All Forum Posts by: Stephen Lee

I have limited experience there, but it has been positive. The city government there is extremely helpful compared to places like baltimore city. not sure how i feel about the potential for growth there though.

Congrats! If you ever need anything feel free to reach out!

Once the sale is done, I don't think there's a document like that. I would just draw something up if i were you. I'm surprised the seller is fixing it though since it's already closed months ago

another thing to look out for, especially in that area, is if they count the basement as a bedroom or not. that can totally screw up the numbers either way. some agents count it, some don't. there's not much punishment on those who count it when it shouldn't be legally considered a bedroom. just a thought for when you're looking at your numbers

It's hard to find any city in the US where you can buy in a B class area, all in for $50k. If you're buying using financing and saying that you only want 50k of cash in each deal than that's a different story. But if you're buying cash, it's going to be hard to find a B class home for $50k total. The "nicer" areas of Baltimore, you're looking around 150k-200k all in depending on the exact location, size, and quality of the finishes. The city is very block by block though so proceed with caution. Houses can sell for 5k and 250k less than a quarter of a mile from each other. 

@Marty Johnston that's another issue I see with a possible blanket loan. These properties are fairly diverse in location and value. One is a triplex and one is a duplex as well.

@Matthew Cretzman I have renters in half of them. They still make a profit. I won't list them all but the oldest one has monthly payments of around $750 and the rent is $1350 a month. 

@Chris Mason thanks so much for the info and the reference. I'll give Michael a call on Monday and see if he'd be willing to work with me on these. I have hard money loans on them now which is the way I purchased them, but I'd like to hold that at a rate that isn't competitive with the hard money rates lol. 

@Kristine Jones I've owned the oldest one for about 8 months, the newest one for 2 months. 

I have about 5 properties that are ready to be refinanced via the BRRR strategy right now. Would it be better to refinance using 5 different loans, or combine them into some sort of a portfolio refinance? If a portfolio is the best option, should I combine all 5 into one portfolio loan, or should I wait for other properties that I have in the pipeline to do 10 at once? 15? What would the sweet spot be?

I've been out of college for not even a year now, so my tax returns show $0 for the past 3 years. That is obviously the biggest hurdle that I've been facing with these refinances. The rates that I've been quoted have been up around 9.7% for a 30 year fixed. 

Brandon L. Malcolm Lawson That's interesting. I've never heard of anyone doing the remote access route. I'm just not sure how to provide them with MLS access or some sort of software so that they can properly run the comps in an efficient and legal way. I don't have enough years under my belt to get a brokers license yet and I also don't want to take on someone full time as an agent just yet. Maybe long term but I don't do just enough volume as of yet. Ideally the next piece of my puzzle would be a property manager with a realtors license.

Andrew Michael yes that's probably how I plan to start them out in terms of the offer process. How do you have them run comps? Using the MLS or some sort of program? I have heard that as well that there are VAs specifically for real estate and I actually know a guy who provides those services but the VAs he offers are around $10-$11 an hour. Definitely worth the time to train one to run comps correctly for around $5 an hour.