Investor · Silver Spring, MD · Member since 2015 · 4 posts · 1 vote
Hi there, my name is Jean-Pierre and I am interested in buying a couple rental properties in Maryland (or other states). I am hoping to spend around $30,000. Does anyone have any suggestions of where to look? From the research I have done it seems like some parts of baltimore and dundalk would be within my budget, but not sure of what parts of dundalk and bmore to look. Any advice is appreciated! Thank you in advance.
@Jean Pierre now that the market has climbed since the 2008 crash, there are not many markets that are under $50K properties that are not high risk areas. ($50k meaning all in price after repairs). Yes individual deals exist in all areas, but to say an area like Belair Edison meets that criteria just Doesn't happen today.
I was at the BWI Meetup tonight and and two things were said in that regard.
Many landlords are selling everything in Baltimore city because of the crime and other problems
The speaker, Brooke Kane, who is a lender said he sees many new landlords buying that have unrealistic expectations. He thinks you will be able to buy these properties in about 2 years.
Both of these points say that there will be buying opportunities, now and in the future.
Hi there, my name is Jean-Pierre and I am interested in buying a couple rental properties in Maryland (or other states). I am hoping to spend around $30,000. Does anyone have any suggestions of where to look? From the research I have done it seems like some parts of baltimore and dundalk would be within my budget, but not sure of what parts of dundalk and bmore to look. Any advice is appreciated! Thank you in advance.
Hi Jean, first thing is to check out "sub $30k property" on search engines. There's an entire investor community that only invest in those classes of property. Other than Bmore, parts of Michigan should be readily available for the price range. Good luck!
@Jean Pierre It is going to be tough to find a property for $30K. You can do it in Baltimore but dundalk tends to be higher than that.
Are you saying you have $30K cash to put down? In that case you have a LOT of options. If you want to finance a $30k property you going to have trouble finding someone to even make any type of loan that small.
I have a few in the Brooklyn and Curtis Bay area where some fall into that price range. However, with that price ranges comes an entire range of other stuff you will have to deal with.
@Ned Carey , @Mark Cruse Hey guys, so I have been able to acquire to rental properties in this city so far (buy and hold) and they are both generating cash flow. However, I am getting mixed feedback of whether the city is a good place to be investing in since the future is unclear? Where would you guys recommend me to invest sub 50k with around 1k in rent and stable tenants? I saw you had said Belair edison in another post @Ned Carey is that still the same? Also, would you recommend going further away from down town (ex: 21206) or buying closer to down town and hoping the area gets much better?
@Ned Carey , @Mark Cruse Hey guys, so I have been able to acquire to rental properties in this city so far (buy and hold) and they are both generating cash flow. However, I am getting mixed feedback of whether the city is a good place to be investing in since the future is unclear? Where would you guys recommend me to invest sub 50k with around 1k in rent and stable tenants? I saw you had said Belair edison in another post @Ned Carey is that still the same? Also, would you recommend going further away from down town (ex: 21206) or buying closer to down town and hoping the area gets much better?
Most of it just depends on what you are comfortable with and what you are looking for. For the sub 50k I think Bmore is the best or maybe only option. There are cheap prices in Hagerstown as well. For me Bmore is just not worth the hassle anymore. I have a few and may keep them but I care to invest in DC and other parts of Maryland.
@Jean Pierre now that the market has climbed since the 2008 crash, there are not many markets that are under $50K properties that are not high risk areas. ($50k meaning all in price after repairs). Yes individual deals exist in all areas, but to say an area like Belair Edison meets that criteria just Doesn't happen today.
I was at the BWI Meetup tonight and and two things were said in that regard.
Many landlords are selling everything in Baltimore city because of the crime and other problems
The speaker, Brooke Kane, who is a lender said he sees many new landlords buying that have unrealistic expectations. He thinks you will be able to buy these properties in about 2 years.
Both of these points say that there will be buying opportunities, now and in the future.