I recently found what I think to be there perfect neighborhood in Baltimore MD for wholesaling. Now before I go out and post my signs up, I would like to hear if anybody else has had much luck in Baltimore. If so what has worked for you in the past?
Currently I am focusing on bandit signs as my main lead generator. Later I would like to escalate to driving for dollars.
On another note, are there any investors in the Baltimore area looking for new projects?
Hi, @Alexis Soto
People who invest in Baltimore and everywhere else are always looking for projects. If the numbers make sense the money will find it.
So without revealing the neighborhood you like so well, are you willing to say what a "perfect neighborhood for wholesaling" looks like to you?
Thanks, and good luck with your investing,
The perfect neighborhood for me that I found has a relatively low crime rate, the prices on the houses are reasonable. I tend to shy away from neighborhoods that exceed $200k. The neighborhood is not bad, just not well kept. I went by to scout it out, and many houses looked to be vacant, grass was not cut, little piles of garbage on the lawn.
I may be wrong Nancy, as I am very new at this, but I got a good feeling about this. I think this neighborhood has potential, but then again I may be wrong.
Hi, @Alexis Soto,
Maybe research the proportion of homeowners vs. renters there are in the neighborhood. Go to www.city-data.com for that information. If it shows a high proportion of homeowners, you perhaps want to market to rehabbers for a retail-resell to new homeowners. If there are more renters, then you might want to market to buy and hold investors.
You can also look up tax assessment records--NOT to find the value of a house (because in Baltimore City the tax assessments are driven by the city's need for revenue, not the market value)--but to see how many property owners actually live in the houses they own in that neighborhood. http://sdat.resiusa.org/RealProperty/Pages/default... Just enter the street name without a number and it will give you all the houses on that street. You just go down the list and see who owns what, and where they live.
Lots of vacancies in a neighborhood that is not well maintained might mean there are lot of houses available to sell, which is good for a wholesaler. On the other hand, a lot of vacant houses clustered in one neighborhood makes it a less desirable place to live, so rents will be lower, and it is often harder to obtain insurance, so a property there might not be a compelling acquisition to landlords.
In any case there's no harm in trying. In fact trying something is a lot better than doing nothing. I hope you expect to make mistakes, everyone does. You wouldn't believe how many and how stupid my mistakes were. You'll learn from them and move forward a little stronger, and you'll know better what to do next time.
I would also suggest that you start going to meetings where you can talk and listen to people who are doing what you want to do. Look up Baltimore REIA and BWI Meetup groups (which started a group in Tysons recently). Also the Real Deal. There are plenty in Northern Virginia as well, such as Capitol Investors Meetup in Falls Church.
Go for it!
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