fliprent

The property is located directly across from the Johns Hopkins Biotechnology Hospital. The draw is the planned multi-billion dollar Hopkins Biotech project of East Baltimore city. Can you say location, location, location?  This house was purchased through a more conventional method. The seller advertised a “for sale by owner” sign from the window.  After several weeks of researching the project area, meeting with the development corporation responsible for managing the project, I decided to make an offer.  I did my due diligence, including a title search, attempted to verify that this property was not on the list to be acquired by the city, cash flow analysis, plus more.  There was a previously accepted offer but the financing fell through.  I used a rehab loan from a local bank that I have a long standing relationship with.  For privacy reasons, I won’t provide the exact purchase price at this time. I negotiated approximately a 30% discount from the market price in the area.  Most of the three story shells in the area were selling for 80k -130k depending upon the square footage.  Read the rest of this entry »