All Forum Posts by: Tim Evans

$50k to $200k. We just dug and poured a basement front entrance for $20k in Capitol Hill East (RFK Stadium area). The permit was $3k, but should be $10k and above. This included enclosing the area under the existing porch, a door and egress window. Very basic finishing with cement block parging. We did not drop the basement slab, because that is the cost that could go $30k to $150k, depending if you need underpinning. Our contract said no underpinning for the entrance, but they actually did need it for our existing cement steps.

@Ken Wang You are correct, I did not realize your selection is so limited below $200k. Maybe look at townhouses for my scenario.

For $50k, I'd get a mortgage, at 150, try to find a cheap cash purchase. Both options, look for single-family with good rent potential (proximity to jobs and transportation, low crime, $1700/month zillow rent estimate) and low costs (convert to electric utilities, repair roof and structure). List it on craigslist and zillow, dropping the rent until you get a tenant with good credit or references. Rent it a couple years, and then decide if it's more profitable to sell or hold. That's my strategy so far. Trying for $2000/month rent, but that's big, expensive houses, or in the cities.

One townhouse, others are detached. Townhouses and rowhouses are worth it toward the center of cities, where a car is not necessary. Also, I try to avoid homeowner associations (newer townhouse communities).

Holding seems less risky than flipping. EVENTUALLY one should be able to recover the investment, even if it was based on unrealistic numbers. I did one flip and am holding three houses with tenants. The flip was profitable, but less satisfying for me.

I love multi-family, but don't have the cash, and don't want to risk a mortgage on a quality property. I want tenants paying at least $1500/month, because those are often more responsible.

So, Single family Buy & Hold wins for me.

Trulia shows pockets of low, medium, and high crime in both areas, and really good deals that are in each area. I know DC much better than Baltimore, but love trulia for their detailed maps.

Sounds good, but I'm a slumlord. Deanwood or Capitol Heights style :)

Not sure about Property Managers (not allowed to endorse in this forum), but I appreciate the lessons learned. I have been nervous about rent control, and this just makes me more likely to buy single-family in Maryland.

We can't endorse businesses here, but a quick google map search reveals only one or two highly-rated options.

Sherman, What do you think about 8 Short St, Baltimore ($335k 5unit $3600/month high crime) and 8119 Hicks Rd, Jessup ($230k 4unit $2200/month low crime). Do you know the areas, or maybe any specifics about performance? Thanks!