Just contemplating investment in a residential rental in MD. Just wanting to know the price trends in Maryland. Do you think house prices will increase and at what rate? I am a non us citizen investor.
My recommendation would be to find a Realtor in that area and ask them that question exactly. I would also ask what the median sale prices have been for the month of June for the past 3 years to see if there has been a steady increase.
@Johnsy DSouza I agree with at @Colin Smith . Find a local realtor (or a few) who can help you with these questions. You are a long way from Maryland and unless you know the market well I'd connect and get some local advice.
Questions: Why Maryland? Do you have family there or have you lived there in the past?
I'm Australian (so just as far away as yourself) but based in the US now. Without having visited the market I'd be very reluctant to invest there. You need to see the streets and meet the people (or at least I think so).
Another point is that your investment doesn't just stop at the purchase. You will need to make connections with property managers, contractions, an insurance officer and a CPA here in the States. This is quiet the team and tough from a distance.
thanks for the responses. I am truly amazed at the swiftness of the replies. A truly interactive and great blog.
All questions from you guys --my answer is positive, Yes I have. Except that, yes I am so far away. But I do have a close friend a Realtor, A DIY and and Accountant rolled in one to do the groundwork for me.
Your comment " Without having visited the market I'd be very reluctant to invest there".
Any particular reason for singling out Maryland?
Welcome to Bigger Pockets. BP is full of resources. You will find resources here from blogs to pod casts and forums. You can also send messages to members. This is one of my favorite features of Bigger Pockets especially for asking specific questions.
I live in Maryland and am studying to be a real estate agent. I agree with the former comments, that you should visit. There are definitely different trends, and different economic classes that fill Maryland. Maryland is noted as being America in miniature as there are tons of diversities that dwell within the state. There is Bethesda, Rockville, and Kentlands that house some of the one percent of the Americans making billions and millions of dollars, then you have suitland and temple hills, where the residents may make up to $40,000 per year. One must know the area that they want to invest in and know what there money will get them. I hope this helps provide some insight.
Best of hope to you and your endeavors!