SFR and STR in Hampden, Baltimore?
I've been researching a variety of different markets in and around the DC/MD/VA area and Hampden continues to pop up as a potential place to invest in. Are there any existing BP investors who can share their experiences investing in Hampden? On paper the area looks great but curious if others can share their experiences.
Quote from @Raj Ajrawat:
I've been researching a variety of different markets in and around the DC/MD/VA area and Hampden continues to pop up as a potential place to invest in. Are there any existing BP investors who can share their experiences investing in Hampden? On paper the area looks great but curious if others can share their experiences.
Hampden is one of the nicest areas of Baltimore perfectly good for ltr, str in Baltimore city, you need to be an owner occupant.
Quote from @Jack Seiden:
Quote from @Raj Ajrawat:
I've been researching a variety of different markets in and around the DC/MD/VA area and Hampden continues to pop up as a potential place to invest in. Are there any existing BP investors who can share their experiences investing in Hampden? On paper the area looks great but curious if others can share their experiences.
Hampden is one of the nicest areas of Baltimore perfectly good for ltr, str in Baltimore city, you need to be an owner occupant.
Thanks for sharing; will definitely research regulations in the area and for Maryland more broadly.
Quote from @Raj Ajrawat:
I've been researching a variety of different markets in and around the DC/MD/VA area and Hampden continues to pop up as a potential place to invest in. Are there any existing BP investors who can share their experiences investing in Hampden? On paper the area looks great but curious if others can share their experiences.
Hampden is a great area! I recommend a MTR strategy if you want higher cash flow. STR limited to owner occupants. Tons of demand for MTR (3-6 months). Happy to chat if you have more Baltimore questions
Quote from @Sara Frank:Much appreciated Sara! I assume that MTR demand comes from nurses/doctors on rotation at Johns Hopkins? Or rather, what drives the shorter tenancy demand? And in that sense, it's possible to have long term tenants but it's best to structure the tenancy terms for the medium term given the type of renters in the area?
Quote from @Raj Ajrawat:
I've been researching a variety of different markets in and around the DC/MD/VA area and Hampden continues to pop up as a potential place to invest in. Are there any existing BP investors who can share their experiences investing in Hampden? On paper the area looks great but curious if others can share their experiences.
Hampden is a great area! I recommend a MTR strategy if you want higher cash flow. STR limited to owner occupants. Tons of demand for MTR (3-6 months). Happy to chat if you have more Baltimore questions
I don't have personal experience w/ MTR, so take this with a grain of salt, but Hampden is close to Johns Hopkins Homewood Campus, NOT the medical campus/hospital which are located on the east side of the city. I'm not sure how much traveling nurses are driving MTR demand in Hampden (again, take that with a grain of salt).
That said, Hampden is a great neighborhood and one of the most stable in Baltimore, IMO. In general the most desirable areas are blocks that are either (1) close proximity to The Avenue, or (2) on the east side and therefore walking distance to JHU Homewood.
Good luck!
I just want to piggy back off of what @Joe Norman said. I have a few MTR's in Baltimore. Those working at Hopkins generally choose different neighborhoods over Hampden. The main hospital for that specific area and traveling professionals is Union Memorial and Sinai. That being said, even those taking traveling positions at those facilities will prefer to be in Canton, Fells Point, Upper Fells, Highlandtown, and Fed Hill.
Super useful Sean; thanks for this detail. Can you share broadly speaking how you've structured the MTRs? E.g. 6 month leases, early opt out clauses etc? Curious in general on how MTR works and also in particular why it works for those areas of Baltimore and Bmore in general.
Quote from @Raj Ajrawat:
Quote from @Sara Frank:Much appreciated Sara! I assume that MTR demand comes from nurses/doctors on rotation at Johns Hopkins? Or rather, what drives the shorter tenancy demand? And in that sense, it's possible to have long term tenants but it's best to structure the tenancy terms for the medium term given the type of renters in the area?
