All Forum Posts by: Joe Norman

For the record, I do think its bad form and a bad idea for anyone, including wholesalers, to put in offers/sign contracts that they aren't ready, willing, and able to close on. 

Isn't "making an offer even if you aren't ready to buy" what every single wholesaling guru teaches?

Welcome to BP and to the MD REI Community. It sounds like your budget is a Baltimore City budget. Maybe some areas in Baltimore County too (Dundalk in particular). You might find some deals in the Edgewood/Aberdeen area as well at that price, but probably not Bel Air. Good luck!

He's not going to buy anything in Odenton for $100-200k. 

Unless the roof is failing I don't foresee it adding any value to an appraisal.

To piggy back on Russel's post, the Maryland STATE real property tax rate is 0.112, but each jurisdiction (county and, in some cases municipality) will charge piggyback rates. For instance Baltimore City's real property tax rate is 2.136, for a total effective real property tax rate of 2.248 in Baltimore City for 2021.

I don't believe I can post URLs, but the information is available on the MD SDAT web page.

Welcome. The first deal is always the hardest to pull the trigger on, it only gets easier from there. Good luck!

Yea go back to the title company who processed your purchase and ask them what they are going to do about it. I recognize that things may be different in Louisville, but here in Baltimore (and most other jurisdictions that I am aware of) the past owner's water bill needs to be paid at settlement by the seller in order for your deed to be recorded.

Could be a very honest mistake or the result of delays in water bills being updated, but either way it sounds like something the title company that handled your purchase should eat.
 

As suggested above you could not borrow as much to keep your payment down and your profit up. Another thought is to leverage your equity with a HELOC - maybe you can find a lender who will do one of them without flood insurance. Good luck!

You're only "missing out" on today's value if there is a significant drop in market conditions and I don't foresee that happening. This isn't the early 2000s where anyone and everyone could get a no-doc loan without appraisals - lending standards have tightened significantly and it was predatory lending (or idiotic borrowing) that lead to the bubble then.

Hold on to the assets, enjoy the cashflow, and watch them continue to appreciate.