All Forum Posts by: Elizabeth Rose

It's usually not the lenders who have the issue it's the county and getting the documents recorded with the county. That is where the trouble lies. The security instrument needs to be notarized and if the county won't accept an online notarization the HML has an unsecured loan

Thanks for this info @Chris Seveney, I wasn't aware of this!

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Hi folks! I'd love a recommendation for a hard money lender that will allow me to close on investment properties with online notarizations. I frequently travel abroad and it's not always feasible for me to get to a US consulate/embassy to notarize my closing documents in person as required by the HMLs I'm aware of. Thanks in advance for any recommendations!

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Quote from @Tim Jacob:

Not all of it is that bad. I would say the part closer to downtown is pretty rough. Think of Belair and North as being horrible. That and other parts of that part of 21213 closer to downtown were shown in We own the City on HBO recently bc they are indeed really bad. As you go on Belair Rd northeast of that intersection it starts getting better I would say by Belair and Erdman which is right in the middle of Belair Edison things have gotten to a C grade asset. Even then I would try to be half a block off Belair Rd but I have managed properties in that area and have not had many issues there.

Thanks @Tim Jacob! This is super helpful.

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Baltimore, Maryland

Quote from @Bob Stevens:

Quote from @Elizabeth Rose:

Hello! I'm a rental property investor looking to acquire distressed townhomes in West Philly to implement the BRRRR strategy. I plan to acquire 5 units within the next 12 months and more after that, so I'm looking to establish a good long-term relationship with a realtor who is super familiar with the West Philly market and is comfortable working with an out-of-state investor. Looking forward to connecting!

Are you cash?

Not at the moment, no. I'll be using a hard money lender.

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Philadelphia, Pennsylvania

Quote from @Tim Jacob:

21213 fluctuates for asset quality. Years ago I dealt with D grade in 21213. I don't and won't anymore. C grade is possible as you go away from downtown and North Ave and more into northeast Baltimore. Belair Edison is not bad. As you get off Belair Rd North East of Erdman you should be alright.

For your price range you are definitely C grade at best. I would recommend 21239 or Dundalk/ Middle River / Essex in the county. Know things are getting more and more tenant friendly and you will not be able to get that tenant with a 700 plus credit score you don't have to worry about like in an A or B grade asset. Your taking risk and though it can work allocate more to variable expenses than if you high graded things because overtime they will work out that way. Things for the most part are back to normal and have been a while compared to the pandemic but the c and d grade crowd got killed during that. D grade will not work at all and though C grade can just be aware.

Thanks a ton for your feedback, @Tim Jacob! Do you consider most/all of 21213 to be D class?

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Baltimore, Maryland

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Philadelphia, Pennsylvania

Hi friends! What neighborhoods in Baltimore are great for BRRRRs right now?

Based on my initial research, I'm looking at the 21213 zip code but I'm open to others (no D class neighborhoods though).

Specifically, I'm looking for neighborhoods with a good amount of distressed 3+ bedroom townhomes for sale for $120k or less that require a moderate amount of renovation (no gut jobs or major structural issues) and that will get me a rent-to-price ratio of 1% or higher on the final ARV.

Thanks in advance for any thoughts/ideas/suggestions!

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Baltimore, Maryland

Thanks for this insight @Eric Greenberg - I'll DM you!

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Philadelphia, Pennsylvania

Thank you @Ebony J. for this insight, much appreciated!

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I'm thinking of doing some BRRRRs in Philly but notice that the population has been shrinking since 2020. BP has a great article on this here: https://www.biggerpockets.com/blog/philadelphia-real-estate-market. Apparently, the Philly population has shrunk down to where it was in 2014.

If you have rentals in Philly, I'm curious if you've had trouble finding good tenants and/or getting the rents you want? Do you find it's taking longer to fill a vacancy?

Housing prices are low but if there's too much inventory and a shrinking pool of renters, I'd be concerned about vacancy rates and cash flow. Thanks in advance for any insights!

1 Vote

Philadelphia, Pennsylvania

All Forum Posts by: Elizabeth Rose

Elizabeth Rose has started 14 posts and replied 54 times.

Post: Hard money lenders that accept online notarizations?

Post: Hard money lenders that accept online notarizations?

Post: Great neighborhoods in Baltimore for BRRRRs?

Post: Looking for a great agent specializing in West Philly for ongoing deals

Post: Great neighborhoods in Baltimore for BRRRRs?

Post: Looking for a great agent specializing in West Philly for ongoing deals

Post: Great neighborhoods in Baltimore for BRRRRs?

Post: Question for Philadelphia investors - is the population shrinkage impacting you?

Post: Open Spaces Portfolio Program

Post: Question for Philadelphia investors - is the population shrinkage impacting you?