All Forum Posts by: Marylin OShea

Hi @Trudy Pachon thank you for sharing your journey, I'll be following! Do you have any photos you can share? Perhaps you share on IG or other social media platform?

Great idea on the blog! 

Best of success with the rehab.

Thanks for all the replies! Good insights... 

I am W2 AND also 1099 with real estate, trying to ramp up the latter before I ditch the W2 job. 

Another thought I had was to do the short-term rental on my primary residence (with longer stays only -- the house would easily yield $2-10K per WEEK depending on the season (Naval Academy Commission Week, Annapolis boat shows, etc...) and move into the tiny house when my primary is rented...

Is anyone doing that?

Fantastic! Well done, @Carlos Segura.

I'm also in Annapolis and did something similar in lower Eastport, purchased duplex (one side only!) 2 bed/1 bath for $135,000, down payment $34,000 in May 2017. Rented it 2 years ago and the original tenants are about to renew for another 2 years.

Also, I managed to curb my tax bill -- property taxes were going to go up like crazy, after a 3-round appeal, my purchase was deemed a reliable comp (I know, right!) and my taxes will actually go down. Yay!

The ADW I remodeled on my property is nearly complete, and I am already getting enquiries for 1-year rentals, while my initial thought was to furnish and manage on AirBnB (I was prepared to put in the work).

Now, seeing that the market for a "tiny" house like the one I built is probably $100-150 a night in the touristy area where I live, would you rather... take $1200-1500 long term rent, or go the short term route?

The negatives of AirBnB over long-term rental:

- Self employment tax on income

- Lots of work managing communication, cleaning, issues, etc

- At the mercy of the review system...

- My neighbors may start to hate me!

- My dog is not a fan of strangers, the constant flow of random people by the side of the house will be a nuisance for sure (he'll bark his head off & I work a lot from home!)

The positives of AirBnb:

- Upside on income if occupancy rate stays strong

- Access to the property when I need it (can block off time when friends/family visit)

- I'll meet more people/fun factor.

What would you do?

@Account Closed That's correct, when you complete a transaction the real estate commission that is paid to the buyer agent is actually paid for by the seller. You can read more about the generalities of this process online, for example: https://www.thebalance.com/how-do-buyer-s-agents-g...

So use the benefit of having an agent, even if it could take a year of research (or more!) until you land your deal. Think of the agent as your partner. If that particularly house falls through, he or she may know of other properties coming to market before they are live on the MLS...

Good luck!

Unfortunately, some lenders will WANT 20% on a multi family with a Conventional loan. Even if it's owner occupied/house-hacked. 

If you know a lender licensed in MD that will allow this less than 20%, let me know!

Also, FHA tends to be the only option for those with credit scores that won't qualify them for Conventional. I'm not a mortgage agent, this is my understanding and if I'm wrong please jump in!

That being said, good point on the mortgage insurance that won't go away on FHA... So do investors refinance when the loan balance nears 80%?

 Hi there, my points will echo some of the previous replies:

1) a buyer's agent works in your interest beyond "finding" the house (for example but not limited to: open permits? front foot assessment fees? easements? negotiation on price, settlement date, EMD, inspections, etc)

2) hiring a buyer agent is free to you if you buy that house -- because real estate commissions are paid for by the seller. In the state of MD, it's illegal for an agent to represent the interest of both parties, you can't go to the listing agent and expect to save the buyer side of the commission. The listing agent will simply collect it ALL. :)

Of course if you find an investor friendly agent to charge you a reasonable fee for a CMA, then great. But an agent's value (the right agent!) will go FAR behind a $100 CMA. Hire him or her to assist you on the rest of the transaction. Again, it's FREE to you.

If you're unsure, interview some buyer agent's, you can get a feel for their approach and experience. Just a time investment, no $$ required!!

Good luck, and sorry I can't help, I am an agent in Maryland, not familiar with your market. Finding someone who knows the area of interest is critical.

Just wanted to share a tip I heard on the BP podcast recently (an old episode!), the best thing to do with someone who may not be motivated to sell is to give them two options. That way they feel they have a choice since you're presenting two possibilities. One could be seller financing for $XYZ, the other conventional or FHA mortgage for $ABC, possibly with variation on closing dates, etc.

Hope this helps!

Hey @Connor Corkrin! Thank you for your service! I am an investor in AA county, and I

am looking for a multi family for myself as well. Even harder in the Annapolis area unfortunately! They do come up but not very often.

I'm also a licensed agent so I'll keep my eyes peeled for you, if you want to connect and send me more info on your must-haves for this property, that will definitely help! How many bedrooms are you thinking?

I have friends who moved to the suburbs 3 years ago when their Canton home became too small for their family and they are renting their row home VERY well. It's in great condition and attracted quality tenants from the get-go. On S. Ellwood towards Patterson Park.

I'm looking for a property in Lancaster PA at the moment for another opportunity, buy & hold, that's my thing for now.

Good luck and nice to meet you!

My tips as an agent, you'd normally make an offer contingent on a general home inspection, and on the addendum related to inspections, there is a section "Other" and that's where your agent would write "Any other inspection recommended by the general home inspector." That's the best way to protect yourself and give you time to conduct important inspections. The thing is, you often don't know what will come up that only a trained inspector will find... Think termite, mold, foundation issues, private septic, sewer line to the street, etc.

If there is a basement that you intend to live in, look into radon too! If it's a property you're looking to rent out, figure out if you need a lead test.

Depending on the property it can go a multitude of direction. Good luck!