All Forum Posts by: Beth H.

The best time to have redeemed them was when you bought them.  The title company could have handled it for you for minimal cost as they would be preparing the deed anyway.  Now you will need to have a new deed prepared and recorded etc  Best thing to do is ask the title company to contact the ground rent owner and ask for the redemption amount.  And decide if it is worth it to do.  On a side note St. Louis and I believe Philadelphia do have properties with ground rent.

We are investors as well as hard money lenders for last 16 plus years in the Maryland market.  Those terms are typical. You will need about 10 percent for down payment plus closing costs to get to settlement.  Then you should have access to cash to start the work until you are reimbursed by lender through a draw schedule.  No hard money lender I know will advance construction money to you.  It is held in escrow until work is completed in stages.  I hope this helps. 

Hello! Are you a newbie to flipping? I would recommend Michael Gabriel at HML Capital. He is great to work with and very knowledgable on the construction side as well.

Have you called the zoning department to verify the current zoning?  Also if the property was vacant for more than a year it reverts back to a single family.  BGE won't install separate meters until you have paperwork showing multi unit zoning.  Take the following steps:  call zoning twice(you may get different answers)  If it is not zoned for multi units then you need to go through the zoning approval process.   I hope this helps.

If  she is struggling to pay the rent now she may not even be current with the rent.  Also if the place was built before 1978 I don't buy occupied property without a current lead certificate.  It is not uncommon for tenants or squatters to turn down cash for keys.  I was offering a squatter $1000 and they turned me down so now I am going to court to get them out.  Proceed with caution.

I am not familiar with the lease you have.  I just know there are some unique situations to Baltimore City if that is where your property is located.  On tenants insurance, my properties are mostly section 8 or lower end so they usually don't have the funds for it.

I don't require insurance either.  I highly recommend that you have a Maryland attorney review the lease and make changes as it pertains to the laws in Maryland before you start using it.  I also carry $300k coverage myself.

You are better off offering them cash for keys.  You can evict them as John Doe or Jane Doe

Yes.  You will be responsible for eviction.  It can take 60 days plus sometimes

I agree with Matthew Paul.  Find a reputable contractor who has a bank account in the name of the business(no checks written to their personal name) and preferably credit at Home Depot and local suppliers.  When you find a good one treat them well.  My current one has been with me for seven plus years and we have completed several dozen projects together.  I bring them lunch from time to time and give them bonus.