I am considering Baltimore area for purchasing buy and holds. I live about an hour away and own 2 SFR. I have not attended any of the area REIA meetings but plan on doing that ASAP.
I am curious, as I evaluate the Baltimore market, what typically works as far as finding good deals to buy in Baltimore?
1) Direct mail
2) MLS using an agent
3) Finding a wholesaler
4) Are there auctions ?
I am looking for something that would benefit from some rehab but not major rehab and probably focusing on SFR currently but with an interest in something bigger once I figure out the area. Being an hour away that may limit some of the higher time intensive areas. I am looking to buy and hold, could pay cash for smaller deals in the 50-60k range.
@Patrick Young I would suggest using all four strategies. And if you need someone to view properties for you, take pictures, give me a shout. I am always looking for great deals in Baltimore as well.
Are you looking for Buy and hold or properties to flip. Buy and hold rentals can be found on the MLS. I believe it is a tight for deals to flip on the MLS right now and more creative methods are working better.
Wholesalers are a good source a deals to flip and auctions can be too. Both foreclosure auctions and public auctions. Ashland Auction Group (the ones I use) Auction Brokers, Alex Cooper, and AJ Billig, all do lots of real estate auctions.
looking for rental. Doing a flip and not knowing the area well doesn't seem like a good idea but I would do it in the future. I would do a small fix up on a hold. I like the idea of getting something for cash putting some rehab into and doing refi and repeating.
Auctions have always intrigued me as you can avoid a lot of the negotiating with sellers but having to buy without seeing property would be interesting. I guess you do your homework upfront and only get it low enough to cover extra problems.
Do wholesalers only work with cash buyers?
You usually do see the property at public auctions. They open the property for inspection 20 minutes or so before the auction. In some cases you can schedule an inspection prior to the auction.
I also invest in Baltimore (for the last 7 years or so). Mostly rental purchased at auctions. I'm interested in the Vacant to Value program. Any experience with that>
Thanks for the auction sites. So many properties! Do you recommend any way to become proficient at the auctions outside of knowing the market? Can you go and just observe without having to register and have cash on hand? Will people (buyers) at the auction be people I can talk to (after) to get some insight or are people insular at these?
@Patrick Young certainly you can go observe. at many auctions 1/2 the people there are simply observing. It is a great place to network and get to know real buyers.
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