All Forum Posts by: Gabriel G.

@Marc M. and @Ned Carey thanks for the input. It is for a larger multifamily building which I was thinking of submetering to cut some of the expenses. I saw a few companies that can install the submeters and even do the billing but just wasn't sure if it's legal (especially and good ole tenant friendly Baltimore).

@Ned Carey... do you happen to know this one?

@Russell Brazil I think it didn't hit the keywords... or maybe no one knows.... Just in case, here are some keywords for everyone: Baltimore City, Maryland, Sub metering, Multifamily, Baltimore, Real Estate Law, Help lol.... 

Is it allowed? Just curious... 

@Patrick Brown I am currently starting a flip with KMA property management (they are also a G/C). In full disclosure, this is my first time working with them and in the past I have generally used subs here and there (never needed a G/C since I wasn't flipping). I can also tell you that in some cases it is actually easier to mix and match a few subs (we almost did that with this flip). When it comes to subs I have typically gone on angies list and picked the top rated guys. Even then, I still filter through them by little things like "how quick did the answer/get back to me on the phone", "did they show up on time?", "how presentable was their bid" it's little things like that that really make a difference between decent contractors and the really good ones..... I know it isn't a very straight forward answer but I just haven't found that unicorn of a contractor that is superb at everything and reasonably priced. However, I will definitely let you know how KMA turns out. Not sure if they would consider partnering on a flip (they do their own flips so the juice might not be worth the squeeze). 

@Eric H. In full disclosure, I am really new to REI. I have a triplex in Charles Village which I financed using a VA loan and I am closing on my first flip deal this Friday. Also in full disclosure, technically it isn't my deal. See what had happened was that it was a HUD property and as an agent I can't bid on HUD properties if my broker also lists properties for HUD (They think we have some sort of hidden advantage). With that said, I saw it was a great deal and showed it to a friend/partner of mine. She liked it so I put in a bid for her (which is totally legal since I am not buying it for myself). We also discussed that I would manage the rehab and then list the property for her. So even though I technically didn't buy it myself, I am still counting it as a deal under my belt lol. As far as funding, she had all the cash for the house and the rehab herself so no need for financing. However, when I get my first deal I will probably be using a hard money lender. Hope that helped and if you have any other questions, let me know!

@Joel M. welcome to BP! As @Ian Barnes mentioned, a lot of newbies (myself included) think that the 50k and under properties are a steal but the reality is you need to really know the area and your costs in order to succeed at these. It may also be even harder if you don't have a decent contractor that you have worked with in the past. I would say to start with something that is in a nicer A or B neighborhood that only needs cosmetic work. You'll learn a ton , it will be easier to manage and you'll start building a nice network of contractors, vendors etc. (That's what I'm doing right now)...

@Michael Nijhawan I would say that it all depends on what your strategy is, wether you are doing buy and hold, flipping, multifamily and what type of neighborhood you are looking for really nice neighborhoods with higher prices and lower returns or not so nice neighborhoods where you see low prices and high returns (more risk too though) or somewhere in the middle. Even Baltimore City and Baltimore County are too big of a spectrum and you can find all different types of properties and neighborhoods. My advice is to listen to a couple podcasts or read some articles/books and figure out what is going to be your strategy and then what is going to be your criteria (IE: I want to flip houses in A and B neighborhoods that have and ARV of 200-260K and I want to make at least 30K in profit) Once you figure out your strategy and criteria, it will be a lot easier to filter through all the neighborhoods out there.

Terrell, when could I see this property and what is the best way to reach you?

@Joseph Smith welcome to BP!