All Forum Posts by: Yannik Cudjoe-Virgil

@Gayle Melnick I have not personally invested in Broadway east, but it's on my radar. Great place to implement Baltimore's CHAP tax credit. My contractor/partner invests in Broadway East, and does BRRRR deals all the time. You have to be willing to buy in to the market though. It's not going to happen overnight. Will need to be patient.

They just announced some development coming that way. 

https://www.newsbreak.com/mary...

 Sure no problem. @Amanda Paris is a good realtor in baltimore who can assist you. 

Check the zoning on the property first to see if there is a possibility. Then call the zoning office to verify. If they are able to verify, then ask for a zoning verification letter so you have something in writing

Baltimore is a great city to invest in. You just have to know what you're doing and have savvy investment strategies. 

If you're investing in Broadway East you need to be patient. There are a few development projects that in the pipeline. It's not going to happen over night but there is definitely activity going on over there. It's always good to work with someone who knows the area. You can make good money in Baltimore, you just have to know where to invest. I don't think we are going to see a drastic decrease in prices like the 08' recession. That was a complete collapse of the system. 

Broadway east is coming up pretty well on certain streets. Baltimore is a block by block city. Vacants to Value is a great program. You can use CHAP credits in Broadway east to keep you taxes the same for 10 years. Some of those properties have low taxes right now so it can boost your returns. 

@Daniel Han A proven sponsor with a long track record is likely doing bigger deals that require more capital. Generally, accredited investors have more capital. So a syndicator may have a $100k minimum to fund bigger deals, and a non-accredited investor may not have enough capital to invest in those deals. 

I agree with @Todd Dexheimer . I would be underwriting at flat rents for a least 1-2 years. Even negative rent growth for the first year depending on the market. 

I think non-accredited investors who are sophisticated may pursue designations/credentials in order to invest in a deal with a proven sponsor who only takes accredited investors. Typically, sponsors who have a proven track record move away from the non-accredited into accredited, and now it gives non-accredited investors an opportunity to gain the accredited investors status in order to have a broader accesses to deals - which they wouldn't have if this rule was not amended.  

@Arijit De Refinancing at 75-80% in this environment is a bit tough. Maybe if you have a good relationship with a local credit union you can do it. But realistically, I would expect 70% LTV.

@Stephen Brown If you're hiring a property manager, you should ask them for a per unit cost of water in that specific market. Seems like you would have to get creative to get that information but just be conservative in your underwriting.