Baltimore City Investors a few questions from a new investiors.
I posted a few thoughts I had on another post. However, I think I have more solid thoughts and questions now.
I really want to do buy and hold real estate investing.
I have about 20K in a PLOC, a credit rating about to hit the 800's, and a monthly cash flow of about 2500+ I can throw into rehabbing.
I have been looking at Baltimore City cheap housing and wanting to buy between the 5 and 10k range in which I know will be most likely complete rehabs. I am not scared.
I am willing to take my time and rehab; you know possibly doing the one house a year thing. I am in no rush. I am hoping to do 10 house in the next 10 years. This is my no stress plan.
As I said before, I am not scared of total (gut) rehabs if necessary. What I am scared of is investing in a property in Baltimore City and can't get a renter because of so many vacant houses exist on the block.
I know there are people that will rent anywhere but I am afraid being the state of Baltimore City those renters have rented elsewhere. Even with section 8 theses low income renters can also rent in better neighbors. My concerns is the renting pool is small in the areas I want to invest.
I want to know from your experience:
- What are some solid areas in Baltimore City you still can invest, even if I have to go a few thousand higher to get in?
- Is there a vacant to occupant ration (how many boards vs properties being occupied) on a block I should consider?
- Should I consider sale by owners properties as possible good deals?
I know there are still great opportunities in Baltimore City but I know there are bad ones as well.