Quote from @Raj Ajrawat:
I've been researching a variety of different markets in and around the DC/MD/VA area and Hampden continues to pop up as a potential place to invest in. Are there any existing BP investors who can share their experiences investing in Hampden? On paper the area looks great but curious if others can share their experiences.
Hampden is a great area! I recommend a MTR strategy if you want higher cash flow. STR limited to owner occupants. Tons of demand for MTR (3-6 months). Happy to chat if you have more Baltimore questions
MTR demand is strongest around Johns Hopkins Hospital which is not the same area as Hopkins Homewood Campus/Hampden, BUT I know people still have success with rentals in Hampden since there are always transient positions there for staff. Student rentals would be your best bet in the Hampden neighborhood. If youre interested solely in MTR, then I would recommend looking at Fells Point, Canton and even Federal Hill which is located closer to University of Maryland Medical Campus vs. Hopkins
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Quote from @Raj Ajrawat:
Quote from @Sara Frank:Much appreciated Sara! I assume that MTR demand comes from nurses/doctors on rotation at Johns Hopkins? Or rather, what drives the shorter tenancy demand? And in that sense, it's possible to have long term tenants but it's best to structure the tenancy terms for the medium term given the type of renters in the area?
Quote from @Raj Ajrawat:
I've been researching a variety of different markets in and around the DC/MD/VA area and Hampden continues to pop up as a potential place to invest in. Are there any existing BP investors who can share their experiences investing in Hampden? On paper the area looks great but curious if others can share their experiences.
Hampden is a great area! I recommend a MTR strategy if you want higher cash flow. STR limited to owner occupants. Tons of demand for MTR (3-6 months). Happy to chat if you have more Baltimore questions
It's a great question, Raj. If you're targeting travel medical professionals it's imperative to understand the demand in your area and looking at surrounding medical facilities is core to that. I'd like to encourage you to look beyond just travel medical pros, though. Depending on the type of property you have, you might look at digital nomads, insurance placements, people relocating to your area, corporate and business travelers, construction workers, seasonal and temporary workers, traveling academics and maybe even military (?). The midterm space is expanding rapidly. According to Furnished Finder, the number of searches from non-medical personnel on their site just surpassed the number of searches from medical personnel for the first time ever and they expect that trend to continue. Airbnb is going hard into the 30+ day stays as well simply because there is increased demand. So open the apeture when you're defining your guest avatar. You might have several options!
Hi @Raj Ajrawat. Why is works for Baltimore is the amount of hospitals in this and the surrounding area. There is a massive demand without enough of the population in the medical field to serve it. I was a nurse for over a decade (let me clarify, once a nurse always a nurse). I also traveled as a nurse for over six years helping to fund my buy and hold strategy. For me it is about knowing the demographics and the times of year specific demographics travel to different locations. There are many subset populations of traveling professionals and why they are traveling. How I structure my MTR's is a month to month with discussions of how long they anticipate staying. I strive to provide a good product and have never had a problem with travelers not wanting to complete the three months and usually their extensions as well. I keep the month to month because hospitals can cut a travel nurse whenever they want in a contract. I know this so I let my travelers know to just show me the with drawl of their contract and I'll release them of any financial obligations. If you have any specific questions please feel free to send me a message.
Makes complete sense Sean; thanks for sharing. And duly noted about the contracting detail too.
I lived in Hampden for 12 years, and just moved to other side of the Hopkins actually, still walking distance.
I am not sure why people mentioned hospitals or students etc,... when they talk about Hampden cause it has been a great spot for small families, newly marrieds,singles etc.. It is one of the best spots in the city last 7-8 years for short term, long term, room rental etc...
I rented my house for top dollar in literally in couple days after I advertised. My friend does a room rental to young proferssionals, still gets ton of demand. It is a prime spot in Baltimore.
In Hampden, problem is not about type of the renter, it is about the price of the house.If you can get something that fits your criteria, I would not hesitate to buy.
Much appreciated and helpful detail Ozzy