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Baltimore City approves program to sell vacant homes for $1

They had something like this in Gary Indiana so I had my guy check it out. The city gave you 6 months to get the house up to code and you had to live there for 5 years before you became full owner. Don't know what the B-More offer is but if you ain't careful you can be taking on a huge future debt.
 
O.G. said:
They had something like this in Gary Indiana so I had my guy check it out. The city gave you 6 months to get the house up to code and you had to live there for 5 years before you became full owner. Don't know what the B-More offer is but if you ain't careful you can be taking on a huge future debt.
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What does live there mean?
 
O.G. said:
They had something like this in Gary Indiana so I had my guy check it out. The city gave you 6 months to get the house up to code and you had to live there for 5 years before you became full owner. Don't know what the B-More offer is but if you ain't careful you can be taking on a huge future debt.
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Detroit has a similar program with the Land Bank Authority. Houses cheap as fuck, but you gotta have it completely rehabbed and up to code in 6-9 months. Some of them cribs are beyond fucked and prolly should be razed.
 
O.G. said:
Live in the house once it passes all codes.
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I'm asking how living in yeh house is defined. Does it mean that you just need to have you name on the house? Have bills in your name like lights, gas, and water, and keep them turned on? Change your mail from your current address to the new bando?

What does and doesn't count as living in the house? I know this may vary from state to state but I'm just curious.
 
Or does live there for 5 years just mean that you can't rent it out until you have maintained that place as a residence for 5 years?
 
Los216 said:
I'm asking how living in yeh house is defined. Does it mean that you just need to have you name on the house? Have bills in your name like lights, gas, and water, and keep them turned on? Change your mail from your current address to the new bando?

What does and doesn't count as living in the house? I know this may vary from state to state but I'm just curious.
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Primary residence is what some require.

*edit* Everything you said

But it’s ways around it
 
Los216 said:
I'm asking how living in yeh house is defined. Does it mean that you just need to have you name on the house? Have bills in your name like lights, gas, and water, and keep them turned on? Change your mail from your current address to the new bando?

What does and doesn't count as living in the house? I know this may vary from state to state but I'm just curious.
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Bills had to be in your name and if I remember correctly annual visits by the city until you became full owner.
 
DOS_patos said:
Primary residence is what some require.

*edit* Everything you said

But it’s ways around it
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But how is it done legally?

I own a house right now. Me and my wife both have our name on the deed. We bought it less than 1 year ago. If I see a house on Craigslist for $4,000 and it's clearly a rehab but we want to buy it and fix it up to rent it out, what does that really look like.

We buy it, put the utilities in our name, then we can't rent it out for 5 years and we have to maintain ownership and keep the lights on?
 
Los216 said:
But how is it done legally?

I own a house right now. Me and my wife both have our name on the deed. We bought it less than 1 year ago. If I see a house on Craigslist for $4,000 and it's clearly a rehab but we want to buy it and fix it up to rent it out, what does that really look like.

We buy it, put the utilities in our name, then we can't rent it out for 5 years and we have to maintain ownership and keep the lights on?
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A private seller is selling a house on Craigslist for $4000? If you got the $4000 I don’t see what’s stopping you from buying, fixing and renting out. Has nothing to do with your primary because it’s an investment property. Unless I’m missing something
 
DOS_patos said:
A private seller is selling a house on Craigslist for $4000? If you got the $4000 I don’t see what’s stopping you from buying, fixing and renting out. Has nothing to do with your primary because it’s an investment property. Unless I’m missing something
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Aren't there laws in place that makes it so that you have to wait a specific period of time before you can rent?

For example, if you are using a VA loan to buy a house then you cannot under any circumstance rent that house out until after you have maintained a residence at that house for at least 1 year.
 
Los216 said:
Aren't there laws in place that makes it so that you have to wait a specific period of time before you can rent?

For example, if you are using a VA loan to buy a house then you cannot under any circumstance rent that house out until after you have maintained a residence at that house for at least 1 year.
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I’m not sure how VA loans work to be honest.
 
The reality... It's work. A whole lotta work

Time& money

First you gotta renovate the shit... Make sure it's good and finished. No mold, no rotting pipes and toilets working. All that alone finna be like 25k

The you gotta modernize the shit, make it look habitual. That's another 10k.. furnish the shit.. cuz let's be read, NOBODY buying a house for over 50k in the hood, and that's where these houses at... So your best bet is to air BNB the shit.... So you talking another 10k on top of everything else...

Shit just a lotta work and money
 
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