All Forum Posts by: Ozzy Sirimsi

I thing you are over analyzing it.

Real estate especially buy and hold is a long term investment.

When I bought my first house, I was an international graduate student, delivering pizza on the side and painting my rental after the work that hustle that helped me to quit my job 12 years ago.

My first house does not cash flow well but it helped me to buy many more. Probably I knew less than half of what you know now.

But I bought in 2004 2008 20013 2018 2022 all different markets. You cannot predict it, you just get smarter,make connections, grow your network and buy more.

Your first house or first couple houses does not have to be home run, buy something you are comfortable with. I would even say being little uncomfortable is okay.

Buy now, stop over analyzing, get your finances straight, and buy something that makes some sense in your situation.

If It makes sense now, it will make sense in 4-5 years when you refinance, but dont expect it to be without problems of course.

I would not buy a house that makes $100 a door now for sure, but I did many years ago, had very little vacancy, and almost paid off now, I am glad I did, I learned a lot since then.

@Jamal L.

I agree with you on certain level.

I agree that these houses can perform well if

1- You are local and understand the area

I have many investor friends who invest even in west Baltimore they make good money but they know the risk and how to operate them

2- You paid the right price.

Investors who buy in these areas don't spend 170k, I doubt you did.

If I am spending 170k, I am not buying in Robinson for sure.

3- You have multiple of them so if one goes the eviction court other ones cover it

I personally dont feel comfortable getting outside of my car in many of those areas.

 Unfortunately this is what CR of Maryland does, they over charge for properties, then a year later they dont perform well. For 170K , you should have been in a better area when selling would not be an issue and have better tenants. 

Sub to is a very common thing, I dont think it will be called and it will be very hard to sell it for that price with 8% internet rate.

For 150K you can buy a decent townhouse in C areas of Baltimore, you can brrrr it and get your money back and do another one.

I do that all day everyday, and do 15 reno a year, average tenant has 650 or more credit score, decent job, ARV is decent and you can have equity in the house and repeat

To be honest I would spend more money and get my 1% on North of Baltimore.

You should be able to get more than 1% around 21213.

FYI, Baltimore in general housing stock is old, when you do moderate renovation like paint, vanity change, new carpet etc... you will definitely have plumbing issues along the way.

I would strictly do section 8 in 21213, you can end up in eviction court pretty often othewise.

welcome to BP!!!

There are many investors from Maryland in here, and don't hesitate to reach out and ask questions.

Good Luck!!!

it is fine, standard practice i think.

it is a huge area for a contractor, do you have a project going on or collecting names??

Hi Masen,

You need to provide some information about the property and if you are looking for a mentorship,send me a dm or multiple investors who are active here,overall you will see a lot of posts from same people, they might be able to help.

Last year, I had a situation where my buyer decided to not buy title insurance, title company buy mistake bought it, 6 months later they called and said high you got scammed but we made a life saving mistake and bought the title insurance policy.

Turns out, this guy creates llc's with the same owner name on different states and claims the properties, and sells them.

FBI is looking into this but I would never buy one without it after what I witnessed.