Property Manager · Bowie, MD · Member since 2017 · 120 posts · 67 votes
Hello All!
After 10+ years of managing the maintenance side of multifamily housing for military, private, market and now currently D.C. tax credit housing, for other people, I'm now going to start doing it for myself!
I plan on purchasing my first building before the end of this year. I see potential in some of the brownstones and row homes of Baltimore. Trinidad also looks good. I will truly stay the heck out or DC. My current experience has soured me of that market.
I've been researching the BP site, and have found it immensely informative. Right now my wife is a paralegal who is also going for her real estate license. I should be taking my home improvement license exam before the spring.
While looking at Baltimore, it seems to me that there is not yet a unified push to redevelop some of the rough areas. Where can I find out if there are any grants, tax benefit programs or private development plans that are available or in progress in certain areas?
Welcome to BP Vern. There is a website that has such info: cityview (dot) baltimorecity (dot )gov They have a plethora of information on the city, however its best to come view the developing areas yourself as some projects on the site have yet to take off.
Property Manager · Kansas City, MO · Member since 2015 · 41 posts · 36 votes
9y
@Vern M., I don't know a ton about Baltimore neighborhoods other than Canton is pretty decent, but we were stationed at Fort Meade and with the NSA expanding on the base, that whole area is exploding. A lot of apartments and homes are being built up along with amenities. Had we stayed, we would have definitely been looking along MD 175 from Columbia to Crofton but probably mostly in and around Odenton. Best wishes!
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
9y
@Vern M. welcome to BP. I would go to either the Baltimore city website or the Baltimore Housing website. Baltimore City has had a number of programs over the years regarding grants, tax incentives and programs to purchase distressed property.
Some of the incentive programs are not that well publicized so play around with Google searches.
Flipper/Rehabber · Pittsburgh, PA · Member since 2016 · 121 posts · 60 votes
9y
@Vern M. I actually recently had the same revelation! I come from more of the business side but realized, why am i not doing this real estate thing for myself. So wanted to congratulate you! If you want to know about development there is a site called bisnow, might have heard of it, but you can subscribe and they have some great info about development and what is going. Lots of great internet resources. I am local in Baltimore and always happy to help with research and anything else I might be able to contribute. I wish you best of luck and hope to see you around the investment community.
Property Manager · Bowie, MD · Member since 2017 · 120 posts · 67 votes
9y
@Ned Carey Google has been helpful in finding a lot of grants, but its trying to find the ones that aren't strictly owner-occupied that is more challenging. But thanks for your input!
Property Manager · Bowie, MD · Member since 2017 · 120 posts · 67 votes
9y
@James A. right now I'm still working on my overall business plan, leases and structure. I've recruited a few of my old contractors as well. So I figure that by May/June i'll be in the Baltimore area more often. It would be great to touch base around then. Thanks