All Forum Posts by: Raj A.
Raj A. has started 10 posts and replied 53 times.
Post: SFR and STR in Hampden, Baltimore?
- Posts 54
- Votes 14
Quote from @Jack Seiden:
Quote from @Raj A.:
I've been researching a variety of different markets in and around the DC/MD/VA area and Hampden continues to pop up as a potential place to invest in. Are there any existing BP investors who can share their experiences investing in Hampden? On paper the area looks great but curious if others can share their experiences.
Hampden is one of the nicest areas of Baltimore perfectly good for ltr, str in Baltimore city, you need to be an owner occupant.
Thanks for sharing; will definitely research regulations in the area and for Maryland more broadly.
Post: SFR and STR in Hampden, Baltimore?
- Posts 54
- Votes 14
I've been researching a variety of different markets in and around the DC/MD/VA area and Hampden continues to pop up as a potential place to invest in. Are there any existing BP investors who can share their experiences investing in Hampden? On paper the area looks great but curious if others can share their experiences.
Post: Standard classifications for areas A through D?
- Posts 54
- Votes 14
Super useful; thanks for this detail!
Post: Standard classifications for areas A through D?
- Posts 54
- Votes 14
I've read a lot about "classes" e.g. "this unit is in a Class A area" or "this duplex is in a Class B neighborhood" etc. Is there any standard for how areas are classified i.e. does the NAR have a standard classification system that uses specific data points? Or is classification fairly subjective?
Can you share more about what is challenging? Unexpected costs? Property management challenges? I've also been eyeing Cleveland as an investment market and would love to hear more about where you are finding challenges. Hopefully the collective wisdom of the forums can help you out.
Post: Where did you get your HELOC and why??? - July 2023
- Posts 54
- Votes 14
Quote from @Kerry Baird:
Some lenders will order a full appraisal while others will use an automated valuation model. On one of our houses, we were doing renovations inside and one lender did not need a full inside inspection, while another lender did. We obviously used the lender who did a drive-by inspection of the property. We have used small local-to-the-property lenders, and also have used a large federal credit union.
Post: Share your experience: Using a HELOC to invest in SFR?
- Posts 54
- Votes 14
Thank you both. Brittany, can you share more about what a HELOAN is? I'm trying to find more details about this but having terrible doing so.
Zachary, when you say "always made sure to pay down to zero balance after every deal," you mean you made are your analysis of your deal/flip could comfortably pay off the HELOC balance if unforeseen costs or issues popped up while going through the flip right?
Post: Tenant Selection Rules-Alameda County/Alameda
- Posts 54
- Votes 14
Quote from @Brian Garlington:
Whenever I have had cash tenants I always required 3x income.
Now all my tenants in the Bay Area are Section 8 or Abode Program so I have Zero worries about the ability to get my money .
Post: What happens if a wholesaler can't find a buyer?
- Posts 54
- Votes 14
Very useful Eliott and Jose. I'm assuming the wholesaler as the buyer would offer the seller earnest and/or option money (depending on state, contract language, etc.) but would an end-buyer also potentially enter into earnest and/or option money as well? In some of my research I'm seeing earnest money is usually calculated as a percentage of purchase price (1-2% seems normal?) but are there ever cases where it's a set amount vs. %? Also, seems like option money is usually a set price vs. % of purchase price, so I'm curious if there are "industry standard" norms for that amount.
Post: What happens if a wholesaler can't find a buyer?
- Posts 54
- Votes 14
Super useful Randy; thanks for this. I'm going to research whether or not CA has "standard clauses" for wholesaling but so far I haven't come across anything like this.