General Landlording & Rental Properties

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Eric Chase
  • Rental Property Investor
  • Schertz, TX
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Has anyone worked with CR of Maryland?

Eric Chase
  • Rental Property Investor
  • Schertz, TX
Posted Dec 23 2020, 18:36

Greeting BP!

Has anyone worked with CR of Maryland? I'm a turnkey fan and heard of this company for the first time this week. I'd love to hear any good or bad experiences. How have you done with expenses, quality of tenants, turnover, cash flow, their property management team, customer service, etc.  Feel free to message me if you'd prefer to be discreet.

Thank you as always! Happy Holidays!

Eric

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Troy Green
  • Hyattsville, MD
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Troy Green
  • Hyattsville, MD
Replied Jun 1 2022, 11:31

Did you end up investing with CR of Maryland? I would be intersted to hear your experience.  

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Eric Chase
  • Rental Property Investor
  • Schertz, TX
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Eric Chase
  • Rental Property Investor
  • Schertz, TX
Replied Jun 1 2022, 13:04

I did not, but I'm still interested to hear from anyone who has!

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Wendy Stclair
  • Investor
  • Long Beach, CA
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Wendy Stclair
  • Investor
  • Long Beach, CA
Replied Nov 25 2022, 08:25

I invested in 4 properties from CR of Maryland in June of 2022 in various parts of Baltimore as part of a 1031 exchange taking $$ out of California. I knew it was a risky bet as Baltimore has much crime and systemic issues they can't seem to overcome. But i was in a pinch with a 1031 and had been advised CR of Maryland has it all figured out. They offered some decent closing incentives such as 1% back at closing table and 6% property mgmt for a year, 1 year warranty, and i THOUGHT rent assurance for 1 year (found out later they'd changed to 3 months only).  Also property taxes were incredibly cheap at $500 / year (expected to go up in about 3 yrs). The prices were certainly higher than i would have thought for marginal neighborhoodsn ($200-$230k)  but i thought eventually it would work out. Rents are pretty high in Baltimore ($1500- $1700 for this sort of home). CR had put significant $$ into renovations so these row houses were really like all new - roof, appliances, gutted throughout etc. it was understood that many of the rentals would be Section 8 which is a good secure investment. Upon closing with CR of Maryland, two of the 4 houses were rented fairly quickly at $1600 or so for a $200k house. The other two however have remained VACANT for 3 and 7 months now!  The issues seem to be Baltimore Gas and Electric takes forever to do an inspection - 3 months sometimes.  CR will cover rent assurance for 3 months but beyond that its on me. i'm now 7 months vacant on one property and i'm told the city has denied the application for Section 8 b/c there are "too many vacant properties" in the area. So i'm frustrated to say the least. CR has a team of property mgmt folks but the names and stories change. I'm increasingly UNHAPPY with their approach and lack of ability to get things done. So i would be hesitant to jump in with them if anyone is considering it. 

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Eric Chase
  • Rental Property Investor
  • Schertz, TX
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Eric Chase
  • Rental Property Investor
  • Schertz, TX
Replied Nov 25 2022, 11:59

@Wendy Stclair, this is great info. Thanks so much for taking the time to write it!

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Tim Jacob
  • Real Estate Agent
  • Baltimore, MD
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Tim Jacob
  • Real Estate Agent
  • Baltimore, MD
Replied Nov 26 2022, 10:43

200-230k are not marginal neighborhoods in Baltimore for single family rentals.  That price point should be able to get you into a B grade rowhome with 3 plus bedrooms and often times more than 1 bath.  They should be in decent shape.  For that range I would like above 1700 maybe up to 2000.  Turnkey or close to it B grade should not be too far off a 1% rule property in Baltimore.  This seems around .75%.  For that range you should not be having problems as you should be in B grade other than maintenance for capex that is missed but that is only a year or 2 and not vacancy.  .75% in Baltimore should be A grade with lesser vacancy and only potential initial maintenance. 

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Joe Norman
  • Investor, Realtor
  • Baltimore, MD
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Joe Norman
  • Investor, Realtor
  • Baltimore, MD
Replied Nov 28 2022, 04:47
Quote from @Tim Jacob:

200-230k are not marginal neighborhoods in Baltimore for single family rentals.  That price point should be able to get you into a B grade rowhome with 3 plus bedrooms and often times more than 1 bath.  They should be in decent shape.  For that range I would like above 1700 maybe up to 2000.  Turnkey or close to it B grade should not be too far off a 1% rule property in Baltimore.  This seems around .75%.  For that range you should not be having problems as you should be in B grade other than maintenance for capex that is missed but that is only a year or 2 and not vacancy.  .75% in Baltimore should be A grade with lesser vacancy and only potential initial maintenance. 

