I'm interested in expanding my portfolio of rental units in MD and am looking at places along the 95/295 corridor such as Laurel, Savage, Columbia, Jessup, and possibly Ellicott City. My goal is to acquire as many 30 year fixed mortgages now as possible on condos and townhouses that have a good cash flow, decent set of tenants for ease of management, and low risk of going down in value (higher appreciation would be a bonus). I can buy cash and refi, or finance up front if I can find a good deal. I would love to invest in DC, but am really interested in increasing my cash flow at this point. Anyone else looking at this area or can provide any tips/share notes? I've got 7 units in Savage right now, but don't know too much of the surrounding areas.
Personally, I would stay away from DC. There are too many professional tenants, the laws are stacked against you (landlords), and it really needs to be the right kind of deal for cash flow to work out in DC. If increasing your cash flow is the goal I would not think DC is your best local option.
I do like out towards Eillicott City and Carrol County. I have 7 units out there that are doing fairly well. We also have a fair amount of borrowers who have rentals there. All seem to report the same as my experience has been; decent cash flow with a solid tenant base due to Baltimore jobs and economy. I have actually had people ask me to add them to my "waiting list" which tells me there is a strong demand for rentals in Carroll county. Lots of BRRRR going on out that way right now.
Thanks @Andrew Michael , I'll make sure to add those areas to my search criteria.
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