All Forum Posts by: Joshua Velte

Very interesting story on this one Ruth, some items definitely made my spidey-senses tingle. What is the neighborhood?

Hey Alexander! How long do you plan on holding the property? Turn-key or rehab/rent?

Welcome Mattieu! 

@Amiris Brown Yes chalk that one up to learning, there are always deals out there and the more numbers you crunch the better you'll get at your estimates.

Regarding the mold, I've never heard of anyone removing and sanding the undersides of the hardwood, but that's not to say its not done. Moldy wood (such as floor joists) can be salvaged if the wood hasn't rotted. Mold needs oxygen and humidity/moisture to survive, so if you get the moisture issues fixed and rob it of oxygen it won't come back. This is typically done with oxygen bleach and sealing the wood. I would think that replacing the hardwood is easier and cheaper when you factor in all the time to remove the wood, sand/treat the wood, and the fact that you have to save each piece and remember where it went. 

Also, remember that the goal isn't to make the nicest house on the block, its to make a profit on flips. Remembering that you're not building your dream house is a mental block for many new investors. And rentals will be ruined by tenants so there's no sense putting in nicer features in these properties. I'd imagine a cheaper, faux-hardwood is cheaper and there is no issue of improper mold remediation by the contractor. I hope that helps!

Hey Charles, welcome to BiggerPockets! There is a lot of great information on the forums and a wealth of local investors that post on BP. Baltimore is a tricky market, some of those lower prices properties aren't the deal they appear to be. If you do a search for Baltimore-related posts you'll see other echoing the same sentiment. I do a lot of Real Estate work with investors, and would be happy to give you a 5 minute crash course in how the game is played of you'd like. Shoot me a PM when you're ready. Best of luck!

Hey Willie! There is also some great investor meet-ups in the area, some hosted by BP members and some on MeetUp. Best of luck to you, and feel free to reach out if you have any questions!

Hello Intisar, welcome to Biggerpockets! Im not a lender, but as a real estate agent who specializes in investors, I've seen most of the loan options being utilized. I'd be happy to give you a 5 minute rundown of different loan options if you'd like just shoot me a PM Best of luck!

Hey Alex! Several of our investors use Revere Bank, they're local and investor-friendly. If you shoot me a PM I'll send you the name and contact of the lender that they go through. Best of luck!

I use TaxBot. Its $10/month and auto-tracks your mileage like Mile IQ, which I've tried also. It also tracks your expenses and income, either by snapping a picture of a receipt or by linking your bank information/credit cards and importing the data. It puts all of this information into a nice report for tax time as well. LOVE that app!

Oh! Also, moldy properties are the best! You can get the best deals on them and you're usually gutting the property anyways so remediation costs are minimal. It scares away paint and patch investors so there is less competition. Its possible that you need to watch these properties for 6+ months though as the price will gradually decrease to a reasonable level. They typically start WAY over priced to see if anyone bites.