All Forum Posts by: ROB GRIFFIN

We have several ways of advertising our properties, social media, proprietary data base, and yes, MLS. This property was a actually sold through MLS. For many reasons including costs and ease of management all of our units are done with the same finishes. So, we were able to put in the MLS pictures of kitchens and baths of other properties we finished and we disclose that the pictures are representative of the finished product. We do allow our buyers to have some say in the finished product. You do have to be somewhat restrictive with what you let them have say in or they will become your boss and could end up demanding things you didn't intend to do, so we are very careful with that and generally limit what they can pick to color of paint and carpet. In addition, we are able to show them a model home that we have finished that they can actually walk through and see the what the finished product will look like. The advantages for the seller are obvious, you can close within a week of completing the project. No waiting to find a buyer and then waiting 30-45 days to close. The way our program works is somewhat of a hybrid between a house flipper and a new home builder.

Investment Info:

Single-family residence fix & flip investment in Dundalk.

Purchase price: $78,000
Cash invested: $37,500
Sale price: $178,000

This property is a cookie cutter row home in Baltimore County. It started out as a 3 Bed 1 Full bath and ended up a 3 Bed 2 full bath.

What made you interested in investing in this type of deal?

We do a lot of these deals in the Baltimore are

How did you find this deal and how did you negotiate it?

I found this deal through a private seller.

How did you finance this deal?

We used all cash on this deal

How did you add value to the deal?

The property needed a complete renovation. We added value by renovating the property and adding additional features such as a 2nd bathroom and rear deck

What was the outcome?

Outcome was very positive, we took a contract prior to the property being complete and settled shortly after the renovations were done.

Lessons learned? Challenges?

This property pretty much followed our game plan without any big surprises

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

In addition to acting as the contractor we were also the listing agent

Cash buyers are generally looking to purchase properties at a steep discount.  You would need to market a fully renovated property to a homeowner or investor looking for a turn key unit. 

Short sales are can be very difficult and eat up a lot of time.  If you are new to the real estate investing market I am not so sure I would go after short sales.  As I said, they can eat up a lot of time and energy. Time and energy that might be better spent elsewhere.  I would rather put my time and energy into a property I am fairly certain I am going to get rather than into one where there is a large possibility I won't get. 

Great investment opportunity at a great price.  Fully occupied  cash flowing property.  Call me for more details. 410-322-2070

We do not supply a refrigerator in our units. On the few occasions we have the refrigerator went up right after our tenant just stocked it with $4,000.00 worth of new food and they want the landlord to fix the fridge and pay for their food, without proof or receipt of course.  I know I am being sarcastic, but providing a refrigerator opens you up to other issues and responsibilities. I know it might make it a tad easier to rent with a refrigerator, but we have learned that not providing a refrigerator at all is much easier. 

That is a legitimate strategy, but there are definitely some negatives to this strategy.  It can make it easier to finance or refinance, but you are now accepting any and all baggage that come with the company.  There may or may not be some issues lurking out there that happened under the prior owner that you will now be responsible for.  I would be more inclined to use this strategy if the property the company owns is commercial.  In any case, if you move forward get the seller to indemnify you against any claims that were from the time period in which he owned the property. 

So, Ned is correct, the answer is probably in your lease.  Although your lease probably doesn't specifically address your tenant having an alarm it probably does state that your tenant is not allowed to make any alterations to the property without prior written authorization from you the landlord or owner.  If that is the case then your tenant has lease violation on their hands and you could probably force the issue to get the alarm.  However, as with most cases when dealing with a tenant, finesse is your best friend.  

So, Ned is correct, the answer is probably in your lease.  Although your lease probably doesn't specifically address your tenant having an alarm it probably does state that your tenant is not allowed to make any alterations to the property without prior written authorization from you the landlord or owner.  If that is the case then your tenant has lease violation on their hands and you could probably force the issue to get the alarm.  However, as with most cases when dealing with a tenant, finesse is your best friend.  

Turnkey rentals are our specialty, then we can manage your property for maximum property.  Call us if you are in the market for solid rental properties.  410-322-2070