All Forum Posts by: Kyara G.

has anyone had any success with negotiating payoff with the city after feedback from this thread?

Got it - thanks!

Is there a way to find out the final bid price on a property that was auctioned off at the courthouse before the property closes? We're in Baltimore MD.

got it. Thanks. The sheetrock is up but I'll be looking into wiring everything before we finish everything up.

I'm just about finished a rehab in Baltimore, MD in the Fells Point/Butcher's Hill area (we have several rentals in Baltimore & Connecticut but this is first official flip). At at 430am, I realized we hadn't wired the house to be cable or Wi-Fi ready - the house was a complete gut with missing floors & roof...there definitely weren't cable outlets.

Are flippers pre-wiring their homes? If so, how? Are you just having the cable companies come out?

@Kim Coleman 

Yes - insurance should be done the day of closing or day before. The Baltimore city does not do an inspection. The registration is just so the city knows what homes are vacant and/or rented.

I would still suggest a vacant policy but it is up to you and your insurance agent. Depending on where your property is located, it could take a few weeks to find the right tenant.

Happy investing!

@Kim Coleman  Hi Kim! The very first thing you want to do is register the property with Baltimore City and the state of MD.  Baltimore City charges a $500 fine if you wait too long after closing to register. Check with your closing agent - they may register the property for you.  Depending on the condition of the property and work that needs to get done, you should probably get electricity turned on with BGE and get a insurance policy for a vacant/under renovation home.  Once renovations and such are finished, you would get a lead inspection. A copy of the inspection has to go to the tenants so keep the docs handy.  Also remember the inspection is no longer valid if the tenant doesn't move in within 30 days.  From there, you will renew your registration with the city annually and need a new lead inspection for each tenant.

Those are a few steps I thought of - best of luck and congrats on your first property!

My husband and I have 5 units. We use Buildium to collect payments. We have a few long-standing,"old school" tenants who don't like paying online so they deposit funds directly into our account. The rest pay online through Buildium and we pay a $0.75 transaction fee to have it deposited next day.

reading through this thread - congrats on your projects! We're looking to refi one of our Baltimore City properties. Can you share (or PM) your Eastern Savings loan officer name? 

Hi Justin! I just read through a lot of this thread truly inspired by your determination. My husband and I started in RE in 2012, buying our first property within 2 months of making the decision to get started. We are closing on our 5th rental later this month. However, my eyes are (and always have been) on flipping deals. Like most, funding the deals is my biggest concern and road block. Although reading through your posts, the road block is only in my head. We have a few small PM lenders, are building a relationship with a HML and are building a relationship with a larger PM lender - the money is at our fingertips, we just need to make the jump.

Thanks for the inspiration and reminder.