All Forum Posts by: Ian Barnes

Cory, half the potential voucher holders I'm speaking too about properties in the city, want the county, supply and demand.

@nicolew I own a bunch of places in 21216, so Tarrin was just following up with me, but my investors want me to expand outside of the City, and I have no clue about the county.

What are some of the areas in Baltimore County, Maryland that make sense to do Section 8 housing in?  We gut renovated our properties, so we are looking for distressed houses in the 35K-50K range, and then put another 30k into the rehab.

@andrew boykins, networking is everything in real estate, you just have to weed out the real people that want to take action. Property Managers make money off of you, so I would never go look for advice from them.  Find someone to partner with that has less experience than you in certain things, more in others, mentor them for free, wash, rinse, repeat.

I've been investing in notes for years, and I can't believe you found a note where the value of a house is 375K, with the note being 255K for 50 cents on the dollar.  Maybe like 4 years ago.  These types of notes go for between 70-80 cents on the dollar these days.  If its online, I trust it even less.  Maybe that was the starting bid? or there is something seriously wrong with the collateral.  If its too good to be true, it probably is.

Funny that Miami is considered in the top 3.  Just like in late 2008, its a bubble and prices will fall 30%-50% during the next recession when all the international money goes away.

@andremccullough, if you don't partner with someone on the ground in Baltimore that knows the neighborhoods, and does buy and hold investing in the city, you'll be one of the many people that loses money in the city.  I buy places from people all the time for half of what they paid a year before, cause they bought the property for asking and thought it would cost 10K to renovate, when it ends up costing closer to 30k.

@jeffparkin, half of my business is dealing with out of state investors who think they know it all, invest in a bunch of sub 30k properties in Baltimore City in the wrong areas, and don't understand why they lose money.  There's maybe 30 blocks in the city that make sense to invest on, and the same people own these blocks, only 571 entities have bought more than 2 properties in the past 3 years in Baltimore City, there were more than 30K homes sold in that same time.  Good luck.

You go down to that office, its a 150 dollars, plus certified copy and everything else it comes out to $192 dollars(I've done this 4 times in the past year) best time to go is 10am-11am, you get out in 40 minutes roughly. You get your EIN or tax ID from the IRS website:

https://sa.www4.irs.gov/modiein/individual/index.j...

We do all of our business in Baltimore County and City.  For the rental side, we buy properties between 20k-40k, gut them, and put 20k-30k rehabbing them.  Baltimore is not for the faint of heart and unless you know someone on the ground that knows the city, I would not invest in it if you don't live near it as its a block by block city, that's why institutions have never invested there for sfh. There have been 263 murders in the city this year, there's only 600k people in the city.  Good thing is high risk, high reward.