All Forum Posts by: Eric H.

Welcom @Adrian Tiscareno! You have already started by joining BP. There is a wealth of information here and I recommend using every tool available: Podcasts, forums, blogs, fileplace, marketplace, books, everything!! Set up your keyword alerts to receive alerts when topics that interest you are being discussed. Understanding your local market is crucial to your success. Follow the market to identify trends. Join a local REIA to start networking. For flippers I've heard J. Scott's book on flipping houses is very beneficial.

I wish you the best in your real estate journey! It is indeed a marathon not a sprint. Expect to fail but be prepared to learn from those failures.

See ya round!

Sincerely,

Eric H.

@Sabrina Kane This theory applies to all facets of life. Failures are successes in disguise. Thank you for this post!!

If your goal is long term cash flow I think renting it is the better option. After renting it for a little bit and paying down the mortgage you can then possibly refi or get a heloc to take out cash for another purchase.

I wish you the best!

Sincerely,

Eric H.

@Sherry MartinSounds like you have a 'good' problem on your hands. I would start by digging a little deeper into getting your name off of that loan. Pose the question to the BP community and contact a local real estate attorney in your area for assistance. Are you unable to be removed from loan because ex would then be ineligible financially? Not sure what your relationship is with ex but if that is the case, that is his problem not yours. If he has been covering mortgage on his own for past eleven years that should be enough proof to present to the bank, imo. But common sense aint that common after all :-)

At the end of the day it depends on your goals. Do you want to be a landlord or a flipper? Are you investing for the capital gains, long term cash flow, or equity buildup? And your goals will change over time and overlap each other at times. My goals include completing a flip or two and using those funds to invest in more rentals. Finally, you may have to use creative financing measures to acquire your next deal. Consider using seller financing or a lease option. Just type those terms in the search bar to learn more about them.

I wish you the best!!

Keep us posted regarding your final decision.

Sincerely,

Eric H.

@Melvin WilliamsWelcome to BP!! I use that site all the time. I have assumed that it means the property is in an estate. The owner may have passed away or was proactive and did some estate planning. Call your local assessor's office to confirm:

http://dat.maryland.gov/realproperty/Pages/Maryland-Assessment-Offices.aspx

@Ned CareyMay also be able to answer your question.

I wish you the best!

Sincerely,

Eric H.

@Account Closed

You can also have a deed signed over to you to be held until you close (in 1-5 years).

What kind/form of deed  (i.e. special warranty, general warranty, quit claim)? Please provide title company/closing attorney in Baltimore that is willing to close on these types of deals.

Thanks!!

@Jamal L.Thanks

@Anthony GarciaThe city is not going to provide a separate meter. You will have to provide it. Any competent, licensed plumber will be able to install for you. You can install two separate meters for each unit, or one meter for one unit and use the city's consumption numbers to find the difference between the two. Here are two I found with a quick google search. Disclosure: I have never used either.

http://www.flows.com/neptune-t-10-3-4-potable-water-meter/?gclid=CIW2j47lk8sCFdYYHwodFK8GgA

http://www.amazon.com/dp/B004A11B0I?psc=1

Hope this helps!

Sincerely,

Eric H.

@Anthony GarciaThe rental I own is a SFR. Where I live, Baltimore too btw ;-) , water is charged quarterly to the owner but that expense still belongs to the tenant. I would just divide the cost between the two tenants equally (50/50, 66/33, etc), based on how much of the duplex each tenant occupies. If you want to have a little heart maybe you could split 33/33/33 with yourself as one of the payees. I would collect it monthly from the tenant, not quarterly. Finally, you could have separate meters installed to charge the tenant accurately. It would be a landlord expense, not something the city would do for you. @Tyrus Shivershow are your landlords handling water bills?

@Anthony Garcia Disclosure: I am a new landlord. I own one rental.

Your numbers look good. I don't include lawn care and utilities in my analysis. Tenant pays that. I also use a 12 percent vacancy rate ( = 6 weeks of vacancy). But when I ran my numbers I came up with a 15.2% COC return w/management and $360.55 monthly cash flow. It ultimately depends on your goals. Are you investing for equity buildup, coc returns, or the monthly cashflow? In the end, it looks like a good deal to me just based off of these numbers.

I wish you the best!

Sincerely,

Eric H.