London, UK · Member since 2016 · 76 posts · 45 votes
Hey everyone! I recently moved to the Washington, DC area about 2 months ago and looking to buy and hold real estate in the neighboring city of Baltimore within the next 6 or less (with the right deal) months. My price range is very modest ( 50k - 200k range) being that I am a green and conservative investor as a result of this. I am mainly looking for multi family or single family properties in B- and above areas where vacancy rates are low, properties are not only in my price range but more importantly cashflow well ($300+/ month). For me, cash-flow is king but appreciation is certainly an added bonus. If you are a seasoned investor friendly real estate agent or know of any season investor friendly agents that are extremely knowledgeable in the Baltimore market please feel free to message me as i'm super excited to dig into the Baltimore Market.
Rental Property Investor · Baltimore, MD · Member since 2014 · 247 posts · 321 votes
8y
I'm not sure why everyone is so multi-family, blah, blah, blah about Baltimore. Makes people sound so amateurish. You make a better cash flow with sfh unless your buying like 15+ units at a time. No one wants to live in a 2 or 3 unit, they are just there cause they can't afford anything else, most people want a home of their own. If you have an attached townhome and you make two 2bd/1 bath units, expect to only get a 1bd voucher for each, 2 bd voucher holders can easily get whole houses now cause of lack of vouchers. So basically you get $1650 a month total from 2 vouchers, but you have to do 2 times the rehab, or you just do one rehab and get 1300-1400 a month, the math speaks for itself.
Real Estate Agent · Baltimore, MD · Member since 2016 · 1k+ posts · 782 votes
8y
It will be hard for you to find it in B- and above with that price range.
Multi-Units are rare and owners seem to know everybody is looking into it, price points are high.
I would check auctions, you might have better luck.
London, UK · Member since 2016 · 76 posts · 45 votes
8y
@Ozzy Sirimsi thanks for your input do you think that single family homes cashflowing well would be a smarter choice given your feedback....if you currently have properties of your own...what is your current strategy in regards to this market?
Real Estate Agent · Baltimore, MD · Member since 2016 · 1k+ posts · 782 votes
8y
It all depends on the numbers.
I don't look at them as SFH or MU, it is numbers.
If location is fine, and price is right, I can buy a sfh.
I rather MU but not easy to find one in B- or above areas for cheap.
Investor · Alexandria, VA · Member since 2016 · 859 posts · 460 votes
8y
Hi @Charlene Isoh agreed with @Ozzy Sirimsi in terms of the multifamily. Most individuals come onto the site have very similar "matrix". Just know that every market is completely different and has a different investment strategy that fits the location.
Real Estate Agent · Baltimore, MD · Member since 2016 · 142 posts · 75 votes
8y
Are you planning to use cash or finance? Assuming you're looking for near turn key, with that kind of cashflow, you might want to keep an open mind when it comes to neighborhoods. Start by driving the city a bit and speak with a realtor who knows the neighborhoods.
Montgomery County, MD · Member since 2018 · 3 posts · 0 votes
8y
Hi @Charlene Isoh if you want to invest in baltimore is really important that you choose wich side of baltimore you want to invest in and drive there to get to know the area. Do you want to invest in Baltimore City? if yes where East, West or North? most of these areas really vary block by block. Or Baltimore county where B areas are well above you price range. I have been looking for small multy for quiet sometime and i am working with 2 agents as @Ozzy Sirimsi said they are rare and really competitive when they come by.
Rental Property Investor · Baltimore, MD · Member since 2014 · 247 posts · 321 votes
8y
I'm not sure why everyone is so multi-family, blah, blah, blah about Baltimore. Makes people sound so amateurish. You make a better cash flow with sfh unless your buying like 15+ units at a time. No one wants to live in a 2 or 3 unit, they are just there cause they can't afford anything else, most people want a home of their own. If you have an attached townhome and you make two 2bd/1 bath units, expect to only get a 1bd voucher for each, 2 bd voucher holders can easily get whole houses now cause of lack of vouchers. So basically you get $1650 a month total from 2 vouchers, but you have to do 2 times the rehab, or you just do one rehab and get 1300-1400 a month, the math speaks for itself.
London, UK · Member since 2016 · 76 posts · 45 votes
8y
@Ian Barnes I appreciate your input on this thread, but if you read carefully, there is mention of interest in either a single or multifamily property if the numbers make sense after analysis. Being a green investor, I am in fact in the "amateurish" phase of my journey which is why bigger pockets is an incredible resource for questions I might pose to more "seasoned" investors have throughout the search for my first investment property in Baltimore. @Guy Pounguen Sao@Nicole B. thanks for your input I will be financing through a small credit union and looking for near turn key for this first one.
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
8y
@Charlene Isoh When you say B- on what scale is that; A,B,C OR A through F, or A-Z? Also relative to what, all properties in the city or rentals?
Generally I never even drive in as nice a neighborhood as a B on an A,B,C scale. However I thrive on B "rental neighborhoods". In other words relative to the neighborhoods that most people would consider rental neighborhoods, or at least consider them neighborhoods that make sense as rentals, I want to be in the upper middle.
Neighborhoods you may have heard of being from out of town like Canton or Federal Hill, simply will not cash flow. I suggest you get familiar with Belair Edison. This is a middle of the road rental neighborhood. Mostly rentals with some homeowners.
My point is not that you should invest there, but it is a great neighborhood to compare to. You can decide for yourself if you are OK with that, could tolerate something a little worse or demand something better. Once you know what you want relative to Belair Edison, Any agent or investor in the area will know what you mean.