All Forum Posts by: Ethan Kramer

Thank you for the information. I just received a quote:

State Auto Insurance premium at $704.80 annually. This includes $133,000 on Dwelling which is the calculated replacement cost, $10,000 of Contents coverage, $26,600 Fair Rental Value & Additional Living Expense, $500,000 Liability, $5,000 Medical Payments, $10,000 of Water or Sewer Backup coverage, $1,000 deductible.

The property was appraised at $73,000 and it is already in great shape with roof, electricals, and plumbing having been updated in 2011 - no work needed and the property will pass the rental inspection and lead inspection easily, I believe. Value of the contents I will own in the unit will exceed no more than $5,000 - refrigerator, washer/dryer, and stove.

Is this a good price?

@Eric H. Thank you for replying, this is super helpful. It is located in Baltimore City (Whistler Ave, 21230). I just left Hillpoint Insurance an email. Again, thank you for your help and I wish you the best too!

@Joe Norman Thank you for your reply. It is located in Baltimore City (Whistler Ave 21230). I just left Liz Mika a message.

After hunting for my first investment property for several months, I've finally secured a townhouse in Baltimore, MD and I will be closing in a week. I am trying to have everything ready, so I can begin renting it out immediately after settlement.

Any insurance companies you guys would recommend for landlord insurance?

Where would be a good place for me to find a good lease agreement? Lawyer?

Is there anything else I should do in the meanwhile to be completely ready?

Jeffrey - I do have a very close friend who is a contractor

Luke - to leverage the investment and to diversify my portfolio. I am trying to spread my rental properties across Maryland - Hagerstown, Baltimore, and Frederick.

What's up everyone, I am a new investor from Baltimore, MD and I am hoping to start investing and holding properties as soon as possible. Disclaimer: English isn't my first language, so I apologize for the shaky English - I try my best!

I sold a business a couple of months ago and I have about $350k to invest in rental properties in an attempt to establish a solid stream of passive income for the rest of my life - turned 26 last month. I just received a real estate license to save money on closing fees and I have a non-existential construction background, so I would need to work with a general contractor if I were to purchase distressed properties and rehabilitate them to rent-ready condition.

I am looking at a townhouse in Baltimore at $25k that already has a tenant paying $700/month and would love to renew the lease agreement for another year. It is in a rent-ready condition but it could use a little TLC and the ARV could potentially increase to $30k. The mortgage after refinancing would be no more than $200/month and I am not expecting to cash out the whole original investment after refinancing but with this rent-to-mortgage ratio, I should get my investment back within several years, which I am fine with as I would still have enough money to invest in more properties immediately.

Would this be a good way to get my feet wet without potentially sinking myself under the water? I would love to work with a contractor to rehabilitate properties before finding tenants for bigger profits and to leverage the investment, but trying to get an idea what it is like having a tenant and being a landlord first before I go any further.

TL;DR: A newbie investor looking to acquire rental properties, but wondering if it is a good idea to purchase a property that is already priced close to ARV and does not need much work as a first rental property to get a taste of what it is like having a tenant and being a landlord before going any further.