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Old E Baltimore Project » fliprent
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29th April 2009

House For Sale in Baltimore Maryland

It’s been a while since my last post but I promise I won’t be long winded this time.  I’ve decided that I’m going to sell Old E Baltimore project.  The work has been done for over a month but with a few loose ends to tie up.  The house has a new furnace, hot water heater, toilets, tub, tile, refrigerator, oven, cabinets, carpet, deck, fencing, flooring, carpet, rails, and the list goes on.  It’s a great opportunity for an investor looking to get a rehabbed house with 4 bedrooms in the city.  Currently through section 8, the new owner could be looking at over 1100 dollars per month and a mortgage payment of less than $550.  My next post on this property will include pictures but if anyone is interested in seeing the house, feel free to click on the About Fliprent link at the top and click the Contact Me link to send me an email.  You can also leave a comment on this article if you choose to.

Ideas, Ideas.  I’ve decided to go forward with a business idea that I’ve had for a while.  I’m going to need to put some cash into it considering how difficult it is to get a business loan in the current economy.  Liquidity is a beautiful thing when you need access to quick capital.  There was a time, just a few years ago when a residential real estate investment was considered relatively liquid.  Today is another story. 

posted in Home Buying, Old E Baltimore Project, Property Acquisition, Real Estate Investing | 2 Comments

31st March 2009

Banks Walking Away From Foreclosures Too?

It appears that more than just homeowners are walking away from foreclosures.  Apparently banks are too.   This is thought by many to be the next wave of the housing crisis.

On another note the Old E. Baltimore project is mostly done but I still need to get past the inspections for city and section 8.   I’m on my fourth plumber now and counting.  Hopefully this one will get it right and actually pass the inspection.  Once that’s done I’ll post pics but its probably not a good idea to post them before.  Most of the work on this one was done prior to my purchase so the inspection is always a crap shoot.  It really just depends on the inspector and his/her mood.

posted in Mortgages, Old E Baltimore Project, economy | 0 Comments

12th February 2009

Finally Seeing Some Daylight

The Old E Baltimore project is finally moving again.  The old contractor is out of the way, at least for now.  The new guys have the deck, fencing exterior doors and most of the patch up work completed.   The punch-out work can sometimes take just as much time as the larger projects.  I must admit that the majority of the delay is due to my inability to get around.   Getting back on my feet took several months and is still a work in progress.   Health problems can derail a business, especially when you are the business.   Make sure you plan for situations like these by having at least six months of mortgage payments in savings.  Also look into purchasing long/short term disability.

The last items on the list are the range, refrigerator, gutters/down spouts, plumbing and cleanup.   The plumbing work is a story all by itself.  The problem is mostly due to the contractor’s use of the toilet even though it was not working.  I’m not even sure if the toilet is any good, let alone the fact that the water isn’t even on in the house.  The toughest part of this real estate investing business is working with contractors.  If you have a weak stomach, find something else to do. Needless to say this will be a messy job for the next plumber.   I sure hope he has a mask… 

 Next up on the list will be the city inspections, followed by the section 8 inspections.  I’m sure I’ll have a whole new to do list soon. 

posted in Old E Baltimore Project, contractors | 0 Comments

18th December 2008

Contractors Dont Quit?!

Today my contractor on the Old E. Baltimore project decided that this job “wasn’t worth it” in his own words.  Hey maybe he’s right.  It’s not worth it for him.  In fact it hasn’t been worth it for me either.  Needless to say, I had no problem with it.  It’s been way too long and he is trying to juggle too many jobs.  Good thing is I don’t have a lot left to do.  Bad news is, its time to get another crew in there.  Parting ways, with no hard feelings, is just fine with me.  I may loose a few more weeks but it’s better than the ensuing battle at the end.  The search begins…  Hey…do you know of a good TRUSTWORTHY carpenter in the area?  Drop me an email if you do. This ought to be fun!  

posted in Old E Baltimore Project, contractors | Comments Off

5th December 2008

Winter Remodeling Fun

Most of the electric is done on the Old E Baltimore project and the meter was installed a week ago.  I’m constantly reminding the contractors to turn off the lights when they are done for the day.  The last thing I need is to add more bleeding to this project.  Hvac and plumbing repair is close to being complete so its about time to get it section 8 ready.  This means making sure all the trades are up to code, banners installed, no paint chips exposed (lead), outside railings front and rear, windows are caulked, doors are installed, fridge, and oven are working.  If it still sounds like lot of work, it is.

Still nothing more from the city on my Hopkins area rehab house.  It looks they want to blame the economy for the fact that their projects are so far behind and lack of funding.  I say karma may have something to do with it.  You reap what you sow.  EBDI has made a mess of this project and they walk around like they are doing people favors.  They would have been behind schedule economy or not.  You can read more about that house here. 

posted in Hopkins Project, Old E Baltimore Project | Comments Off

21st November 2008

Some Progress is Better than None.

