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All Forum Posts by: Rich Baer

Rich Baer has started 28 posts and replied 617 times.

Post: Tax sales and title insurance fails

Rich BaerPosted
  • Real Estate Investment Attorney
  • Kingsville, MD
  • Posts 643
  • Votes 408

@Rashard Alomari

In Maryland, most underwriters won't touch a tax sale property for 3 years. What's the purpose of obtaining a property through tax sale? Typically tax sale deals have some value and some investors will wait. They will keep it themselves as a rental or sell it to another investor who will pay cash and rent it. Tax sale properties are not usually sold to retail buyers who plan to use it as their residence.

Post: Can I finish a basement that isnt the proper ceiling height?

Rich BaerPosted
  • Real Estate Investment Attorney
  • Kingsville, MD
  • Posts 643
  • Votes 408

@Chike O.

It is all relative. A family of smaller people may think it is a perfect size.

Post: Federal Hill/SoBo/Riverside Park - 21230

Rich BaerPosted
  • Real Estate Investment Attorney
  • Kingsville, MD
  • Posts 643
  • Votes 408

@Account Closed

For the most part your research is pretty good. However, appreciation has been played out and little room for future development. Also, why invest $275,000 for a $2500 month rent?

Post: Getting a property w/ a lien that someone purchased 6 yrs ago.

Rich BaerPosted
  • Real Estate Investment Attorney
  • Kingsville, MD
  • Posts 643
  • Votes 408

@Cynthia Hartley

You came to the right person. This is what I do. Very simply, all you have to do is wait for the Receivership case to finalize. All the issues you brought up will be addressed in the Receivership case. Notice will be given to the prior tax lien owner along with all other interests. All you have to do is attend the receivership auction in Baltimore. Billig Auctioneers holds monthly auctions. Just go to their website and wait for the property to be listed. They do around 30 properties each month. Opening bid is $5,000 for each property. The old taxes you worried about are eaten by the City. If you are the only bidder you only pay the $5,000 and settlement costs. I did buy a house at the auction for $5,000 several years ago. I put $85,000 into it and sold it for $169,000. Today, the auction is much more competitive so you may be bidding against several people. I hope that helps.

Post: Auction.com

Rich BaerPosted
  • Real Estate Investment Attorney
  • Kingsville, MD
  • Posts 643
  • Votes 408

@Troy Brown

Auction.com is a waste of time. The "reserve" prices are ridiculous. They never reduce the winning "reserve" price. They simply reduce the opening bid to draw people in. I don't even look at it anymore. The other auction sites are much better.

Post: Baltimore rental property - Good buy?? Advice plz

Rich BaerPosted
  • Real Estate Investment Attorney
  • Kingsville, MD
  • Posts 643
  • Votes 408

@Abena Sidibe

The easiest answer is to give you zip codes: 21213, 21229,21239,21214,21230, 21206.

Post: 50-50 partner for flips? Is this worth it?

Rich BaerPosted
  • Real Estate Investment Attorney
  • Kingsville, MD
  • Posts 643
  • Votes 408

@P.J. Bremner

What I think ultimately does not matter. I expressed to you my thoughts. It seems as if you are on the fence as to what to do. Maybe talk to your Lawyer and Accountant also to see what they think. Or try to do a deal yourself first to see how it works out. Good luck. Let me know how it goes.

Post: 50-50 partner for flips? Is this worth it?

Rich BaerPosted
  • Real Estate Investment Attorney
  • Kingsville, MD
  • Posts 643
  • Votes 408

@P.J. Bremner

Always best to do it yourself. Most partnerships like this quickly fade. It's just human nature for one partner to begin thinking "What do I need him for". Plus the accounting and filing of K-1 forms will ultimately drive you crazy. I give it a 20% chance of lasting more than 2 years. I have experienced similar scenarios first hand.

Post: Baltimore rental property - Good buy?? Advice plz

Rich BaerPosted
  • Real Estate Investment Attorney
  • Kingsville, MD
  • Posts 643
  • Votes 408

@John Bucci

The purchase is ridiculous. You can buy 2 house for that amount in Baltimore County and rent them for $1100 per month. You can buy 3 houses in good working class neighborhoods of Baltimore City for that amount and receive $3300 per month in rent. Good thing you were unsure and sought advice.

Post: Baltimore City Turn over cost

Rich BaerPosted
  • Real Estate Investment Attorney
  • Kingsville, MD
  • Posts 643
  • Votes 408

@Erick Garske

Zero to $20,000. Zero if you had a nice librarian living there. $20,000 if Jack Nicholson from The Shining lived there with his family.