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.
Investor · Baltimore, MD · Member since 2013 · 205 posts · 44 votes
12y
I need more of a back up system. Landlording is part of my buisness like customer service. Its a job. Not a terrible part to me. Im set up different than other landlords probably. I just need to screen harder and its harder to fine good tenants in the non trendy areas of Baltimore for market rentals.
- everyone is right that you don't need to be paying for this. Part of why I don't go to MAREIA anymore is that I was put on to the BWI Meetup by @Ned Carey which is fabulous and free. The other, less important, reason is it is much closer to where I live! I do think there are times when these REIAs like the Baltimore REIA and MAREIA have events that have content worth checking out but I would not become a member.. usually you can pay at the door as a guest, then write if off your expenses, lol. I'm on their mailists just to get their event updates so if I'm not interest, I just delete. Or you can attend with someone you know as a guest, etc.
- you should come to the BWI Meetup and there is also one in Arbutus the third or last Saturday of the month called The Real Deal Meetup. Free and lots of B'more investors there too from what I hear.
Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes
12y
All of my landlord experience has been in low income areas. In general the key for me has been very good screening and selecting a decent section 8 candidate. I've had my share of good and bad but I find when you treat people with respect, dignity and a decent level of service in many instance you will get that back. Try to read the personalities to know what you are dealing with and make sure they are kept in line if need be.