All Forum Posts by: Kyle Gregg

@Nancy Roth @Ned Carey 

you need a minimum of 60" clearance above an AC condensing unit. 

@Ned Carey yeah those monster houses are something else. the overall square footage of a two bedroom unit here could be double of what you would get downtown but does that mean you could charge more in rent?

@Account Closed 

just looking for opinions of each neighborhood...

@Shane Woods 

Thats great to hear! It sounds like meeting someone at my local meetup will be key to finding the right person who is looking for exactly what im offering. Thanks for the input!

@Ned Carey 

Does investing ever sleep? Im sure there is something that needs to be done and can be done at any time of the day. Lets just hope i find the right person to help me!

I just came back from a quick tour of several pockets of baltimore i havent explored before in hunt for my owner occupied investment property. Areas off Liberty Heights ave are full of large detached homes that seem to have great potential...but for what? I saw plenty of multifamily properties in these neighborhoods but i am not sure what this area is in need of. Would rental units do well in this area or a buy and flip? What type of people live here? working class? 

Also, i checked out some properties in bolton hill. absolutely beautiful row homes. I see rental units working great here due to the proximity of MICA and downtown. But what are the neighborhoods like from a person who has lived in this area? Has anyone on BP owned rental property in Bolton Hill?

Thanks for any input on the topic!

I am also an engineer looking to invest in the baltimore area. Welcome to BP!

Thanks everyone for the feedback. Im happy to see investors interested in a so called "apprenticeship". 

Im hoping someone in the baltimore, maryland area will chime in and make that connection!

@Samson Kay 

I dont think you have to front any money for any 203k loan. 3.5% minimum down payment, closing costs, and random appraisal/inspection costs. but the rehab money will be there and be fully paid for by the loan. Fronting money would defeat the purpose of the loan.  

Im just trying to better understand the concepts of the 203k loan so correct me if im wrong!

@Jeremy Tillotson haha well im glad there is some interest in cheap labor!

@Samson Kay 

I am a bit confused with your thoughts on how the money is disbursed in a 203k loan. Funds for the rehab will be held in an escrow and then disbursed to the contractor. For the streamline, the contractor will get 50% upfront and 50% after the work is complete. For a normal K, money will be disbursed in phases once work for each phase passes inspection. 

In either type of 203k loan, all the work will have to be done by an approved 203k contractor. they prohibit any work to be done by the buyer because that adds unnecessary risk that they refuse to take. 

You dont have to plan on living there for a year. You can refi into a conventional loan after you have seasoned the loan for at least 6 months to avoid paying for mortgage insurance.

I had a crazy thought today and i want to see if its possible...I work your typical 9-5 and Im currently saving and doing research in preparation for my first investment. I would like to get a hands on feel and gains some experience in the mean time. Would an investor be interested in allowing a complete newbie to take on some small responsibility? I am very hands on and willing to do manual labor. Maybe look at possible investment properties, clean properties, do...for lack of better terms..."***** work"...anything to get a foot in the door. 

let me know what you think!