All Forum Posts by: Ian Barnes

Hi Vee, for local Baltimore Banks, I've seen anywhere from 3 months seasoning to 12 months, depending on whom you use.  Not having any type of income and no experience in Baltimore will make it harder to get a loan from a traditional bank.  As far as Banks, the main ones investors use are Revere Bank, Bay Bank(soon to be Old Line Bank), Harbour Bank, Essex Bank, and People's Bank, sometimes Colombo Bank.  The only way to add value is to use really good contractors who know what they are doing.  If you want referrals of contractors, DM me.  

How can we make a decision on a deal if there is no address? 18 dollars a month for insurance? minimum insurance policy is $500 a year, did you include holding costs into your rehab, builders risk/liability?  Did you include money to make it lead free? Did you know that in order for a 3bd to be considered a legal bd in Baltimore city, it has to have natural sunlight/ an egress window, and a closet? Self manage from Virginia? you tenants will eat you alive, this is Baltimore City. If a wholesaler says its 25K, always add 10K, and have 5K for change orders.

@Ozzy Sirimsi, every Friday at Spirits West, 2601 Wilkens Ave, Baltimore, Md 21223, 12pm

@Naftali Schabes, the most expensive building in Baltimore, "the Legg Mason building" sold for $220 million last year, so there aren't any $150 million dollar deals in Baltimore, other than Port Covington? Makes no sense.

@Michelle D. Baltimore is a whole different level when it comes to section 8.  You would have to find out from the seller who repped the property from section 8, then send that person an email and maybe they will reply, most likely not, or get a property manager who knows people in the section 8 office, and get it done correctly. If your out of state, your screwed when it comes to dealing with any govt program in Baltimore, there is no accountability at all. If you need referas for local PM that do section 8, let me know?   

Biggest problem with finding a good contractor these days is they don't need the business as there is more than enough work.  Most good ones are resistant to meet with you at a property.  My best GC's have been telling me they won't even go to a property unless they are paid a $150-$200 dollar consulting fee to show up, cause they don't have time to waste with people that use there knowledge, then go with a cheaper contractor, good luck.

@Jonathan Rigg Baltimore is just as saturated as philadephia, don't kid yourself.  There may be more homes available, but that doesn't mean they are good deals.  Anything that's a good deal gets snatched up.  Once people start coming from Philly to do deals, we locals know they will go back to philly within a year cause they lost all there money.  If you don't live and breath Baltimore, your gonna become the sucker who's house I buy at half off.  Good luck

I have a place up the block, no ways its getting 2400, probably, 650-700 a room max

The biggest issue with finding tenants right now is there are no new vouchers, so the only people that are moving right now are people moving from one house to another house, thus the tenants have become a lot more picky. As Seth and Tim stated, you could turn the 3rd bd into a "den".  

Welcome, I live, breath, and bleed Baltimore.  All my rentals and flips are in Baltimore City or County, with the exception of one rental I recently bought in Harford County.