The Old E Baltimore project is now moving forward.  I hope to have this thing rented by mid December.  Considering my recent health, I decided to bring in a contractor “friend” to finish the project.  Notice the quotes…  One would think that today’s prices would be much lower, but by the looks of his quote, maybe he’s still back in 2005.  Needless to say, I will be working those numbers down tonight directly in the reply. No need to rework the contract until we come to an agreement.  Most of the electrical is completed and the electric company installed the meter and brought power lines to the house.  Plumbing needs completion along with a long list of repairs that I will break down in another post.  Most of the repairs will be required for Section 8 approval.

Still no word on the Hopkins area project.  I assume they want me to go broke paying legal fees and mortgage payments but I will finish it and rent before I allow that to happen. 

posted in Complete Rehabs, Hopkins Project, Old E Baltimore Project | Comments Off

23rd October 2008

Still Out of Commission

Unfortunately I have not been able to post in a while due to health issues.  I’m still not exactly sure what is going on.  I have been through many tests, to no avail but I’m still here… there’s a plus. 

Quite a bit has occurred since I last posted concerning the Hopkins Project and also the E. Baltimore project so hopefully sometime soon I can update you all on the full details.   While I have a few seconds before my head gets too crazy I’ll give you some updates. 

 The Hopkins Area Project

The city has made me a ridiculously low offer for the house…as if you expected better.  Obviously my attorney is now involved and it’s going to end up in court I assume.  The offer is less than what I paid to for the house in the beginning believe it or not.  Not to mention all the money I’ve poured into this house.  If you are new here and you want to read more about how the city can try and take your property and not even pay you  fair market value, follow the link.  Throw in the fact the this house is being rehabbed but they are trying to use a codemnation loophole.  Talk about abuse of power and stepping on the little people.

Old East Baltimore Project 

Since my health issues started around the same day I closed, I have not been able to do much on this one.  However, recently I have started working here.  The plumber is roughing in new gas lines and fixing minor plumbing issues left from the previous contractor.  The electrician is working on a new service. Permits are pulled and things are going somewhat smoothly.  Believe it or not the city is gotten themselves involved with this one as well.  Coincidence?  I think not.  This one is not even in a redevelopment zone that the city nor Hopkins have any documented interest in.   The drama continues.  I’m wondering if this whole real estate business is even worth it, at least not in Baltimore anyway.

posted in Complete Rehabs, Hopkins Project, Old E Baltimore Project, Real Estate Investing | Comments Off

1st August 2008

August Smells Like Football

August is my favorite month of the year although it can also be the hottest.  The main reason is because football season is back.  With the Summer Olympics starting on the 8th, this month will be great for sports.   My oldest son will be playing Pop Warner football this year which is also very exciting. 

On a real estate note, I plan to start on the E Baltimore project Monday.  I’ve been setting up some contractors and I will make a decision early next week.   Although I have my main contractors, I still have a few others that I use depending on the project.  This project is really a small one and shouldn’t present any surprises.  

The thing that kept me from starting this week is this dizziness that I’m still feeling.  Bloodtest and CAT scan were all normal so the doctor told me to see an ENT.   I have had this feeling one other time after a one week cruise.  It took about a week for my equilibrium to balance itself out.  No more roller coasters for me!  

posted in Misc, Old E Baltimore Project | 0 Comments

30th July 2008

Finally Closed the Deal

The Old E Baltimore house is now officially mine.  After close to three months the sale has been finalized and now I’m ready to get going.  The house has quite a bit of work already done by the previous investor.  I’m setting a semi aggressive schedule to get this one done is 3 weeks.  I initially planned on starting today but my body is not cooperating. 

On a side note: I now know that I can no longer ride 5 different roller coasters that spin, flip, loop and jerk me around until I’m dizzy.  Who knew!

As soon as I recover from this feeling that I’m about to fall flat on my face (which has now lasted about three days), I will get going.  As usual, I will start with some before images and take more pictures as the project progresses.  Stay tuned and stay away from roller coasters! 

posted in House Flipping, Old E Baltimore Project, Renting | 0 Comments

17th July 2008

Sale Finally Ratified

The property that I refer to as the Old East Baltimore project is finally moving forward.  The city ratified the sale and the settlement is scheduled.  I need to get a few items to the title company such as the Articles Of Organization,  Insurance Information, etc.  I was pleased to find out that the property insurance is only approx. $640/year and the taxes should be somewhere in the same ballpark.  

Read the rest of this entry »

posted in House Flipping, Old E Baltimore Project, Renting | 0 Comments

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