All Forum Posts by: Joe Norman

As long as you can tolerate living there I would continue to live in it and finish the renovations. Once its market ready higher a Realtor to get it sold for you.

Welcome! Getting started successfully is all about having a team that you can trust. My biggest saving grace when I got started was having a HML who would tell me "no" when I brought him marginal deals - he could have made money funding them but he didn't want to see me loose my shirt.

Surround yourself with good people and you'll have a head start.

I don't have personal experience with STRs, but I do have personal experience with government regulations. My thoughts are that if a town is already making it hard to do a STR then its not likely to get any easier. That is to say that governments rarely pull back on restrictions, but rather seem to always double down.

Find a jurisdiction that has chooses not to regulate STRs and invest there. Good luck!

If you're looking to cover 100% of your upfront costs then DC probably isn't your market. I'm sure it happens when investors have ongoing relationships with contractors, access to off market deals, etc., but as first timer it will be very difficult. Prince George's County will be easier, and of course if you want to come further north to Baltimore there are "deals" aplenty (but remember that you get what you pay for). Good luck!

Baltimore is a great market for BRRRR, just proceed with caution. If the numbers look too good to be true then ask yourself why it is. Make sure you are very confident in your re-fi ARV and have someone with experience in Baltimore double check the comps you're using to make sure they're valid. Talk to Property Managers and make sure you have several options who work in the neighborhood(s) you are targeting. Same with contractors.

Good luck!

Setting up an LLC (at least in MD) is super easy - I just created one through the Department of Assessment and Taxation in about 15 minutes (plus another 15 to get an EIN through IRS). That said, an LLC may not be your best bet for BRRRR as it could increase your financing costs and hassle - mortgages are much easier to get in your personal name.

Board ups aren't a problem if you're buying the only one in the area, what I meant though is that most investors don't want to be on a block thats full of them (which will certainly limit your upside for refinancing). I suggest you figure out your budget, as well as your target ARV - that will help you hone in on specific neighborhoods.

Not saying it doesn't happen regularly, just that it is against the rules and the OP could push the issue with the listing agents broker if he wanted. 

 MR's form is called Disclosure of Licensee Status and its available on their website (if you're a member, of course).

One thing that isn't mentioned in this thread is talking to your broker first and last. At the end of the day you need to operate in a way that they are comfortable with.

Excellent - congratulations! Where in Baltimore are you buying?