All Forum Posts by: Jeff Johnson

Dear  @JJ Conway @Jay Hinrichs @Rich Baer and @Ned Carey thank you so much for following your feedback. 

Turns out that the IRS lien is for over 900K.  I also found out that it turns out that the foreclosure attorney  didn't contact the IRS nor the previous mortgage company. So because he did not do his do diligence I should be able to get a return on my initial down payment. There is no language around marketable title in the contract nor about the title being free and clear, so I am getting a bit nervous, but learning a lot as I move along. Apparently these situations arise often in the DC area with these condo foreclosures where the attorney does not do their job and a refund shouldn't be too hard to navigate. [fingers crossed]

I don’t know where to start with only $15,000 dollars. Also, how do I buy my second property? I want to make a 5 year plan. 

Lack of capital :(

@Jeff Johnson my gut tells me that BRRRR strategy would not work in Canton, Fells point or Patterson Park. Those are good areas and therefore competitive.

For BRRRR to work you have to buy a fixer upper at a good enough price that you can significantly add value by rehabbing. You also have to be all in at a rent to price ratio that cash flows well. If you can't do BOTH of those factors you will not be able to pull all your cash out.

I can't give you specific neighborhoods as values can change pretty dramatically within  a given neighborhood.  I will say that I think the sweet spot is an area where the price range is 100-150 after repairs.