All Forum Posts by: David Kosiorek

Hey, 

Congrats on the purchases.  Baltimore has a strong network of investors and pretty good list of hard money and private lenders are out there.  

Www.hardmoneychoices.com is the best place to go! In less than a minute you can have your deal put in front of 15 local hard money lenders that I know at no cost to you

Note, these are real lenders and they are local. I've used HML a few times, rates vary based on the property, location, and investor experience.

So 2015 was a pretty awesome year but I figured I'd make a post to keep me honest and pushing for the remainder of the year, as I had a month vacation that slowed down the progress.

Deal 1) Bought a house for 73.5k at auction sight unseen.  Yeah, I know I know but I graduated about 10 miles from the house.  Closed March 1, have about a week left of work to complete.  Rehab costs (35k- fairly certain at this point), holding costs of 400.  I plan to list it myself@ 219.9 and It should sell for over 205k without blinking.  Pictures to come (I have before and middle, still waiting for the complete photos). Est Profit ~100

Deal 2) Guy saw a sign that I buy houses, called me, Purchase price of 51.5k, closing is 4/15/16 and has been wholesaled for 62.2k (double close)

Even though I did not hit my goals (5-10 flips and 5 rentals), I feel like it was still a success.  The quality of my rentals acquired will make it much easier to produce very steady long term rental income.  So I call it even.  2016, I'm trying to go BIG.  More to come

I'm still a PT agent.  I got my license in April of 2015.  Since then have closed on 5 houses for myself, and have purchased or sold for 3 friends and family.  All in MD fees are roughly say a 1,500$ a year.  I've probably saved/made 25k+.  No brainier for investors and I still think I was better than any agent I previously worked with in terms of knowledge and turnaround times.

return is too low for me, I'd look for a property that you yourself could rehab and build the equity in.  I learned a while ago, others rehab products are just not as detailed or through as mine.  Best of Luck

I think you are underestimating the costs to get : 1) zoning change, 2) separately metered (both BGE and paying for electrical work, 3) It will open up your (possibly not 2 unit property) to be shut down by an inspector, you live in the city (canton or fells) good luck mate. You're better off renting it the way it is

easy, I just got a 4.375 from Bank of America with 25% down, cash out refi. Shop around, lots of even local credit unions can beat that unless you have a ton of houses or your credit is low

*the rate on my refi was lower due to being platinum blah blah with the bank and they waived all but 450$ in origination

 I've got a house that is VERY similiar right now but I'm not done the refi just yet.  I'm going refi through Bank of America at 4.25%, 30yr fix, 25% down (actually 0 out of pocket).  Purchased + reno costs were 135k, appraised at 192k.  Rent, with tenant paying all util/lawn is 1675/mo (non-sec 8), signed 2 year lease- renter has 11 yr prior rental history same location.  I've projected $525-575 cash flow after capex (roof in 7-10 yrs, all other systems are new).  I'll update on how long the refi paperwork process takes but i'm hoping to have it soon.  

 what he said.... 3%.... never going to happen