All Forum Posts by: Tyrone Marson

@Stephen Kehoe thank you. I think I went a little over the top with the renovations, but that is all in the learning process.

@Jon K. Thank you. This house is in Brooklyn Park on the Anne Arundel County side. I am looking to buy more just like this in the same area right off Belle Grove road just before it turns into Hanover street, because I want no parts of the City lol.

Investment Info:

Townhouse buy & hold investment in Baltimore.

Purchase price: $108,700
Cash invested: $71,216

First buy and hold property.

What made you interested in investing in this type of deal?

I analyzed the deal on the bigger pockets rental property calculator and it met my $500/month pure cashflow requirement.

How did you find this deal and how did you negotiate it?

The property was listed on the MLS for $115K as a "hot home". My agent and I offered $110K and seller countered at $112,500. However after the inspection we negotiated some fixes and they decided to give us credit instead so final purchase price was $108,700.

How did you finance this deal?

Conventional financing with a 30-year fixed 4% interest rate and a 20% down payment which came from retirement savings.

How did you add value to the deal?

Updated kitchen and bathroom along with light fixtures. Added fresh paint and did landscaping.

What was the outcome?

Renovation is now complete and I am getting ready to list the property for rent. Also, I will be pulling a HELOC against the equity to purchase next property.

Lessons learned? Challenges?

Be bullish with negotiating up front and "never split the difference" but at the same time finding a common ground is important.

Provide contractor with a detailed SOW, DO NOT JUST SAY IT, WRITE IT!

Stick to your numbers and do not deviate.

What are the implications of generating leads from a property preservation company that has access to REO properties?

@Tyana Blackledge I looked up the owner’s info and found their name. However, their mailing address is listed as the vacant property. So they are definitely living somewhere else or they deceased.

What resource/database you use to find owners of vacant properties that shows the owner’s address as the subject property, but clearly the property is vacant and has been unoccupied for quite some time. I came across at least two properties that are in pretty bad shape, but when look up the owner info it list their address same as the vacant property.

@Austin Carr I got pre-approved today with PENFED, thank you for sharing.

@Carolyn Boswell I am trying my best to avoid high interest funding.

@Austin Carr will do