All Forum Posts by: Tyreese Brown

@Russell Brazil is ALL THE WAY RIGHT on what DMV stands for, and he also gave references to further your understanding. I think if you are going to invest in this area, whether it’s the DMV or in Balt Metro, you must first understand this very basic concept. I am from West Baltimore and graduated from Howard University in DC. I cannot begin to articulate how different these two cities are. Again, if you are looking to invest, take the time to know and understand the area you are trying to invest in.

What does your lease say? In some cases landlords cover pest services for a certain period of time at the beginning of the leasing period. Usually 2-3 months, after that the tenant is responsible. Something like that should be stated in the lease.  If it’s not, then as the landlord it’s your responsibility.  Pest control issues should be addressed immediately, as these pest can cause long term damage to your property long after your tenant is gone if left untreated. If your property is a row home this can also be difficult if the surrounding neighbors are neglecting their homes as well. Pest control in row homes are definitely a block issue as much as it is the individual home. Engage your neighbors as well. 

The FMRs for unit sizes larger than four bedrooms are calculated by adding 15 percent to the four bedroom FMR, for each extra bedroom. For example, the FMR for a five bedroom unit is 1.15 times the four bedroom FMR, and the FMR for a six bedroom unit is 1.30 times the four bedroom FMR. FMRs for single-room occupancy units are 0.75 times the zero bedroom (efficiency) FMR.

@Lamont Marable LMAO, just doing my part to quench thirsts! Keep up that IG page though. You motivate me! 😉

So I took a field trip today to 417 E. Fayette St, Baltimore MD.  For those not familiar, this is where all of your permit/plans/housing trials and tribulations (lol) are housed for Baltimore City.  Having Baltimore as a keyword alert, I see people, daily, asking where the best place to invest in the city is.  I have my opinions, but I will tell you, if you take a trip to the planning office on the 8th floor, you can get a better idea. 

Today I sat down with the office's Senior Historic Preservation Planner.  My intention was to get information on a current project I'm working on, but I walked away with so much more.  After I got my "business" questions out of the way, I took a shot and started to ask more about what he's seen as far as potential in certain areas of the city.  To my surprise, he gave me SPECIFICS!  From his standpoint, he can see the areas where there have been investor upticks versus other areas that need a lot more help.  He also has the "inside" on what areas are undergoing major rehabilitation, and was able to give some foresight in areas that are up and coming.  Needless to say, if you're ever wondering where to invest, the Plans Department is probably a great place to start.  I'm sure if I made an appointment, he would've accommodated a lot more specific questions, but what I walked away with was enough to fill my cup for the day.

https://capitoltitle.com/

https://closeit.federaltitle.com/

Some title companies have closing cost calculators on their websites.  Try the two above. 

BRIC Commercial

http://thebric.net/?redirect=false

Must have immediate egress to the outside (ie window).  

Does anyone have any experience re-negotiating an REO property after an inspection had been completed?

Today I had a SFH, rowhouse in Baltimore, MD inspected. The inspector turned up extensive termite damage to the floor joists. The sistering has termite damage as well. They either need to be repaired or replaced on multiple floors. The house is down to just framing, and subfloors, and it has a basement. I'm thinking this may be very costly. I'm having a structural engineer come out and quote me, but if he quotes too high, I'm looking to get a better price on the home.

So with that said, I’m aware the bank will not do any repairs, but is the option to negotiate for a better price, under contract feasible? Better yet, how successful has anyone been with Fannie Mae?

Hello BP!

Is anyone familiar with the CHAP Tax Credit process in Baltimore, MD?  I just got my next project under contract today, and it's located in a Historic District.  I pretty much have read all the requirements and implementations of the credit, but does anyone have first hand experience in this?  I'm pretty much looking for insight on the following questions:

Did you use a consultant, or did you complete the process on your own?

From application to final acceptance, what was the approximate timeline?

How many inspections?

Did the requirements delay your schedule/timeline?

What are some components that one can miss?

Do you think it's worth the hassle?

Any first hand information on the process would definitely be appreciated.  Thanks all!