All Forum Posts by: Joe Norman

That sounds like a reasonable budget/goal for Baltimore and should get you into one of the more stable neigbhorhoods around the harbor or up through mid-town. Shoot me a PM if you want to connect - good luck!

I would keep the W/D in order to charge more in rent and attract a higher quality of tenant.

You're probably better off taking a GC with you instead of an inspector. Both will be able to point out potential issues, but on the GC can give you an estimate to repair. Good luck!

He's not going to be able to leverage his equity without an additional note (HELOC) or a higher note (cash out refinance). Doesn't sound like he needs to though and I thin you guys are overthinking this - his $50k in cash should be enough to get 20% down conventional loan on a cashflow rental in most markets.

You're not going to get a traditional mortgage without proving your income. 

It sounds like the hassle is in the weekly billing, which is understandable. Will the lawn care companies invoice you on a monthly basis? Thats what my lawn guy does and it works just fine for both of us. I don't require proof that the yards have been cut but I've never had a complaint or any inkling that they aren't getting done.

Another option, as others have stated, is to have the tenant take responsibility for the lawn.

Your Realtor doesn't control the closing date, she should just be managing the process and keeping you informed. The closing date is set in the contract - have you passed that date? 

Lots of questions here! Generally your "mentor" will be assigned by your broker (not "employer", since agents are generally 1099 Independent Contractors, with some exceptions) so after you pass your licensing exam you interview brokerages and decide which one to join based in part on the mentorship options they provide.

Good luck!

Keep in mind that you can't just choose to place a Section 8 tenant. Legally speaking Source of Income is a protected class in Maryland, and more practically the Section 8 voucher holder has to also choose your house as the one to live in. If you're all in for $70k than its likely that you're not in the best neighborhood and/or don't have the best amenities so the voucher holder is likely going to pass you over for a house that does.

The upside of Turn Key is that you can turn around and rent it immediately without spending time and money on renovations and holding costs. This is especially beneficial if the investor is not familiar with or comfortable with doing a large scale renovation.

The downside is that you're generally paying close to market price and you don't have the ability to increase value through renovation which limits your BRRRR options.