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Property Acquisition » fliprent
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  • House For Sale in Baltimore Maryland

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

22nd July 2008

Vacation or work?

I’m on a short vacation…or am I.  Well, I’m actually looking at apartment buildings while taking a break to relax a little.  Investing in real estate does not require that you only look for properties in your home town you know.  In fact many apartment investors specifically look for the hot markets around the country for great deals.  Once you get your feet wet with single family homes, you may want to look into multi-units specifically mid sized apartment buildings.  This may require more homework at the beginning.  Searching outside of your local area may be the biggest challenge  but the returns can be much greater.  How will I manage my property from long distance you ask?  That’s the easy part, I say.  The answer is hire a property management company to manage your property.  They will probably do a better job of it than you will.  If they are handling the property correctly you may only go there once or twice a year.  Check out my article on working with property management companies to find out more. 

posted in Property Acquisition, Renting | 0 Comments

25th June 2008

Cash Gifts and the IRS

As a house flipper, you should be constantly looking for ways to raise money.  Friends, family and associates can be a great avenue to get started.  However, you will want to be careful on the amount and the terms used for the money you receive.  Lets say your grandfather wants to help you get started in your house flipping business.  He offers to give you money for this duplex that you just got under contract.  This doesn’t mean that he can just write you a check for any amount and of you go.  Uncle Sam may want his cut. 

Read the rest of this entry »

posted in Financing, Property Acquisition, Real Estate Investing, Taxes | 0 Comments

13th June 2008

Real Estate Tax Sales

Real estate tax sales are another avenue to acquire investment property.  They can require some research and comfort with having your hard earned dollars unavailable to you for a period of up to two years in some cases.  The good news is that the rules usually require the original owner to pay the lien holder interest if they are able to redeem the property.  In some areas the interest can be up to 24%!!  That’s what I call a great savings account.  In fact many investors use them for just that. 

Read the rest of this entry »

posted in Complete Rehabs, Property Acquisition, Real Estate Investing | 1 Comment

6th May 2008

Old East Baltimore Project

As some of you know I like to show my readers a project from start to finish.  I put a contract on another one today and should close within 45 days or so.  Hopefully if everything goes well, I will start the pictures and posts within a month or two.  As you know the Hopkins Project is on hold for now.  I was told I would have a letter within 2 months and there are only two weeks or so left.  At that point I am going to restart that project and just let the chips fall where they may.  Here are the details on the Old E. Baltimore project category.

  • Purchase Price 37k
  • COMPS 75K
  • Approx Rehab Costs 20k (Conservative)
  • 3 Bedroom 1 Bath Rowhouse

Current Condition:  New Drywall, New Plumbing, New Paint, New Carpet, New fixtures (some missing).  I found out that the previous investor took the furnace, refrigerator and stove out before the foreclosure auction.

This property was owned by another investor in the area.  We have crossed paths several times but I didn’t realize that it was hers until after the sale.  She owns hundreds of properties in the city but she was basically in over her head and her balloon payment was due on several of her properties.  They were all auctioned off today but I believe she managed to stop one of them.  This kind of thing happens to many investors and we must all fight through the failures in order to reap the rewards.   She actually didn’t do too badly because one of them sold for more than 60k over what she paid. 

Rent comps are between 800-1200 for a 3 bedroom 1 bath in the area.  The math looks good and the price was cheap so I’m pretty happy so far.  Now lets hope there aren’t any encumbrances in the way as I go through the due diligence process.  As always, stay tuned by clicking the Old E Baltimore Project category.     

posted in Foreclosure, Old E Baltimore Project, Property Acquisition, Real Estate Investing | 1 Comment

28th April 2008

Real Estate Contracts Part2

In this series I am outlining clauses commonly used in real estate contracts.  Use this information as a reference but do not repeat any examples word for word in a contract.  Consult an attorney in your local area for more details.  You can read Real Estate Contract Clauses Part 1 for the first five clauses or click on the contracts category to follow along with this series.

Read the rest of this entry »

posted in Contracts, Property Acquisition, Real Estate Investing | 0 Comments

21st April 2008

Real Estate Contract Clauses - Part 1

Real Estate investors need to know as much about writing contracts as they know about real estate.   This series of posts is a continuation from the Negotiating Real Estate Contracts article.  In Part 1, we will discuss 5 clauses that are commonly used by investors in real estate purchase contracts.

Read the rest of this entry »

posted in Contracts, Financing, Property Acquisition, Real Estate Investing | 0 Comments

16th April 2008

6 Rules for Negotiating Good Real Estate Contracts


One of the biggest obstacles I faced when starting out investing in real estate was writing contracts.  It would be nearly impossible for anyone to write a blog post (at least one that would be read) about everything one needs to know about contracts.  With that in mind, I’ve decided to provide some basic knowledge for a beginner in real estate investing.  Another thing to note is that rules and laws are mostly local.  Writing a book or post that covers the law for the entire nation would also be, well… pretty darn long.  Here are some rules that I still use today.

Read the rest of this entry »

posted in Contracts, Property Acquisition, Real Estate Investing | 0 Comments

7th April 2008

How to analyze the true value of a potential investment property.


How much do I pay for a property? 

raking in the moneyThis can be the biggest challenge for new investors.  How do I know how much to pay for a property?  There are so many factors involved that it can feel a little overwhelming.  In fact it scares some investors away from buying their first property.  I’m here to tell you that it’s not rocket science.  A class in using a spreadsheet program such as Microsoft Excel or learning to use a financial calculator might be the most difficult part of the process.   There are several performance measurements commonly used when valuing property.  Three measurements commonly used by investors include CAP Rate, Net Operating Income (NOI), and Return On Investment (ROI).  There are many other ratios and measurements used in real estate finance such as Gross Rent Multiplier, Debt Service Coverage Ratio, Operating Ratio, etc.  This information can be found in many finance books or at finance courses at your local Community College.

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posted in Financing, House Flipping, Mortgages, Property Acquisition, Real Estate Investing | 0 Comments

1st April 2008

6 House Flipping rules of engagement.

Let’s get straight to the house flipping point…

 House flipping rule # 1 - Buy the smallest or ugliest house in the neighborhood. 

Being a house flipper means that you don’t mind the dirty work; or paying someone else to do it.  The main reason for this rule is based on future appraisal value.  The smallest house on the block has the biggest potential to be raised.  Once the rehab work is completed, it will appraise higher based on the new improvements, and the value of other houses on the block.  Conversely the largest house on the block is already carrying the weight of the market value.  Adding square footage for instance will not bring the same Return On Investment (ROI) as it would for smallest house.

Read the rest of this entry »

posted in Complete Rehabs, House Flipping, Property Acquisition, Real Estate Investing, Tips, contractors | 5 Comments

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