All Forum Posts by: Joe Norman

Everyone's situation is different, however in general I have seen a lot of success stories from the MMP SmartBuy program. Having your student loans forgiven after 5 years of homeownership just seems too good to be true, even if the rates are slightly higher than market. I've got a great lender who is well versed with this loan program, PM me if you'd like contact info for him.

@Drew Sygit The OP asked a question in an open forum and I offered my opinion. I've been managing properties for close 8 years, so while I am humble enough to know I have plenty to learn (part of why I'm on BP), I certainly wouldn't say I have "obviously limited experience".

I suggest you calm your approach - this is supposed to be a helpful place not a biggest balls contest.

What is the reason you are being turned down? If its because of the property then a good HML should be able to help you out, however if its because of your qualifications (debt/income/credit/cash) then alternative financing may be harder to come by (albeit certainly not impossible!).

Also note that ground rent is an expense, not a source of income. It also doesn't vary based on renovations - its fixed into perpetuity.

Russell is correct, you must have your Rental License in order to get an eviction processed.

What do you mean though that the tenant isn't cooperating w/ scheduling repairs? I ask my tenants if a day/time is good for them as a courtesy, but at the end of the day have the right to access homes I manage as long as I give the tenant notice. Sounds like your PM either has a week Lease that doesn't give him repair access, or he needs to be more assertive in enforcing it.

"Close to Morgan" and "Close to Lake Montebello" are not specific enough for you to do deal analysis, at least not in Baltimore. You need to know the comps in the specific neighborhood you are considering investing in, and in many cases you'll need to get even more focused than that. Good luck!

Any property can be a good flip - it just all depends on the purchase price. I would personally go after both types of properties you mentioned (ones that are vacant and dilapidated, as well as those that appear habitable but dated). Good luck!

Flipping is a great way to make money, its also a great way to loose money. If your goal is long term passive income, and you have the capital to invest from this inheritance, then come out of the gate investing in BRRRR projects and/or turn key rentals. Make sure you have a great Realtor and Property Manager (could be the same person) advising you. Good luck!

What type of loan will you be getting that doesn't require a down payment?

It sounds like the Ground Rent is registered, which means that the lease owner can collect the ground rent. However if the owner isn't aware of it, and is not sending bills, then I probably wouldn't bother sending payment. As you noted, they can only collect for 3 years of back GR and can't foreclose on the house, so I wouldn't personally go out of my way to send them payments. Just sit on it and pay the bills if/when they ever come.

"Househacking" means different things to different people. Do you intend to live in the home and rent out rooms? Or use the home as your Primary while you fix it up, and then move out and rent the whole house?