The Club Mastermind Property Report
The Club Mastermind, established in 2007, represents over thirty-five independent real estate investors who are committed to improving Baltimore. Our mission is to renovate neglected and abandoned homes throughout the region.
Collaboration and shared education is our key in getting this job done. We work diligently with new investors to navigate the processes of permitting, zoning, participating in CHAP, and other programs in the Baltimore area. We also work on what to expect from contractors, realtors and home buyers. While new investors can become a repetitive challenge for staff within these departments, we diligently focus on education to minimize this learning curve. As always though, the best lessons come from hands on experience. As each new investor works his or her way through the first few renovation projects, their fellow members are standing by to assist and coach them as needed.
Although we are independent real estate investors, we collaborate extensively to identify and share local labor talent, hold each other accountable for high quality, and support each other when working through challenges that may arise during renovations (e.g. structural damage, utility connections, or finding the right contractor for the task.)
We employ small local contractors and most of the materials we use to rebuild our houses are purchased locally.
Sample Renovation Before/After – Slide the button in the center…
Our Services
Where We Work
We renovate row homes, semi-detached, and detached homes. The homes we buy are in poor condition and many have been converted into apartments or rooming houses. In most cases, we renovate these homes to become single family homes.
As small real estate investors, we have to be very selective in choosing houses to renovate. We look for houses where the cost to purchase and renovate is less than what the market will pay for a well-renovated home. As a result, we tend to work where we can turn the worst home in a neighborhood into a showpiece rather than compete in “development hotspots.”
Our small size allows us to work in neighborhoods that are overlooked by larger developers. Our homes sell more quickly than the average homes in the neighborhood because of the high quality and creative design. Our work usually brings top dollar in the neighborhood and turns a vacant property into a home.
By County
Contribution to Community
As an example, during just an 11 year period starting in January of 2007 through the first few months of 2018 alone, our Members were responsible for over $130,075,325 goinig into the greater Baltimore area by purchasing, renovating, and selling homes. Our efforts are increasing neighborhood values, putting vacant and neglected properties back on to tax rolls, providing family housing, and keeping small local contractors employed and purchasing most of our materials locally. The quality of our workmanship increases the value of all the neighborhoods in which we work.
The renovation costs shown are only what was spent on contractors and materials. The “soft costs” shown are estimated and include, but are not limited to:
– purchase and selling settlement charges
– utilities
– property taxes
– finance charges
– mortgage payments
– permits
– security systems, and
– other costs associated with running a successful real estate investment business in Maryland
* Estimated Settlement Charges is calculated as 6% of thee purchase price + 10% of the sales price post-renovation (frequently includes 3% Seller help towards Buyer’s closing costs).
** Estimated Soft Costs are calculated to be 10% of renovation costs and includes utilities, security system fees, property tax, and the costs associated with doing business in Maryland.
We are Very Competitive
The price and quality of the renovation determines how quickly a house will sell. Club members’ homes consistently sell much faster than the average houses.
Baltimore City Average Days on Market
Baltimore County Average Days on Market
Number Renovated Houses Sold Per Price Range
Our Houses are Affordable
We renovate houses where we can make the numbers work so that at the end of the renovation, our businesses make a modest profit. As a result, our projects cover the entire Baltimore Region and have served most price points.
We Span the Decades of Construction
We have experience renovating houses of all ages and conditions. We also have experience in creating new houses – both stick-built and modular.
Types of Homes We Renovate
We renovate row homes, semi-detached, and detached homes. The homes we buy are in poor condition and many have been converted into apartments or rooming houses. In most cases, we renovate these homes to become single family homes.
Informal Monthly Meetup
Prior to the pandemic, we hosted an open monthly meeting where Club members and others interested in real estate have an informal discussion on various aspects of Real Estate. This get-together is not a sales pitch. This is an opportunity to ask others for perspective and get concrete examples of what has worked, and what to avoid, from others who have been involved in real estate. As soon as the Governor allows, we will fire up these meetings again.
Topic: Varies and attendees are encouraged to bring any questions they have about anything real estate related, including their own real estate issues. Good or nightmare, we likely have the answer that will help.
When:
The Wednesday AFTER the 2nd Tuesday of each month.
11:30 AM to 1:00 PM
Location:
Bluestone Restaurant
11 W Aylesbury Rd
Timonium, MD 21093
410-561-1100
Ask the host / hostess where Peter Giardini or The Club is meeting.
Rehabbers Lab
Several times each year we schedule a tour of Club Member’s projects. Most properties are in the early stages of renovation. It is an excellent opportunity to meet other Club Members, see projects in motion, and most importantly discuss real issues:
- Why are you addressing that issue that way?
- How much are you spending on this rehab?
- Who is doing that kind of work for you and at what price?
- Given XXX in this property, what suggestions do you have to address it?
- Where do you find XXX materials that really make this project stand out?
This email will be sent to Info@TheClubMastermind.com