All Forum Posts by: Gabriel Ehrlich

@Jimmy Samai your hardwork shows through the deals you've sent me. Wishing you the best of luck in your  RE career.

@Jake K. - I use King Title out of Pikesville - They are awesome - I have closed multiple deals with them and they've saved me a TON of money. Tell them I sent you over. Best of luck. 

Just wanted to give everyone an update on that second property (the rental)... I was able to successfully refinance the deal. It appraised at 126k!! I pulled out all my money invested into the deal plus an additional 10k which I will use to fund additional deals. I figured, since the rate was so low @ 5.75%, it makes sense to take the money and apply it to future deals. 

@Account Closed I have been exactly in the same position as you. My advice is to be a sponge - read as much as you can, listen to all BP's podcasts and start making local connections. Offer them your time to run errands, help with the books, checking on job sites etc. They will return the favor by being an important resource for deals and future contacts. You have to crawl first! Eventually, you will become someone that people want to know, and that is when you start making big money.

@Jeffrey H. Well, I suppose there is always a risk when dealing with section 8. However, the lowest amount for a 4br voucher is 1480 (correct me if I'm wrong). Even at that amount, this one makes sense. 4 big BR upstairs and a massive open kitchen/dining room. 

@Jimmy Samai I appreciate the offer, but I'm scooping this one up for myself. At 65k, it's a deal. 

@Jeffrey H. If i get 1500 in rent, this house is a deal. Additionally, my friend just took this town to 65k. I think at this price its a winner. Thanks so much for your input.

@Jeffrey H. Oh the suspense is killing me! What's the difference between hill side vs flat?

@Jeffrey H. I didn't really pay much attention to the hill vs flat, so I cant really say until i go back. It's 2483 shirley - perhaps you can tell me what the difference is on hill vs flat side?

The tenant with the 1600 MO sec 8 moved out several months ago. 

I am putting in 25k because I need the house to appraise high in order to pull out my money.  Additionally, since that area isn't exactly the most desirable, i figure i need to make it nice in order to draw voucher tenants.

@Ozzy Sirimsi ,  if it appraised for 125k, it wouldn't be a good deal.

Purchase:70

Rehab:25

Closing: 5

Holding: 2

Total money in: 102

75% cashout on 125k = $93,750

I would be leaving too much money in the deal. 

@Ozzy Sirimsi Since I would be going the sec 8 route, I am a bit concerned about getting a tenant in this location quickly. I was there yesterday and it seems like a quiet block with lots of greenery. I don't want to pass on a potential deal but at the same time, I'm not so sure it is one. Even at 1400 mo rent, this house should cash flow ~$550 (not including vacancy and maintenance). Question is, would the house appraise high enough to pull out my money... and the lack of "good" comps is what has me concerned.