Are there any cash flow focused investors out there who primarily invest in Baltimore City by any chance? Anyone find anything that fits the 2% rule? I recently came across a multi fam with an monthly rents/purchase price of 1.197% but would like to get something close to 2%. This property is relatively turn key but could use some updates ($30k) in order to charge at full potential market rents. It currently churns(as is ) slightly over 6% cash on cash net after 10% property management fees. Where can I find those properties that are 10% cash on cash even after property management fees? Are there any fixer upper opportunities in decent neighborhoods where I can find this? I would like to try to avoid Section 8 as well as mixed use properties since this will be my first purchase in B City. Thoughts and advice are greatly appreciated.
Originally posted by @Seth S. :
2 percent rule grows more difficult the nicer the neighborhood becomes. This is because rents do not go up proportionally to home prices. That being said, there are plenty of deals to be had in baltimore city that meet all the guidelines. I own nearly 40 and understand what is required to manage these houses successfully.
Thank you for replying Seth. I would like to connect with you offline to discuss. Please ping me privately.
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