All Forum Posts by: Angela DeBorja

@Janet Drnach and @Ned Carey I plan on the next Anne Arundel Meetup as well. Looking forward to seeing you all. 

Thanks a bunch @Ned Carey. We drove the area yesterday, and it seems like a decent area and block of N Linwood, really close to Bistro Rx and the park. It is 2 blocks away from Fayette. If our friend were open to a short sale, and her bank accepted the proposition, isn't there a possibility she may need to still owe more in taxes or owe the difference between the current mortgage and the short sale price? Or something like that?

Welcome @Matthew Rassa! 

Hi @Janet Drnach! I highly recommend the BWI Meetup. Andy Spagnolo and Amy Presley are the organizer and are super helpful and generous. The website is http://www.meetup.com/bwimeetup/ I looked it up and it's about 20 minutes from Ellicott City. It is at the Mariott near BWI Airport on West. Nursery Road. There is a pure networking event once month, on Monday evenings at the hotel restaurant Champions, and then an educational event on Wednesdays once a month. It is free to attend every event, and there are memberships available as well. 

@JD Martin and @Ned Carey thank you for the input. @Almateen Yazid her interest rate is 5.75%. She refinanced in the last year or two. It's on the 20's block of Linwood Avenue. Based on all your helpful insight, I think the only way this could be made into a deal is to ask her if she is willing to ask her lender about a short sale, right? 

Thank you for all the input! I was not sure how to find and come back to this thread I started. Upon doing the 50% rule, it looks it is a no go even if the rent covers the mortgage with 250 surplus left over. Mortgage is about 1600. Conservative estimate of rent 1850, maybe little more with a few updates. It has been rehabbed in the past CAC, new water heater last year, but needs paint, carpet, and some new fixtures. I have not gone to see it because I don't know if it is worth it. Assuming Expenses are 50% of rent = 925. I'll be in the red each month majorly, right? Rent would have to be at least 2525 (1600+925) to break even or make it worthwhile right? 

We have a very close friend who is desperate to sell her rowhome in Baltimore. She purchased it for 250K in 2007, owes 221K, and it is currently rented but the rent does not cover her mortgage. The rent probably could cover the mortgage, but she is not willing to raise the rent with the current tenants  or deal with it is as she no longer lives locally. She is willing to hand us over the property, where we would practically get it for free and simply take over the payments. Our goal would be hopefully to rehab and then flip the property, but we would be okay with renting it out too after rehabbing it. It is in a C neighborhood just north of Patterson Park. It has been rehabbed in the past.  It will need light cosmetic updating as far as we know. How would we go about doing the sale so that we would have our company name on the deed as well as the the loan? Could we potentially switch to another mortgage lender if we can find a better interest rate than she has on the house currently? 

Welcome @Keith White. This is a great community. I'm definitely still a newbie but I have learned it will be very worth while talking to the small local community banks in your area to find out what kind of loans they do.  Get referrals from local investors in your area on banks would be a great place to start. Put together a informational packet of the work/projects you have done, your financials/credit status/ and what your business goals are in a professional manner so they can see all the positives you have to offer them by doing business with you. Welcome to BP! Also the BP Ultimate Guide to Investing with No and Low Money Down is a great book too. 

We are eager to do our first rehab/flip in Baltimore/Baltimore County! We have been reading, listening, networking, touring open houses, searching the real estate sites, homepath, homesteps, and auction.com. The challenge has been finding a good starter deal that minimizes risk, but gets our foot in the door. We are looking for a reasonably priced fixer upper for less than 100- 150K that we can possibly find a partner to work on. The areas we have been familiarizing ourselves with in Baltimore are Cylburn, Cheswolde, Hillendale, Loch Raven, Lauraville, Hamilton, Parkville. We are also familiar with Towson, Timonium, Randallstown, Pikesville. Any wholesalers looking for cash buyers let me know and we would like to work with you. 3 bed 1-2 bath 1200-1400 sq foot SFR preferably in not too bad of shape for our first deal. Thanks in advance!

@Scott DeFries regarding your question "what time do the BWI meetings normally start at? I work in NOVA so the battling of rush hour traffic can make it hard to attend meetings on time.: 

The Monday evenings start at 6:30 then go until 9ish or so, but there is no set agenda. The Wed meeting start at 630 but presentation begins around 7. http://www.meetup.com/BwiMeetup/