senorfartman
Well-Known Member
- Joined
- Dec 17, 2007
- Messages
- 96
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The back story:
I'm 24 and purchased my first home last August in Baltimore City in an 'urban revitalization' neighborhood for $165,000. It is a 3br, 2 ba on 2 lots and if the area turns over like Federal Hill and Canton, I should be sitting on a nice little payday in a couple years.
However living in Baltimore City isn't exactly where I'd want to raise a family. What the house currently has going for it right now though is the location. It is walking distance from UMD med school (new crop of renters each year), 2 minutes from 95 N/S and 10 minutes from BWI.
My current tenant offered to rent the entire house out with a few of his work friends who are flight attendants and basically need a place to crash. In doing so, they would pay my entire mortgage and allow me to leave the city.
Real Estate is something I just really enjoy. I like working on houses and fixing them up and such. With the market sucking worse than a saigon whore in Maryland currently, purchasing a 2nd house with the 1st rented out is becoming more and more of a viable option.
A few waterfront homes are opening up and have been on the market from 1/2 to a whole year with the pricing coming down below what they have paid. In this area, waterfront is very hard to come by and when the market rebounds, I'd be sitting on a cash cow. Of course these are fixer uppers but they'd be in nice neighborhoods outside of Annapolis where the chances of being picked off in a drive by decrease substantially.
The facts:
*I bought a house for 165,000 at 7.125% because at the time I was technically unemployed (laid off) but I was still receiving paychecks because I had a year long contract.
*At the time I was making $36,000
*I'm refinancing as soon as I get my first paycheck. I'm going back through the lender I used and should get me down into the low 6's making my payment decrease from $1450 to ~$1200
*I'm an hourly employee that travels 50% of the time for work. The only reason I requested hourly is because of the massive amount of overtime you make in the TV industry. This past week alone I have 35 hours of OT
*Currently, with the shows I'm scheduled for, I'm on pace to make between $50,000 and $60,000
*The neighborhood my current house is in is prime for renters due to the proximity to the inner harbor, Orioles/Raven's stadiums, medical school, airport and highways
*With 3 tenants, I could easily get $400 per head. Currently I get $425 the renter in my basement
*Even without the place rented out, I could still afford both properties.
*The places I'm looking at are near the Chesapeake Bay or tributaries and are under $250,000. Realistically with the market in the ****ter and some houses being on the market for over a year, it puts me in the driver's seat for negotiation
*I'm in no rush whatsoever so I can really take my time and start saving up again.
CN:
*thinking about buying a 2nd house
*am refinancing my current house in Baltimore City and then renting it out
*income is around the 50 - 60k mark
*houses on the water in and around Annapolis, MD are becoming attainable again
*dream of becoming a slum lord could finally become true
So what sayeth OT? I think I included all the vital information. If I left anything out let me know. I haven't slept much in the last 40 hours or so from traveling with work
I'm 24 and purchased my first home last August in Baltimore City in an 'urban revitalization' neighborhood for $165,000. It is a 3br, 2 ba on 2 lots and if the area turns over like Federal Hill and Canton, I should be sitting on a nice little payday in a couple years.
However living in Baltimore City isn't exactly where I'd want to raise a family. What the house currently has going for it right now though is the location. It is walking distance from UMD med school (new crop of renters each year), 2 minutes from 95 N/S and 10 minutes from BWI.
My current tenant offered to rent the entire house out with a few of his work friends who are flight attendants and basically need a place to crash. In doing so, they would pay my entire mortgage and allow me to leave the city.
Real Estate is something I just really enjoy. I like working on houses and fixing them up and such. With the market sucking worse than a saigon whore in Maryland currently, purchasing a 2nd house with the 1st rented out is becoming more and more of a viable option.
A few waterfront homes are opening up and have been on the market from 1/2 to a whole year with the pricing coming down below what they have paid. In this area, waterfront is very hard to come by and when the market rebounds, I'd be sitting on a cash cow. Of course these are fixer uppers but they'd be in nice neighborhoods outside of Annapolis where the chances of being picked off in a drive by decrease substantially.
The facts:
*I bought a house for 165,000 at 7.125% because at the time I was technically unemployed (laid off) but I was still receiving paychecks because I had a year long contract.
*At the time I was making $36,000
*I'm refinancing as soon as I get my first paycheck. I'm going back through the lender I used and should get me down into the low 6's making my payment decrease from $1450 to ~$1200
*I'm an hourly employee that travels 50% of the time for work. The only reason I requested hourly is because of the massive amount of overtime you make in the TV industry. This past week alone I have 35 hours of OT
*Currently, with the shows I'm scheduled for, I'm on pace to make between $50,000 and $60,000
*The neighborhood my current house is in is prime for renters due to the proximity to the inner harbor, Orioles/Raven's stadiums, medical school, airport and highways
*With 3 tenants, I could easily get $400 per head. Currently I get $425 the renter in my basement
*Even without the place rented out, I could still afford both properties.
*The places I'm looking at are near the Chesapeake Bay or tributaries and are under $250,000. Realistically with the market in the ****ter and some houses being on the market for over a year, it puts me in the driver's seat for negotiation
*I'm in no rush whatsoever so I can really take my time and start saving up again.
CN:
*thinking about buying a 2nd house
*am refinancing my current house in Baltimore City and then renting it out
*income is around the 50 - 60k mark
*houses on the water in and around Annapolis, MD are becoming attainable again
*dream of becoming a slum lord could finally become true
So what sayeth OT? I think I included all the vital information. If I left anything out let me know. I haven't slept much in the last 40 hours or so from traveling with work