Investor · Baltimore, MD · Member since 2013 · 205 posts · 44 votes
Looking to connect with Baltimore City Landlords that are market renters and not in the Grade A neighborhoods. Im a landlord with properties in West Baltimore. I do full renovations and rent to market renters. Currently trying to transfer from a do it yourselfer to more hands off with the construction. I'm having a few problems:
-Finding good long term tenants
-Handymen
-Breakins
Just like to have a conversation on landlording and pushing neighborhoods up.
Investor · Baltimore, MD · Member since 2014 · 1k+ posts · 688 votes
12y
Im an owner of nearly 40 of the places you describe, mostly westside also.
The answers to your questions are as follows;
-good long term tenants are far and few between,...but good news is that their are ways to deal with it. 1. Make your properties "really nice cages" if its not there, they cant break it. 2. First, last, security deposit at move in....non-negotiable. Youre covered if you have to evict. 3. Income verification... And be thorough. No mcdonalds bs either. Must have substantial income to collect on post-eviction.
-handymen are a dime a dozen, though the only way to navigate who is and is not full of crap is to know everything a contractor knows. How would you know the difference?? Start learning. Further, no money upfront ever...you buy materials, not them. Cant get screwed that way.
-break-ins? When you deal with animals, sometimes you get bit....the key to this dilemma is to not have anything worth taking. Eliminate all copper, no central ac, etc. No radiators, convert to forced air once they're taken. Gates with one way screws on rear windows. Sliding bolts locks on doors into the ground, not door frame. No lockboxs, no for rent signs...these are rob me advertisements....an alarm system sign on the front couldn't hurt....blinds down on all windows, screw the window sashs in with drywall screws.....
As far as improving the city, good luck.
It seems everyone is trying to move out to the county areas around Baltimore and so are the long-term tenants. If you are not buying in the areas around Morgan St. or by Hamilton, or something close to the county line then it is more month-to-month based tenancy. Handymen can be found at local investor meetups. They are looking for work and most invest themselves somewhat so they understand the needs. You might need a good security system or decorative bars. The mentally in the neighborhoods make them crime ridden. That is a social issue which can only be changed through effort and time. I certainly want to push up Baltimore and make the city better.
Investor · Baltimore, MD · Member since 2014 · 1k+ posts · 688 votes
12y
Im an owner of nearly 40 of the places you describe, mostly westside also.
The answers to your questions are as follows;
-good long term tenants are far and few between,...but good news is that their are ways to deal with it. 1. Make your properties "really nice cages" if its not there, they cant break it. 2. First, last, security deposit at move in....non-negotiable. Youre covered if you have to evict. 3. Income verification... And be thorough. No mcdonalds bs either. Must have substantial income to collect on post-eviction.
-handymen are a dime a dozen, though the only way to navigate who is and is not full of crap is to know everything a contractor knows. How would you know the difference?? Start learning. Further, no money upfront ever...you buy materials, not them. Cant get screwed that way.
-break-ins? When you deal with animals, sometimes you get bit....the key to this dilemma is to not have anything worth taking. Eliminate all copper, no central ac, etc. No radiators, convert to forced air once they're taken. Gates with one way screws on rear windows. Sliding bolts locks on doors into the ground, not door frame. No lockboxs, no for rent signs...these are rob me advertisements....an alarm system sign on the front couldn't hurt....blinds down on all windows, screw the window sashs in with drywall screws.....
As far as improving the city, good luck.
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
12y
There are a number of landlords here on BP. Every Monday 12:00 a group gets together for lunch at Spirits West 2601 Wilkens ave. Some experienced landlords show up. I am not a regular but I'd make a point of showing up if you or @Account Closed were going to be there. - I assume it is off for this Monday holiday.
Also the BWI meetup in Columbia is where some of us meet once a month
Investor · Baltimore, MD · Member since 2014 · 1k+ posts · 688 votes
12y
No need for a welder. Just buy a window gate at depot. Put some star bit screws into the window sash. Keep in mind, someone wants in bad enough, they're in. You're just advertising that its not worth it.
Put a 2x4 screwed into the floor against the back door, in case i didn't mention it.
- this may be a dumb question but what about egress to the outside. If you are welding bars on the window are they like a cage that has an interior release or how do people get out if God forbid there is a fire or something?
Investor · Jessup, MD · Member since 2013 · 437 posts · 180 votes
12y
The thing is crime is possible anywhere. Understandably it is much more prevalent in the city, but I live in Howard County and there are crimes daily in many of the so called good areas. 500K houses and up. Break-ins etc. I hope that there is a point of egress besides the front and back door. If not, there will be serious issues if something like a fire happens and people cannot get out.
