Maryland realestate opportunities
Good morning BP family. Need some direction and advice. Thinking about investing in buy and hold homes in the Maryland area. Does anyone know how the market is there? What areas should I look at ? Thanks in advance.
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@Account Closed - We invest in Cecil County, Maryland and we are looking to move toward Kent County as well. We do BRRRRs and often get in for a total that is right around $100K ($105-130K with purchase and reno) for a property that appraises for $140-180K and rents for $1250-1650 per month. We leave some cash in some of our properties and get more than we put into some of them on the refinance.
After 3 years we have 7 properties generating $3000 a month cash flow on an investment of $300K. We have 15 year notes on each of the properties and the total portfolio is worth right around $1M of which we have $450K and growing in equity. So we are getting about a 10% cash on cash return with another roughly 12% on equity pay down.
As you can see we haven't hit any home runs, but lots of base hits. Plus, the homes we have purchased are in very stable neighborhoods in communities within minutes of the I-95 corridor and easily commutable to Baltimore/Wilmington/Philadelphia. We are pretty happy with the market and our investments/returns.