All Forum Posts by: Sean Monahan

Hi Ankur Patel.  Welcome!  Do you have any specific counties (Anne Arundel, Howard, Montgomery, Prince George)?  What kind of price range are you looking to be in with your flips and BRRRRs? Do you have specifications for homes you'd like to flip and brrrr for example cosmetic or diving all in with full guts?  If you can give more specifics as to your plan I'm sure there are a few agents here that can help based on what areas they are most knowledgeable about.  For example I focus my investing and agent expertise in baltimore city, and county.  I know there is someone that can help.

Hello BP community! Thank you in advance for the help...
Situation: 

I am attempting to help a couple who has fallen behind.  They owe 6k in back taxes, 66k on a 1st lien mortgage, 5k in back owed mortgage payments, and a 3k mechanics lien. These are the liens they know about but they think there are two more that they can't find documentation on.  I went to the county and they don't have anything documented.  Do I just hire a title company for a title search to get all known liens out in the open?  Thank you again!

@Preetika Sidhu You still have to renew yearly.  Thankfully if you provide a good home and are fair with your rent and don't try to overcharge many traveling professionals will stay a year or even longer. 

Investment Info:

Single-family residence buy & hold investment in Baltimore.

Purchase price: $225,000
Cash invested: $5,000

STR for traveling professionals

What made you interested in investing in this type of deal?

Need for traveling professionals as I am one myself.

How did you find this deal and how did you negotiate it?

Agent and negotiated it down 50k

How did you finance this deal?

Private money for down payment and traditional financing for the rest.

How did you add value to the deal?

Creative with seeking out traveling professionals and getting a higher return.

What was the outcome?

Good cash flow in a greatly appreciating market.

Lessons learned? Challenges?

Challenge was finding the right cliental at first but rapidly grew with nurses after providing a good product.

@Jacob Curtis Absolutely Jacob.  Happy to provide any insight I can.

@Jacob Curtis Honestly I know nurses living in Baltimore, Baltimore county, Harford county, and anywhere and everywhere between Baltimore and DC.

I am in agreement with Russell.  I am transitioning out of travel nursing and there is such a demand here for good places to stay for nurses and other professionals.  Wherever you choose to live you can rent by the room.  

@Tom Shallcross  It is a home but in need of repairs to force equity.  Also I see a need for housing for traveling professionals which is what I would go for.  Even so It would barely cash flow but I think the market will appreciate.  I'd be willing to take a 25$ a month cash flow for the potential upswing.  

@Kane Connell @John Warren thank you for your input. I’m sure as I gather more details more questions to follow!

@Michael J Scanlon thank you!