Honestly bars do not scream too much trouble in my opinion. I have been in some rough areas and kicking in the door is much easier than breaking through a window. If they want it they are going to get it. Pretty bars are good for decoration, but do not think that is going to deter anyone if they know that there is something of value in the property.
I find that a security alarm is much better in terms of actually keeping the property secure. The monthly fee can either be billed to the tenant directly or can be incorporated in the rent. The only issue is will the tenant alarm the system properly when they are away or sleeping.
- this may be a dumb question but what about egress to the outside. If you are welding bars on the window are they like a cage that has an interior release or how do people get out if God forbid there is a fire or something?
Absolutely true. If the bars are hard mounted to the windows and someone cannot escape from the inside you are going to be sued if there is a fire or some other situation. And you will lose. Window bars need a mechanism that can be triggered from the inside to allow egress.
"HE-MAN" that was hilarious! Sounds like you have it down! When I was in the Dominican Republic bars were common and they were very decorative. I also learned that the construction workers often sleep on site or in the house to prevent materials from being stolen. So maybe you should hire someone to sleep in when the property is vacant (Kidding) :)
Rental Property Investor · Mercer Island, WA · Member since 2008 · 22k+ posts · 14k+ votes
12y
@Robert Carl I don't know what building codes are in use in your area, but IRC (commonly in my area) requires egress from all sleeping areas in addition to the actual door. A window typically fills this requirement. Put non-removable bars over it and it no longer does.
Living rooms and kitchens. Baltimore city has row houses. My second floor is bedrooms and you are correct their must be functioning bars that can be opened there.
Ok Robert, when I finally jump into the B'more rental fray, I'll be in touch on how to reinforce the entire rental. You sound like you know what you are doing!
Severna Park, MD · Member since 2013 · 7k+ posts · 7k+ votes
12y
Its baltimore , what did you expect ? I have a customer who rehabs in the city , the first thing he does is boards up all ground level windows and doors with 3/4 plywood . He also pays neighbors to watch the house .
Real Estate Investor · Gwynn Oak, MD · Member since 2014 · 46 posts · 15 votes
12y
Thanks Tyrus Shivers Great point about break ins.
You really have to vet your renters. Christmas and income tax is VERY important in the city. You'll stop receiving rent in sept-oct due to back to school and preparing for the holidays. Instead of catching their rent up they'll pay to get in a new rental when that tax check comes.
Investor · Baltimore, MD · Member since 2013 · 205 posts · 44 votes
12y
Met with a group of Baltimore landlords the other day. Was a small group, but very good information and conversation. Was none really in my position. Almost all did government subsidized housing, had PM's or only one or two houses.
Hard to find landlords doing market rentals not in the trendy areas and doing PM themselves.
- if it was the Spirits West lunch that is usually a good one. Also the Baltimore REIA has meetings throughout the month. When I first started getting serious about REI, I went to a few MAREIA meetings in Owings Mills and there was a gentleman there that invested in the Mill Hill area and did his own management. This was before I knew ANYTHING about Baltimore outside of the stadiums and the Inner Harbor, really. Everyone used to get on him about investing in the 'hood . . . but eventually I found myself in Mill Hill months later after driving through (what I now realized) parts of the city I should never be in at any time of day . . .in relationship to that, Mill Hill doesn't seem so bad. Heavy investor presence there but yes, high on Section 8 rentals. Is there a reason you don't want to do Section 8? How about turning the properties over to a PM as you probably bought them right and have enough spread to maintain cash flow.
Homeowner · Elkridge, MD · Member since 2012 · 33 posts · 4 votes
12y
I am really interested in all of this as well. Is this the REIA that is like $180 a year? I was going to join, but the website seemed very "sales pitch" oriented, and felt kinda shady :)
You probably don't want to go to them. The BWI is a pretty large informative group and the one a Spirits West is a small nuts and bolts group of landlords. Both free. I wouldn't pay for a group when their are better free ones.
Investor · Jessup, MD · Member since 2013 · 437 posts · 180 votes
12y
I still have to make the Spirits Lunch meeting. I think it is difficult to do market rentals in not trendy areas. The makeup of C, D, and below neighborhoods are commonly people with vouchers so why would a tenant who can afford better live there. Most want to get out if they can. Another thing is most landlords want the guarantee from the voucher, they use PMs because either they do not want the headache, have poor practices that create headaches, or want true freedom. Unless you generally like landlording who wants to do it.
I also believe that most landlords do not want to deal with the tenants, they only want the financial benefit. I feel that if people invested more in others not just money or collection of money it would go a long way to establish a positive relationship between tenant and landlord. Be firm, but fair.