All Forum Posts by: Nicole Allen

Looking for a seasoned investor to assist/consult on my 1st Flip. I’m working with an aging family member who currently has a reverse mortgage on the property. I would like to do a 2 unit condo conversion instead of SF. Would love to speak offline about the particulars.

Current mortgage about 500K

Current value about 700K

ARV approx. 1.2M

Flagler Place NE, WDC

Thanks

Nicole Allen

President of Operations

Allen-Norris Permitting and Inspections

Awesome purchase Mike!! Let me know if you're serious about the condo conversion. I'm completing two now on Eckington.

In most cases you may be able to show proof of purchase and they would waive the fees. Also Valarie Hiscoe is correct,  you may have to open up the wall to clear the old permit. 

Before buying I would definitely check out all the permits issued and inspections that would have occurred for the slab, electrical, plumbing and structural/foundation.  If they pulled the permits but didn't get it inspected (RED FLAG).  Definitely get the owner to get the permits if you can, otherwise contact the inspector and ask for an extension on the permit or a review of the last submittal.  Best of luck.  Also look for a permit expeditor in your area.  we have a wealth of knowledge :)

If you need help with permits, construction services, trade permits, third party inspections or architectural drawings, I'm your girl.  Let me know if I can help in any way.  I work all throughtout the DMV.

Good Points!!!!  The lender initiated this offer to me.  I found the market value on trulia/redfin for 80K.  Assumming it is less that the market value, say 50K, would you recommend taking the deal.

Hey Jesse,

Credit is shot already, hoping it will free  me up to invest more, loan not current (rental property) and it worth 80-90K

I want to settle my 65k home mortgage with cash. I'm thinking about offering 25-30K.  The mortgage company seems eager (property is underwater) to entertain offers. Any advice or thoughts of this settlement.  I'm sure I will receive a 1099 for the amount forgiven and I will own the property outright after that.

You should first check with zoning to make sure the new use (residential) is even possible. Best of luck

I also invest in Baltimore (for the last 7 years or so).  Mostly rental purchased at auctions.  I'm interested in the Vacant to Value program.  Any experience with that>

Nicoel Allen