All Forum Posts by: Kelly DeWinter

@Brady Udovich
Your price point limits you to Baltimore City. Most investors avoid rentals in the city at that price point because  of how favorable the courts are toward tenants. Outside of the city your price point limits you to mobile homes or 1 bedroom condos.

Its, an auction with a current bid of 185K, if you bid, it may (probably) escalate. You need to estimate cap rate, repairs, holding costs. You need to get a more realistic comps 150K range is not realistic. A real estate agent can give you a list  recent comparable rentals and call the agents to ask about vacancy rates or use DOM to get an idea.

@Luke MacLean

Depending on how you purchased the property and what was written in your contract.

. "As IS" - not much recourse
. With a disclosure disclaimer, it should have been disclosed  if you can prove they were aware, - legal recourse
. Inspections addendum - Did you decline wood destroying insects inspection ?

The big issue is you would have to be able to prove they were aware of the issue.

Also document the damage with photos ,etc as its hard to prove after demo work is completed.

.  a reality check might be needed. Mentors typically look for teachable people looking to do the grunt work,  find the deals and bring them to the Mentor.

The following two statements come across as a bit condescending and certainly would cause me to pass.

"Maybe I’m too motivated and ambitious for most mentors."
"Any real mentors ready to take me under their wings?"

I recommend toning it down. If you have a year of investor classes  behind you, you have enough info to go out find 3-4 possible deals, do the initial  analysis and take them to a possible mentor. That will show that you have something to bring to the table.

Re-Read Greens book, what you describe is not a BRRRR. In order to get forum help, it's always best to provide solid numbers.

One solution is to keep utilities in your name and pass then thru to tenants as a separate invoice. I do this for condos, and have not had an issue.

You need to do your due diligence and find out some solid numbers before any analysis can be done. Start with an inspection,contractor walk thru, comps, rent analysis and then repost some figures.

I don't understand your numbers, 75,000 in equity ? without closing costs,repairs,commission and 2nd closing costs ? Your equity has to be much lower then 75,000

yes, as long as you stop at the property first.

The honest answer is "No" since as you stated "The requirements state that you must be an owner occupant, which I have no intention of doing". Just remember there are serious penalties for lying on a mortgage loan application, you could be required to become president.