All Forum Posts by: Joe Norman

Baltimore is another good market to target for out of state investing, even in the suburbs around the city cash flow well. 

Reiterrating @Jeremy Horton's theme here, don't do anything that will put grandma's roof in jeopardy. I've seen a lot of people scale too quickly, fail, and start over (myself included). Its one thing when its your money/credit/houses at risk, but when its your grandma's house (that she gifted to you, none the less), I wouldn't risk doing anything to jeopardize her living situation.

You have great income for a young man, buckle down for a year and save the $30-40k you'll need for a down payment on a turn key (or expenses for a BRRRR deal HML). Keep doing that until grandma moves on from the home, then you can consider leveraging that equity.

Good luck!

I'm using RentVine and am very happy with it. The tenant can pay online through ACH or with a credit card and everyone stays up to date through the owner portal.

Echoing the above comments - you do not want these tenants nor the liability of being a slumlord. Move them out in a legal way, do the renovation, and find yourselves some tenants who will take better care of the place.

I would try some different banks - 40% DTI seems like a high requirement. Also have you owned the home for more than 6 months? Some banks will be skittish on the refi of properties that have been owned for less. Another factor could be title - is it owned by you personally or by an LLC?

While I agree that it is slim pickings for quality multi-units in Baltimore, there are plenty of good cashflow deals to be had right here if you're open to Single Family (row houses, in particular). Why the focus on Multi-Family?

Quote from @Zack Schlund:

Understood! That would be less of a zoning issue, and more of a local ordinance (at least in my area). Are rental licenses required in your area? If so I would start by speaking with someone in the office that issues them. Good luck!

As others have said, zoning rules and regulations are very local so it's hard to give general advice. Talk to someone at the government body that over sees zoning in your county/municipality. Go to them with specific questions about a specific property, listen, ask good questions, and be polite. You will need a relationship with them going forward.

While we likely can't answer any specific questions about your town's zoning, I am curious about what you are concerned about? Unless you're repurposing a property then the zoning doesn't matter too much (assumings its current use is a conforming one).

I'm not at all opposed to paying for training/mentoring/coaching, just make sure you do your due diligence on who you're paying. Talk to their past clients, make sure expectations are properly set, and make sure both you and your coach understand exactly what it is you're paying for (how many times a week will you meet in person? how many hours a week will you speak on the phone? what exactly are they going to be coaching you on and how involved will they be? are there any "strings attached" such as using their preferred HML/title/realtor/contractor?).

Good luck!

Quote from @Ben Whittaker:

The service company are actually really good to deal with, they seem to help as best they can. 

is it worth me paying for an extra insurance policy in my name? Eg if the place burns down, I just make a claim with my insurer and go about things as per normal?

 Yes, 100% if you own or have interest in a property you should have insurance on it.

What I don't understand from these posts is why is a bank involved if the seller financed the deal?