Hello everyone-
I have been thinking about starting some buy and hold properties in Baltimore shortly. However, I am not really familiar with the areas in Baltimore. All I know is about the Westport Waterfront development plans and unfortunately, the developer, Patrick Turner, who owns a huge land there is currently trying to save from foreclosure. Anyway, as we all know, there are too many bad areas in Baltimore so I am trying to get a sense of which areas in Baltimore are highly recommended based on higher % of good neighborhoods and its future development in the area that increases better convenience for residents. I am looking to purchase fully renovated single family or multi-family homes approx at 50-70k. Does anyone know?
Thanks for reading this and I hope to receive some responses from investors that know the Baltimore area well.
Arthur
Hi Arthur,
In my experience living and looking at RE here in Baltimore you will need to invest more than $50-70k to get in the good areas areas, unless that is your down payment. For the ones that I am familiar with the most desirable neighborhoods are federal hill, canton, fells point, locust point. There fully renovated row homes go for $200k+. Homes rent quick in all these with quality tenants. Next tier would be Highlandtown, station north, Paterson. 150k there probably. There are other neighborhoods such as Hamilton which is growing, and Roland park which is very very nice. The story of the city is block by block with each neighborhood a micro culture. I would be careful and become familiar and comfortable with the area before you buy.
I have been thinking about starting some buy and hold properties in Baltimore shortly. However, I am not really familiar with the areas in Baltimore. All I know is about the Westport Waterfront development plans and unfortunately, the developer, Patrick Turner, who owns a huge land there is currently trying to save from foreclosure. Anyway, as we all know, there are too many bad areas in Baltimore so I am trying to get a sense of which areas in Baltimore are highly recommended based on higher % of good neighborhoods and its future development in the area that increases better convenience for residents. I am looking to purchase fully renovated single family or multi-family homes approx at 50-70k. Does anyone know?
Thanks for reading this and I hope to receive some responses from investors that know the Baltimore area well.
Arthur
Atop is the blue bar, click Network then find members(your preference being baltimore MD). It will give you a selection of those investors in that particular market. You can also set it where you get a headsup every time a new member from Baltimore comes aboard.
Like you, I live in Washington DC and I do invest in Baltimore rentals. The market there is entirely different from what we see here in DC. Here you can almost count on property appreciation yearly because of the inflow of population and high demand for housing from people with discretionary income.
But this is far less true of Baltimore. Until recently Baltimore was LOSING people, although that apparently has stabilized in the last two years. So you find a big housing surplus there, which keeps prices down--and appreciation, though it does occur, is very spotty and unpredictable.
Also, it's not about "good" versus "bad" areas, it's about good and bad deals, which can be found in any area. If you plan to go into investing Baltimore you need to have clear objectives based on the realities there.
Be glad to discuss further if you like. Please contact me via the "colleague" function on my profile.
Hi Arthur,
In my experience living and looking at RE here in Baltimore you will need to invest more than $50-70k to get in the good areas areas, unless that is your down payment. For the ones that I am familiar with the most desirable neighborhoods are federal hill, canton, fells point, locust point. There fully renovated row homes go for $200k+. Homes rent quick in all these with quality tenants. Next tier would be Highlandtown, station north, Paterson. 150k there probably. There are other neighborhoods such as Hamilton which is growing, and Roland park which is very very nice. The story of the city is block by block with each neighborhood a micro culture. I would be careful and become familiar and comfortable with the area before you buy.
@Nancy Roth my wife and I moved to Baltimore a year ago and our goal is to purchase our first investment property by September 1, 2019. We are trying to understand the city in order for us to make the best in our investment. What some things we need to consider when investing in Baltimore?
Hi, Marquis, I'm not practicing as a realtor at this time, though I continue to hold my license while focusing on developing my rental business.
There are no good or bad neighborhoods, in Baltimore or anywhere else. There are only good and bad deals. It is helpful to work with a realtor in setting your investment goals and looking at prospective acquisitions. I can refer you to someone who can help you but you need to reach out to me individually on BP, as they don't allow us to post contact information in the forum. Feel free to do so.
@Marquis Kendrick get to know the neighborhoods. Inside the city streets can change very quickly. There is no secret you just have to drive around and you will see which areas are nicer than others.
Know your goals. Are you more interested in cash flow or appreciation. You can get good cash flow in cheaper neighborhoods but you will have more risk and little chance of appreciation. The amount of money you have and the amount of time and effort you want to put in and your end goals will affect what areas you should be looking.
@Nancy Roth my wife and I moved to Baltimore a year ago and our goal is to purchase our first investment property by September 1, 2019. We are trying to understand the city in order for us to make the best in our investment. What some things we need to consider when investing in Baltimore?
Hi,
Just my two cents on the topic, knowing your goals and sticking to them is the key, especially in Baltimore.
Many new investors see the low price tag and jump on it without evaluating the situation, and without knowing what they can handle.
Baltimore has many bad and good neighborhoods and deciding what is a good deal changes on price, condition of the house, location ( obviously) Almost all of the Baltimore houses are very old, and needs updates now or later, so definitely evaluate them well.
I like to recommend investors new to an area start out in B to C+ class type neighborhoods. Much less variance on those deals overall. A place like Dundalk would be a good place to start your search in Baltimore.