All Forum Posts by: Kenny Ness

Thanks for all the great advice! Ill let me friend know. Also if it helps the property was built in 1961

Hello fellow BP users I could use some advice for a friend. My friends house burned down and insurance has deemed it not repairable. The insurance will pay them out for the value of the house itself and they need to sell the lot after paying to have rubble removed. My question is should they also have the foundation removed so who ever buys the lot can rebuild whatever size foundation they want or do they leave it intact because it would save the builder some money increasing value of the lot. 

I don't myself I would recommend asking a local real estate agent. 

I would take part of the gift and pay down the credit card debt then look for a townhouse thats 3 bed 2 bath. Make sure the numbers look good for it being a cash flowing rental but instead of buying it as a rental I would buy it as primary residence to house hack. Rent out the other two rooms to keep monthly living expenses low. Then start saving up with the plan to move out rent it out and move into another property you can house hack that will be a good rental when you move out.

or if you and your parents are content to stay living together when they move I would continue live with them to save money and pay down the credit card debt then over time let that credit score go back up to a strong number so you can get a loan with a good rate then buy the townhouse. 

Most of my rentals are townhouses in Anne Arundel county but I did do a flip in PG count this year a Townhouse thats 3 bed 2.5 bath. I bought it because it was a good deal but I didn't hold it because it didn't cash flow well enough for me. There are plenty in PG county that would cash flow though so make sure to check your numbers. 

I think everyone's advice has been golden. Ill repeat the idea of looking up property that have been on the market for lets say over 90 days and making an offer. Even if the offer must be significantly lower then there asking to make your numbers work it cant hurt. Maybe they need to offload the property sooner rather then later. After so many offers your find a seller thats willing to cut there losses and take your deal. Also keep networking and doing meet ups. I invest in MD and I agree finding a good deal is the hardiest part for me. If you can find someone that found a deal already and needs a partner or wants to sell the deal that would work just as well.

I'm sorry to say I cant make it to the event December 7th. Friends giving is that day for me.

I live in Ellicott City Howard County Maryland between Baltimore and DC.  

I only had one rental property last year and in the past 6 months have bought 3 Town houses that will be rental properties. Each i purchased at Auction site unseen. First one has Tenant. Im finishing up fixing one right now and will be looking for tenant soon.  3rd property i go to settlement in a few weeks and will get to see the inside and will start rehabbing. My goal is to have all of them fixed up with tenants inside before the new year. Next year i would like to buy 3-4 for properties all long term rentals. 

okay glad to know I was on the right track thanks Wayne

Hi guys a Im hoping to get some input on buying a property. Its close by to me, bank owned and up for bid on an online auction.  I have never purchased a property at Auction before. 

I have researched this property and know how much I am willing to bid based on what I think its value is and how much profit I want to gain from it. 

The thing I'm not sure how to properly research before making my first bid is if there are any Liens or 2nd mortgages on the property.  I went to check the county records but can't find any information free without paying a fee from $10-$100.

I also Emailed the Agent listing the property and asked a few questions regarding the property and he answered stating it did not have any Liens or 2nd mortgages on it but I don't want to risk my money on his word alone. 

I'm more then willing to pay the fee to make sure there is not hidden Liens or anything but I'm wondering if there are any other sources I can use to research for information on the Deed. 

any inout would be great thanks

Just to update all of those who have helped me out giving advice, I finally got a Tenant its a young Married couple.  They have 2 kids a 4 and 5 year old and a 5 pound dog.  I ended up charging an extra $500 security deposits only for the dog. They moved in the 25th of November (11/25/16).  Also due to them moving in between thanksgiving and the winter holidays i suggested to my agent that they might want to do an 18 month lease instead of 12 months.  So they will be moving out during a better time of the year if they don't renew for another year. They accepted the offer of 18 Month lease! So i just want to say thanks everybody for you input and advice i appreciate it. Bigger Pockets is such a great resource one of the best resources is its members helping out. Thanks again! -Ken