All Forum Posts by: Joe Norman

There isn't a shortage of agents in the Baltimore market, just a shortage of agents who would take a listing like this at a retail commission rate (e.g., 3%). Have you tried offering a fixed rate commission? Shoot me a PM if you want to talk through this.

100% okay, especially since I assume that you won't find an agent who covers both markets. Just be up front with them about where you are currently and what your intentions are.

Awesome man, good luck! House hacking is a great way to get started, especially since you seem to have a lot of flexibility to find a great location. My advise is to make sure you have multiple exit strategies on whatever house you end up investing in. That is to say, make sure it will work regardless of whether you decide to hold it or sell it.

I would not make any investments in Baltimore hoping for appreciation - just count any you get as a bonus. The city's population has been in decline for decades with no signs of reversing course in the near future.

My advice on setting up your LLC is "don't". It complicates the transaction (especially if its an out of state LLC) and cuts you out of the Fannie/Freddie backed loan market. The upside is very very minimal when you're just starting out and, as @John Underwood points out, your tax deductions/obligations aren't impacted by having an LLC (i.e., its a "pass through" entity for tax purposes). If you're worried about liability then get an umbrella liability policy and call it a day.

Good luck!

It sounds like you want a process that is both Simple and Cheap, and I think you're going to have to compromise on one or the other. 

If you want to go the Simple route then contact a local Agent, if you already have a buyer lined up and just need Paperwork and Transaction Management help then I'm sure you'll be able to negotiate a reduced fee (assuming there isn't a buyer's agent involved).

If you decide to go the Cheap route, then contact a real estate attorney (some times referred to as Title Attorneys/Title Companies depending on what part of the country you're in) and they should be able to handle the transaction for you. You may not end up saving all that much money though, especially if they are creating the contract for you.

A few things to consider:

- Is the buyer pre-approved with a reputable local lender?

- What will the home inspection contingencies be?

- Will there be an appraisal gap addendum? (very common and important in today's market)

I wouldn't make any assumptions, and I also wouldn't rely on the agent's listing remarks to determine fair market rent. Good luck!

Assuming its just a few plants, that they are good paying tenants, and they're moving out in 3 months anyway, I would probably just let it go. 

If you're looking to move into the Baltimore market than the biggest tip is to make sure you really know your comps. Houses that are just a block or two away from your property may be completely unreliable from a comps perspective. Be sure to drive by them all before making any final decisions. Good luck!

Welcome to the Baltimore REI community and good luck on your journey! IMO owning cash-flowing rental property is the best way to invest both short term and long term. There are plenty of opportunities for this in/around Baltimore, but make sure you really know your sub-market and, once you've identified potential deals, really dig into the neighborhood and surrounding blocks. Good luck and let me know if I can be a resource for you!