All Forum Posts by: Whitney Robert Caldwell

So I find myself in a position where I have a tenant who's having difficulty paying his December rent. I have talked to some REI in texas who have recommended programs similar to BakerRipley COVID-19 Rental Assistance Program. Currently I am seeking analogous programs that would allow similar benefits in the DMV Tri-state area. Has anyone heard of any rental assistance programs benefiting Baltimore, MD?

I have recently acquired my first SFH buy and hold. The Cashflow and CoC RoI is about 1/3 less than I presumed it would be. I have learned a great deal about my market by actually investing into real estate. However, I would like to prevent making some of my previous mistakes on my next purchase. Being that I have no mentor to learn from I suppose I can teach myself. That said any recommendation of books for SFH buy and hold inventors would be helpful. I have already read the bigger pockets 'Rental Property Investment Book' and a book by Tom Wheelwright 'Tax Free Wealth'. I suppose I would like to delve a little deeper into how to find actually good deal outside of Zillow, Redfin and Realtor.com Any books that you can recommend would be greatly appreciated. Happy Holidays!

Investment Info:

Townhouse buy & hold investment in Middle River.

Purchase price: $176,750
Cash invested: $26,512

4016 Issacs Rd is a townhouse in Middle River, MD 21220. This 1,485 square foot townhouse sits on a 1,503 square foot lot and features 1.5 bathrooms. 4016 Issacs Rd was built in 1986

What made you interested in investing in this type of deal?

Interested in a SFH in a safe neighborhood with a community feel. The newly renovated roof and the minimal amount of repairs needed was acceptable.

How did you find this deal and how did you negotiate it?

I found this deal by searching online with Zillow.com, Realtor.com and Redfin.com

How did you finance this deal?

I received 15% financing from Keller Mortgage.

How did you add value to the deal?

I've added value to the home by making $8000 repairs in appliances, cap ex, electrical repairs and cleaning.

What was the outcome?

I think that I underestimated the repairs needed to bring this property up to code for Sec-8 tenant. Also I over estimated the amount of rent (i.e $1800/month) that would be usual and customary ($1600) for this are of Baltimore County. The outcome is that I am missing out on about $150 from my monthly cashflow.

Lessons learned? Challenges?

The house I should be seeking will sell at a lower price point (i.e. $155K-165K) and rent for about $1650 per month. Obeying the 1% rule more closely and providing 10-12% CoC RoI for my investment

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

William Bowman (Keller Williams)

@Cristhian Huamani > I recently bought my first buy and hold SFH in Baltimore County this past July. I'm getting a 10% CoCRI from it which is a modest start. I used to filter the city but I've found better deals outside of the city. Problem is that a good deal wont last long in this market. Say a 4B/1.5B under $170 in modest condition comes to market, I guarantee that within 7 days its going to contract. It's a good market but you have to filter consistently or you'll miss the perfect opportunity for cash flow.

@Corby Goade Covering my rental mortgage payment is the exact opposite of what I'm trying to accomplish. A lower than market rent seems the only way to go ay this point.

@Ryan Howell This is pretty sound advice.

@Alex Keathley The house down the street is undervaluing the rent a little. The seller of my property had a previous tenant paying $1650. Since its right by the water I wanted to ask for a little more. The number of inquiries is a little underwhelming this week. Hopefully I haven't lost any potential good offers.

@Nicholas L. That's a good point.

@Stephen Kehoe this is a great resource. Thank you.

@Whitney Robert Caldwell droping the rent makes more sense at this time.