All Forum Posts by: Tim Youse
Tim Youse has started 11 posts and replied 148 times.
Post: Belair Edison Neighborhood in Baltimore

- Rental Property Investor
- Baltimore, MD
- Posts 153
- Votes 158
Listen to Rich. $100k for that area is WAY too high considering you can get them for under $40k off the MLS - sometimes less. These are for properties that need rehab of course.
If you're looking for turnkey rentals in the $100k range, you can get ones with CAC already installed for less. This house does not seem like a deal for this area if you are expecting decent cash flow.
Ask your lender if they have rehab loans or find a lender that does.
Post: Tax Lien purchases in Baltimore, tell me everything!

- Rental Property Investor
- Baltimore, MD
- Posts 153
- Votes 158
Where's @Ned Carey?
Post: Morrell Park-South Baltimore

- Rental Property Investor
- Baltimore, MD
- Posts 153
- Votes 158
I've been following that area for the past couple months but have yet to buy. Check the listings for sold rehabs and then check the MD SDAT to see what the rehabbers got them for. That doesn't give you concrete #s on what the rehabs cost or the initial condition of the homes, but it does get you an idea of what some other investors considered a "deal". I see places over there going for around 20K +/- $7k - depending on the level or "ruin" and the rehabbed comps going for as high as $80k. Take this with a grain of salt, but a refi might be difficult due to so many low priced comps. Maybe another investor could chime in.
Check out my previous post on the topic.
Post: Building a list when Wholesale properties in Baltimore

- Rental Property Investor
- Baltimore, MD
- Posts 153
- Votes 158
Check out the resources in the "Education" section on BP on wholesaling:
Ultimate Beginner's Guide to Wholesaling
Check out videos on Youtube as well, for effective methods, scripts, etc.
I don't wholesale so I can't speak from experience, but I don't think too many of them work with contractors as far as estimating repairs. The wholesalers job is to get the house under a transferable contract for as little as possible to pass off the deal to investors.
You'll also need to build a network of buyers, so attend all your local investor meet-ups, join investor facebook groups, email lists, etc.
Post: Voucher Rental Placement Company

- Rental Property Investor
- Baltimore, MD
- Posts 153
- Votes 158
Are the potential renters on Section 8 already pre-approved/pre-screened to some extent, by the voucher program? Is your screening process any different going with voucher tenants vs market ones?
Post: Recommendations on MD Real Estate Laywer

- Rental Property Investor
- Baltimore, MD
- Posts 153
- Votes 158
Sent you a PM
Post: AJ Billig Auction Baltimore

- Rental Property Investor
- Baltimore, MD
- Posts 153
- Votes 158
AJ Billig posts the results of their auctions on their website so you can see the same day what the properties have sold for. Some sell for about market prices, some don't - depends on who's there bidding really.
Post: Garage - fix or tear down?

- Rental Property Investor
- Baltimore, MD
- Posts 153
- Votes 158
Got a possible rental nearby for a great price. Took a drive by the back though and noticed a crumbling garage. At first glance I thought it would have to come down and turned into a parking pad, but after a second look it looks like it might just need the corner brick replaced - along with the roof and door of course.
Never had to deal with something like this, so those that have - what would you consider doing? This is a row house and the neighboring adjacent garage seems to be intact.
(sorry for the dirty windows on my car - it rained the night before!)
Post: BRRRR - am I getting it right?

- Rental Property Investor
- Baltimore, MD
- Posts 153
- Votes 158
Before I actually make my first BRRRR purchase I wanted to make sure I'm getting it right. Let me know if I'm forgetting something in my numbers below please:
Buy | |
purchase price | $50,000 |
down payment of 20% | $10,000 |
closing costs | $2,000 |
total acquisition costs | $12,000 |
initial mortgage payment | $191 |
Rehab | |
rehab costs | $30,000 |
6 months holding costs | $3,000 |
rehab costs + acquisition costs ($12k) | $45,000 |
Refi | |
house appraises for | $125,000 |
cash out for 80% of that | $100,000 |
cash out ($100k) minus total costs ($45k) and initial principle balance ($40k): | $15,000 |
new mortgage principle balance: | $100,000 |
new payment is: | $477 |
Rent | |
Market Rent | $1,200 |
monthy profit (not including expenses other than debt service) | $723 |
Repeat | |
Investment Costs ($45k) plus cashout ($15k) | $60,000 |
Annual rental profit | $8,676 |
Am I doing it right?
Post: New to Investing $ considering Baltimore Md

- Rental Property Investor
- Baltimore, MD
- Posts 153
- Votes 158
I'm having trouble pulling the trigger in Baltimore, solely based on crime. When I find a 'seemingly' good deal, I'll then check the crime map on truila. More often then not the property will be in a high crime area, and the local police reports reveal shootings, homicides, assaults, etc...Still I'll go drive to the property at night and my gut tells me pass. Maybe seasoned city investors see dollar signs when they see those signals, but mentally I'm not there...yet, or perhaps I just haven't found the area that's right for me.