Check out the real estate investment groups in the area on meetup.com to start networking. Just be aware that some of the groups are for profit, but offer plenty of learning opportunities. Local REI groups are also great starting points such as the Mid-Atlantic Real Estate Investors Association. Good luck!

Thanks Bryan for your response. I'm in contact with my credit union that writes mortgages for as low as $5,000.

Thanks, Aaron. I will definitely be looking into Rental Virtual Lite! Thanks again!