So after a year of planning, reading, researching and getting to know the different areas in Baltimore my husband @Evan Schluederberg and I are ready to purchase our 1st rental property in Baltimore (Fells Point, Federal Hill area).
We put an offer on a place on Barney St. 2 units and a basement plus a parking spot. great deal, just timing wasn't right.
We are looking forward to doing a bit of reno work.
Anyone with a successful experience out there? We would live in one unit and rent the other one. Tips, advice, info, I would love to hear.
I think buying a small Multi unit and living in one unit is a great way to get started.
@Monica Marusic I agree with @Ned Carey . I started with a triplex in Charles Village and lived in one and rented out the other two. I have noticed that it is harder to find good deals in the pricier "A" neighborhoods such as fed, fells, canton etc... Either way, best of luck and if you need any help analyzing deals, feel free to let us know. There are a ton of great people and info on BP.
I agree with Gabriel that there is a lot of competition from other investors and homeowners in the nicer neighborhoods around the harbor. If you are looking for equity as well as cashflow then you may do better looking a few blocks further out like Highlandtown, Upper Fells Point (a different neighborhood then Fells Point), Riverside, or Charles Village to name a few. Good luck!
Thank you all for the tips! I will start looking in those areas, when I check out properties I usually take lots of pictures, I will post some of them if any good deals come across.
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