OR she overpaid by purchasing a house for $200-230k in a marginal neighborhood. If there are "too many vacant in the area" then that may, unfortunately, be the case.

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Tim Jacob
  • Real Estate Agent
  • Baltimore, MD
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Tim Jacob
  • Real Estate Agent
  • Baltimore, MD
Replied Nov 28 2022, 06:34

Yes she overpaid.  I looked at the turnkey providers website and a lot of their stuff in the city I would not touch.  I wouldn't purchase them if they were half the price they are listed at.  They have a county option that might be better but I didn't see prices on the properties there nor the addresses of them listed.

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Emily Murray
  • Investor
  • Leadville, CO
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Emily Murray
  • Investor
  • Leadville, CO
Replied Dec 30 2022, 08:38

What turnkey companies have you successfully used? Sent you a PM too! 

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Russell Brazil
  • Real Estate Agent
  • Washington, D.C.
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Russell Brazil
  • Real Estate Agent
  • Washington, D.C.
ModeratorReplied Dec 30 2022, 09:21
Quote from @Wendy Stclair:

I invested in 4 properties from CR of Maryland in June of 2022 in various parts of Baltimore as part of a 1031 exchange taking $$ out of California. I knew it was a risky bet as Baltimore has much crime and systemic issues they can't seem to overcome. But i was in a pinch with a 1031 and had been advised CR of Maryland has it all figured out. They offered some decent closing incentives such as 1% back at closing table and 6% property mgmt for a year, 1 year warranty, and i THOUGHT rent assurance for 1 year (found out later they'd changed to 3 months only).  Also property taxes were incredibly cheap at $500 / year (expected to go up in about 3 yrs). The prices were certainly higher than i would have thought for marginal neighborhoodsn ($200-$230k)  but i thought eventually it would work out. Rents are pretty high in Baltimore ($1500- $1700 for this sort of home). CR had put significant $$ into renovations so these row houses were really like all new - roof, appliances, gutted throughout etc. it was understood that many of the rentals would be Section 8 which is a good secure investment. Upon closing with CR of Maryland, two of the 4 houses were rented fairly quickly at $1600 or so for a $200k house. The other two however have remained VACANT for 3 and 7 months now!  The issues seem to be Baltimore Gas and Electric takes forever to do an inspection - 3 months sometimes.  CR will cover rent assurance for 3 months but beyond that its on me. i'm now 7 months vacant on one property and i'm told the city has denied the application for Section 8 b/c there are "too many vacant properties" in the area. So i'm frustrated to say the least. CR has a team of property mgmt folks but the names and stories change. I'm increasingly UNHAPPY with their approach and lack of ability to get things done. So i would be hesitant to jump in with them if anyone is considering it. 

 Ive never heard of this company, but just to point out, the problems you have identified are Baltimore problems, and dont sound like problems with the company.

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Ika Sargeant
  • Real Estate Agent
  • Reston, VA
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Ika Sargeant
  • Real Estate Agent
  • Reston, VA
Replied Dec 30 2022, 10:00

@Wendy Stclair great feedback. I agree with those who say you likely overpaid. I constantly look for buys there and it seems they have too many good deals. But there areas I have marked that I think could yield good return. Baltimore is certainly an area you need to go in with your eyes wide open and with an agent who knows locals rules and all its idiosyncrasies. 

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Ozzy Sirimsi
  • Real Estate Agent
  • Baltimore, MD
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Ozzy Sirimsi
  • Real Estate Agent
  • Baltimore, MD
Replied Dec 30 2022, 17:38

I have not bought anything from them, but I see their deals all the time.

Most of them way over priced.

I think their model is buy dirt cheap, sell  very high and convince people by offering 3 years rent guarantee.  Many buyers will be shocked when they want to sell these houses they bought from CR of Maryland, but buyer's  need to do their own search, they are all open and very succesful.

Many buyers okay with hassle free option and they dont thing about future or emergency situation where they need to sell immediately.

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Sara Frank
  • Realtor
  • Baltimore, MD
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Sara Frank
  • Realtor
  • Baltimore, MD
Replied Jan 2 2023, 06:49

A lot of turnkey services in the city overcharge, although I dont think this is exclusive to MD or Baltimore 

Real Estate Agent District of Columbia (#SP40001442) and Maryland (#5009910)

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Joseph Crunkilton
  • Rental Property Investor
  • Oregon City, OR
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Joseph Crunkilton
  • Rental Property Investor
  • Oregon City, OR
Replied Jan 2 2023, 12:35

Never heard of these guys. You always have to vet your providers thoroughly. There's a lot of companies on here that have very high ratings from other members. 

Pretty sure Rent to Retirement has hundreds of 5 star reviews. I'd take less returns to work with a reputable company who is willing to put my best interests first.