All Forum Posts by: Eric M. Johnson
Eric M. Johnson has started 2 posts and replied 11 times.
Post: First project in Baltimore City/Vacants to Value
- Posts 11
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You're welcome @Courtney Rollins. I'm starting to expand my search past V2V. I want this to be as smooth as possible.
Post: First project in Baltimore City/Vacants to Value
- Posts 11
- Votes 11
Hello, @Eric H., there were several, but the State of MD DPA loan, You've Earned It program, Federal Home Bank of Atlanta, and the Baltimore City Community Development Block Grant were what I was looking into the most. Some of them are forgivable loans.
Post: First project in Baltimore City/Vacants to Value
- Posts 11
- Votes 11
Originally posted by @Joe Norman:
By "House Hack" I assume you mean that you are going to owner occupy and use a traditional mortgage. If so then you may have some challenges with Vacants to Value as they are generally very distressed properties and may not qualify as habitable for the purpose of financing. If you're buying with cash or a HML then you'll be in better shape and it can be a great way to pick up cheap property (although they are generally not located in neighborhoods with a lot of retail sales activity). Good luck!
Owner Occupy is my plan, but I am going to use the FHA mortgage and 203K rehab loan. I also have access to grant money as well. Thank you for the advice.
Thanks @Jack Butala
Post: First project in Baltimore City/Vacants to Value
- Posts 11
- Votes 11
Hello everyone,
I am in the beginning stages of planning for my first project, which will be a house hack rehab in Baltimore City. The question that I have at the moment concerns the Vacant to Value program. Has anyone successfully used this program to acquire properties? Are there any general issues that I should know regarding this program? Thanks for everyone's input!
-Eric
Thanks @Joe Norman @William D.
Thank you, @Ozzy Sirimsi and @James Wise!
Originally posted by @Michael Bangsal:
Welcome @Eric M. Johnson
My brother attended the Naval Academy there and recently thought about looking into Baltimore because his roommate has a handful of cash-flowing rentals.
How's the vibe there? I hear there's pockets of good and bad neighborhoods just like any city but I was wondering if you could give your insight about a particular area if you're familiar.
Here's the address:
3809 Ravenwood Ave, Baltimore, MD 21213
3bd/1ba 1280sqft.
Do you know approximately how much this unit rents for?
Hey Michael,
The neighborhood for 3809 Ravenwood Ave. is called Belair-Edison. Here's a link for the neighborhood info page: https://livebaltimore.com/neighborhoods/belair-edison/#.XSabKetKjIU
Here's a Craigslist ad for a similar house in the same neighborhood. It goes for $1400: https://baltimore.craigslist.org/apa/d/baltimore-beautiful-3bed-1bath-3level/6930386229.html
Hope this helps!
@Michael Bangsal Thanks for the welcome. I'll look into it for you.
Thanks for the welcome, @Justin Windham &