All Forum Posts by: Whitney Robert Caldwell

@Patricia Steiner point well taken

Hello BP Nation, I recently purchased a 3B/1.5B townhouse for $176K in East Baltimore County, MD. My property manager and I set the rent at $1800. The median rent for the zipcode is $1500. There are very few rentals in the vicinity. A similar townhouse listing down the block is asking for $1500, and is newly renovated inside (hardwood floors and 2 full bathrooms)... mine looks straight out the the mid 80's. I'm concerned about not signing my first tenant this month, but also wanted to stick to the rent I evaluated for. Should I adjust my rental price or pay the mortgage myself until I get a tenant that obeys the 1% rule?

Greetings BP Nation,

I am first time home buyer with a buy and hold SFH in Baltimore County and a condo in Playa Del Carmen, MX. After reading several books I am currently looking for a great CPA who is well versed with Real Estate Taxes. An added bonus if you are renting properties yourself.

By profession I am a genral dentist in Washington, DC. My immediate goals are to 1) maintain my capitol gains 2) grow a lucrative real estate busniess 3) become a super tax payer 4) aquire future homes with a new LLC 5) reduce my income taxes. If you are a real estate CPA, or knows someone who is, please let me know your thoughts.

I found a great family home in Baltimore that smells like old cigar smoke. I know this smell because my grandfather's basement smells the same way. The Property has new carpet, wood floors and looks freshly painted. The wood fixtures aren't new but are painted. Also the smell is everywhere but mostly in the 1st and 2nd floor. I'm sure the smoke has penetrated the walls somehow. This reminds me of the time Lil Wayne couldn't sell his Florida estate because the smell of marijuana smoke was inside the walls. I'm hoping that someone from the BP Nation has a suggestion other than removing all the dry wall... because that is certainly a deal breaker.

@JC Cole thank you for the input. I have read some of your other forum post and found you make some very reasonable points to consider.

I have finally evaluated 100 properties in Baltimore, MD! I can literally feel the adrenalin of turning my dreams into a reality. I have 60 more days to complete my first deal, as part of my 90 day challenge which ends in August. I've filtered 3 pricey properties from the stream that provide a 10-12% CoC ROI, which isn't bad for this market. My potential properties cater to two medical institutions in this vicinity. The people closest to me who are not REI are telling me now isn't the time due to he social distancing. But graduate, medical and nursing students will need a place to live off campus come the Fall. Considering I'm placing 90% of my savings into this first deal I wanted to ask the BP Nation... should I push the button or not.

@Russell Brazil After cold calling an agent I was informed hard money, conventional and construction loan were acceptable. I was preapproved at at 230K personally. Being that the duplex is semi-occupied and auctioning only one unit I've lost interest with this one for now.

@Chris Seveney So the Duplex is semi-occupied so only one of the units is available at auction. Thank you again for your consideration.

So I recently came across a 3B/3B semi detached single-family home up for auction in 7 days. It looks like a great BRRRR to get my feet wet with property ownership. Opening Bid is 100K, local homes appraise around 260K. My CoC ROI evaluation seems okay, but I'm a newbie and have no instincts! I'd like to make a move but not sure what I should do first. Please advise, thanks for reading.