Just Sold 1833 W Baltimore St, Baltimore, MD 21223
I have been hosting guests in my home for the last year through Airbnb. Last fall I had the good fortune to host a nurse, who had just accepted a position with a local clinic. He had already purchased a condo to live in through another agent and the settlement was delayed so he needed a place to stay. One evening over a bottle of wine we got talking about real estate opportunities. He had sold a rental property in Colorado and was doing a 1031 exchange to like kind property here in Maryland. I showed him a few multi unit properties and finally he decided on this gem.
1833 W. Baltimore Street is a newly renovated 3 unit property. It is comprised of a 3 bedroom 2 level unit on the main floor and basement, a 2 bedroom unit on the second floor and a 1 bedroom unit on the third floor. It is located one block from Bon Secour Hospital.
The list price was $207,000. After negotiating with the seller and the seller’s agent the contract price was $195,000, however, the appraisal came in at $192,500 and I negotiated some more with the seller and the terms were agreed to. Repairs were made, new appliances were purchased by the seller.
Today was closing day and as a result of the negotiation, the roll over of the profit from his investment property in Colorado his monthly payment is going to be around $865 a month including taxes and insurance.
3 bedroom units in the area are renting for $1,400, 2 bedroom units $1,100 and 1 bedroom units $750. That means the positive cash flow on his investment is $2,385 which means my buyer will recoup the money he invested from his 1031 exchange in just 3 years.
The real beauty in this transaction though is that he didn’t have to bring any money to the table for closing.
Are you considering purchasing an investment property? Investing in real estate can take many different forms depending on your goals and your interests as well as your available cash. Let’s talk about your dream!!!
If you are thinking of buying or selling an home in Maryland give us a call at 410-292-0100 or start your search here and we'll talk about the market conditions and what your home could possibly be worth in today's market place if you are thinking of selling. If you are considering buying a home, there is no better time than now to buy. The tax savings and wealth building alone is worth the plunge into todays market. Remax New Beginnings and I are connected with some of the brightest and best real estate agents in the world and can assist with your move here in Maryland or anywhere in the United States or abroad. Ask me how.
June Piper-Brandon ~ Associate Broker ~ CDPE, CIAS, ePro, MRP
Long & Foster Hampden
410-292-0100 - Direct 410-889-9800 Office