All Forum Posts by: Travis Lauchman

This has been very helpful for me as I am settling on my first subj-to deal next Friday in Balt City. Seller of course currently holds policy. My plan as of now is to try to add our LLC (making the purchase) as addt'l insured to the existing policy OR just purchase an additional policy and bear the cost since the cash flow on the deal is strong and I would rather be protected. IF anyone has updated thoughts on this I would be very interested to hear! Thank you.

Picking up this thread. @Brad Cogswell any love with Harbor Bank? I am in full blitz mode to find the commercial lending mecca for single fam residential portfolio. 

Thanks,
Trav

Welcome @Herbert Lewis! I'm a local Charm City guy. Let me know if I can help. 

-TL

Well done! You deserve a drink and whatever else your nearly $10k/mo passive income affords you!

@Andrew Boykins thanks for the response. $60/SF seems like a good deal if you are getting all systems, new kitchen, and floor plan even if you aren't touching the basement. Do you manage all of the separate trades or are you able to get this type of deal with a GC?

Hey Lisa. The company I work with bought, renovated, and sold 905 W 38th St within the past year. We purchased the house for around $115k, put about $110k into it (full gut renovation including finished basement, high-end finishes, CHAP tax credit, parking, roofdeck) and sold it for $325k prior to it even hitting the market. This was an exploratory project for us as we tend to stick closer to the harbor neighborhoods but it worked out great and we are seeing an influx of young professional buyers willing to spend top-dollar on a high-end product. I actually looked at that house on 34th some months ago but couldn't make sense of the numbers. Good luck and let me know if I can be helpful to you!

@Andrew Boykins I'd be curious to hear what $40-60k is getting you. I would like to being working the buy/hold and refi strategy but my brain is wired for doing $100k+ rehabs and that's simply too much to make economics work. 

Happy weekend!

@Rich Baer Hey Rich I agree with your thoughts regarding purchasing 'turn key' homes to rent. It certainly can work but seems like there is always a stronger value add for those who have the capability to either a) find a reliable GC who is aligned with your mission and can get the work needed completed fairly and quickly, or b) get your hands a little dirty. 

A partner and I were in 21213 last Monday looking at an auction property. It ended up selling well over what we could pay but there are a few parts of 21213 that I am very curious in for buy and hold. Regarding your gut rehab in this area I would love to hear the details on the work you accomplished for $58k and the economics of your deal (if you are willing to share)!

Whatup @William D.! I am local to Baltimore and working with a renovation company. Happy to offer any insights should you ever desire!

Congratulations! Inspiring me to start with rental deal #1 ASAP!

Hi @Mike V. I work with a rehab company based in Baltimore City, Charm City Builders. We are always looking to buy at least 2-3 good deals/month in Baltimore City/County and Anne Arundel County. I have been involved in many wholesales as well as we currently have a few postcard campaigns rolling that have worked out well for us. Nice to meet you and hope to do business together sometime in the near future. Happy holidays!