All Forum Posts by: Chris Willis

@David Grimm If you are looking for a 4-plex there will be more inventory on the Western Shore of Maryland. Not to say that the Eastern Shore doesn't have Multi-family but from searches in my area, they are limited.

If you plan on owner occupying just make sure you do some research, Maryland is going through a Heroin epidemic right now.

Again, would depend on budget and how comfortable you are in certain areas/neighborhoods.

Like J said, Maryland has so many sub-markets, it is difficult to guide you in one neighborhood or another.

Good luck!

@J Scott has much more investing experience in the MD area than I do, he may provide some insight that I cannot.

@David Grimm

 I'm from Maryland, what areas are you looking into?

The Eastern Shore consists of more rural areas, lots of farmers, and lower to middle class families. Slow-paced.

The Western Shore is more urban and city like and has many diverse markets. You'll find it ranges from a city atmosphere to rural. Fast-paced.

Both sides of the shore have many sub-markets and I guess it would depend what you are looking to do with the properties. Most people from Maryland would agree that there is almost an area for everyone.

wow @Jason Mak great job on the rehab. Glad to see you were able to still manage a profit. Look forward to reading another project of yours in the future!

@Ray Slack No problem, I appreciate you looking out. I have been self-employed/independently contracting (personal trainer) since February of 2012 and just recently took this position at an Insurance agency . I know being self-employed may cause some obstacles but I should be able to provide my tax returns to the lender? Would that be sufficient stability? I am still doing work as a trainer btw.

@Kyle Gregg

First, I would ask what you plan to do with the property? Do you plan to rent or flip? Is this your first property? And were there any difficulties in acquiring the 203k itself? 

@Chris Simmons Haha thanks, sounds easy enough right?

@Kyle Gregg absolutely, I would appreciate more info.

Great information Ray. I have not spoke with a lender yet but will definitely take your advice on the credit rating! I have some more research to do, but great advice, nonetheless.

Thanks,

Chris

@Ray Slack Thanks for reaching out! What areas in MD? I have family all over. I will eventually make my way down to Miami.

-If I purchased the REO foreclosure I would eventually rent out @ $1100-1200k/month. Estimated rehab would be $40k. Post-Reno value of $120k (estimated). I would have to dig deeper into this, of course, for definite numbers.

-Duplex would consist of buying both units, market rent @ $1k per unit. I would buy and hold this property. Rent second unit out after occupying for a year. Rental income would total $2k per month/$24k a year.

-I would go FHA financing on the duplex w/ at least 5% down. 203k on the foreclosure, though I've seen mixed reviews on these.

-I currently rent.

I'm new to the REI market but actively seeking my first investment. I am debating on whether or not I should pursue a foreclosed home and renovate or buy a duplex.

-I have found a foreclosure in my general area for roughly $49k, which does need some labor on the inside (unclear without an inspector). I could do some of the interior carpentry, painting, etc. And I have a great network of contractors I currently insure at the agency I work for. 

-I have also found a duplex listed for $108k just outside of a busy (downtown) street in Chestertown, Maryland. May need some TLC but currently housing two tenants. Rent in the area averages just under $1k/month conservatively.

I would appreciate any advice, suggestions, & criticism.

Thanks