Hey everybody. I came across BiggerPockets about 2 weeks ago and since then I've been doing a lot of research and reading forums and reading books. This whole investment thing has really peaked my interest. I currently do not have any properties but am looking to get investing most likely in the next year or so (building some capital an doing homework before hand) I'm curious though, I'm sure everyone knows about the ole famous Baltimore MD. bit of a rough area. looking to see how other investors out there have been doing owning rental properties in this area? How are the tenants? What areas to avoid? Manage yourself or hire a PM? Any advice I get I would greatly appreciate!
I think Tim was heavily suggesting to just avoid rough areas all together (with the caveat of: if you really want to invest in rough areas, then you will only succeed if you're managing it yourself). What is a rough area? Go to Redfin or Zillow and look at houses sold recently and set your max purchase price to 75k. Wherever you see LOTS of properties are rough areas. Baltimore has plenty of good areas to invest though, and if you don't want to manage it yourself, then that's what property managers are for.
Real Estate Agent · Baltimore, MD · Member since 2016 · 520 posts · 379 votes
5y
1 thing to keep in mind is that if you go into low grade areas because the price is cheap you won't do well unless you self manage. Its simply not worth a legit pm's time. I know people think thats where they would want a pm the most but its not going to work. Go into either a better area, manage yourself, or don't do it.
I think Tim was heavily suggesting to just avoid rough areas all together (with the caveat of: if you really want to invest in rough areas, then you will only succeed if you're managing it yourself). What is a rough area? Go to Redfin or Zillow and look at houses sold recently and set your max purchase price to 75k. Wherever you see LOTS of properties are rough areas. Baltimore has plenty of good areas to invest though, and if you don't want to manage it yourself, then that's what property managers are for.
Property Manager · Baltimore, MD · Member since 2014 · 1k+ posts · 1k+ votes
5y
There are plenty of great areas in (and around) Baltimore City to invest for cashflow. As previous commenters have mentioned, just be sure you know what you're getting into. Tennant Screening is super important and I'm sure you can find an experienced landlord or two who will lend you some advise in that area. Good luck!