All Forum Posts by: Harry Carter

Thanks for the replies, you guys have definitely given me a lot to think about and I'm going to adjust my calculations.  I walked the neighborhood for about 30 mins yesterday and it's definitely not in the best place in the city, but I've also seen a lot worse.  I agree that a PM most likely wouldn't take on this property, and I'm fine with that for now.  It'll give me the opportunity to learn how to manage the property myself.  I'm cautiously optimistic that I'll be able to find a tenant, I'll just have to make sure that I do a thorough vetting to hopefully ensure I get someone who will pay and won't be too rough on the property.  

Fingers crossed and thanks again for the input.  So helpful!

@Stephen Kehoe, yes sir, the PITI is included and I'm thinking I won't use a PM for this one. In reality I purchased this just to finally get my feet wet and learn the ropes. Worst case scenario is it's vacant for a bit, but with the low mortgage I should be able to cover it. I'm also thinking about putting it up for section 8. Reading up on that now. Hoping to feel comfortable enough to purchase 2 more this year.

Hello everyone.  Purchasing my first buy and hold rental in Baltimore this month.  After running the numbers, it looks like it should cashflow:

Cost of purchase: 60k

Down payment: 9K

Fully renovated so no costs for repairs

Rents are looking between $750-$900 month

Estimated cash flow = $400-$500 a month

Will begin looking for renters 2 weeks before closing.

If anyone has any advise or tips for Baltimore city investing, I'd love to hear them.  Also, what are your thoughts on purchasing houses at auction?  I've seen so many low cost auctions going on, and definitely see there are some significant rehabs to be done.  Not sure how to calculate rehab costs and find a contractor who can deliver within budget.  

Thanks,

Harry