All Forum Posts by: Eric Guth

Does anyone have any recommendations for a CPA or tax professional with expertise in real estate and rental tax code in the Canton, Baltimore area?

Thanks

Appreciate the insights!

Hi, I just received a quote for a 2 unit property I am acquiring in Baltimore and wanted to know what you guys thought about it. 

The quote is:

deductible-1000.00

dwelling - 170,000.00

Other structure-17,000.00

personal property-119,000.00

loss of use-51,000.00

personal liability-500,000

medical payments-5000.00

water backup-5000.00

Price is 679/yr

The property is being bought using a fha loan, so we will be living in one unit and renting out the other. Does this seem like a pretty reasonable plan? Are there any other coverages I should try and get, or should I bump any of these coverages? I have never dealt with home owners insurance before so any help would be great!

Thanks!

Thank you again for your insights. Very helpful!

Our plan was for him to be part owner so as to have some skin in the game. I do understand the problems that can arise with partners, particularly family. But he is currently renting in the unit and has been approached by the current owner to see if he wants to purchase it. He agrees that he should continue to pay his current rent rate. 

The property is south of patterson park. 

Thank you for the response. That is some very solid information!

The unit is to the south on linwood I believe. Short term repairs would be mostly cosmetic. 

One unit has a long term tenant who has agreed to stay and has expressed interest in staying at least 3-5 years. The other would need rented out. What do you assume for vacancy rates? And what methods do you find most effective to get new, quality tenants? (I was hoping to be able to use craigslist or other free methods)

Hi,

I have the opportunity to purchase a duplex in the Canton area in Baltimore area and I was wondering if people could help me narrow done some assumptions. Here are the details

Located right next to Patterson Park.

200-215K purchase price. Rent can reasonably be 1800/month over both units. Newly renovated and new roof.

My brother plans to live in one unit, so an FHA loan is possible and he plans to do most of the management of the unit.

Want to buy and hold.

I was wondering if people in the area could help me with pricing out the following:

Typical bank interest loans in the area (I have very good credit, any recommended banks would be useful too)

Property tax rates in the area.

Insurance rates.

Potential management fees and recommended property managers

Typical closing costs

What duplexes in the area typically go for.

What is considered a good rate of return in the area.

Any of course any other area specific information or things to consider would be greatly helpful!

Thanks everybody,

Eric

Hi, I have the opportunity to purchase a duplex in the Canton area and I was wondering if people could help me narrow done some assumptions. Here are the details

Located right next to Patterson Park.

200-215K purchase price. Rent can reasonably be 1800/month over both units. Newly renovated and new roof. 

My brother plans to live in one unit, so an FHA loan is possible and he plans to do most of the management of the unit.

Want to buy and hold.

I was wondering if people in the area could help me with pricing out the following:

Typical bank interest loans in the area (I have very good credit, any recommended banks would be useful too)

Property tax rates in the area. 

Insurance rates.

Potential management fees and recommended property managers 

Typical closing costs

What duplexes in the area typically go for.

What is considered a good rate of return in the area. 

Any of course any other area specific information or things to consider would be greatly helpful!

Thanks everybody,

Eric

Will do, appreciate it!

Thats a good point! We weren't really thinking of the other jobs that a university can generate. 

Also, I went to Penn State and I know exactly the type of destruction you are talking about. Places get absolutely destroyed!