First: Thank you to every single one of you who have posted to BP. This site is incredible!!
I'm D.C.-based for now and looking to buy my first investment property in Charm City. I spent yesterday - rainy as it was - walking Ridgley's Delight and Pigtown. (These neighborhood names are amazing!) I'm probably more interested in the former, but certain corners of the latter have me thinking as well. I'm interested in using this first property as training wheels for finding and executing a purchase and am looking for something closer to move in ready than raw material for a flip or BRRRR.
As my girlfriend is quite the AirBnB host, we will likely try it as a short term rental first, but view long term rental as a possibility as well.
I will make at least two trips back up to Baltimore next week and would love to pick anyone's brain who will let me pick up the tab for a cup of joe or lunch. I'll be in DC whenever I'm not in Baltimore.
I'm most interested in finding an investor-oriented RE agent who is free during the days to arrange showings in the area and field my novice questions. Also interested in Baltimore-focused meetups.
I want to buy one property, either a SF row house or two-unit, this fall and a total of three or four by this time next year. I'm interested in making investments that do right by the surrounding community.
(I'm a former low/mid-level diplomat, big bank suit and chicken plant middle manager from Georgia who has picked up an aversion to W-2's. Until such time as I have real estate experience to share, I will contribute jokes and good cheer.)
Hello @Richard Oneal, welcome to BiggerPockets. It's great to have you here! Let us know how we can help.
Welcome to BP @Richard Oneal . I'm dealing with a small house in Pigtown/ Washington Village that I'm trying to fill with a renter. If I don't get a renter by next month, I'm Airbnb'ing this thing until Spring.
Pigtown reminds me of parts of the DC Shaw neighborhood in the early 00s. There are some good parts and not so good parts, just like Shaw was.
Thanks @M Marie M. I just finished reading your epic post on the purchase and renovation of that little Pigtown place. I'll be interested to follow the coming twists! Also reaffirms my pursuit of a close-to-ready place for my first purchase. You have knowledge and experience I simply won't have for a while.
You probably already have, but I recommend checking out the data on Airdna regarding performance of current full-time Airbnb's around your place. The zip code level summaries are thrown off b/c our chosen area of West Baltimore is lumped in with the lavishness over in Federal Hill, etc. (I've yet to walk those streets.) I paid the $$ for the Baltimore market data and that was what took me from "I am pretty sure this market will work," to "I need to get off my rump and buy a place, right now!"
Also, I definitely appreciate the comparison to Shaw. My gf lives smack in the middle of that area, so I appreciate the potential. Just about every block of Pigtown has a couple of board ups balanced by a couple of really nice renovations, with more in progress. If only that brewery and tavern would open up...
Hi @Richard Oneal! Welcome and thank you for your post. I am in a similar position and was also in Baltimore last week looking at some things in Pigtown. My agent is a REI agent and has been awesome so far. I can highly recommend her and would love to put you two in contact. I will send you a DM so we can find a time to chat.
I am going to take a look at a multi-family in Ridgely's delight next week. Let me know if you would like to come take a look.
Ahh, the typical sucker game for out of towners, show people pigstown, good luck buying what you think might be nice and is a dump in an area that they tried to redevelop but couldn't do to the amount of crime. All the Real Estate agents bring out of state people to Pigstown. There's a reason there's so much on the market there. I'll buy your house for half what you paid for it 3 years from now, so a future thank you.
Welcome to BP @Richard Oneal. Ridgley's Delight and Pigtown are entirely different areas.
Ridgley's Delight is a well establish area with value that is likely to keep it's value or appreciate. Pigtown is a poor neighborhood with higher crime. They are two entirely different price ranges.
However pigtown is no worse than many other rental neighborhoods. It is one of the least expensive areas close to downtown. If it were that close on the east side values would be triple what they are now. I believe that give you the potential for significant appreciation. However there is no way you can count on that appreciation. It may never come.
I walked RD first and was surprised by both how near it was to Camden, downtown, etc and how quiet & boring (a good thing) it felt. Crossing MLK, and I didn't really even pass Cross St (except down near M&T east of Scott), Pigtown was palpably different. Things seem decently calmer north of Washington, but it's clear that RD is a decidedly different neighborhood and one more along the lines of what I'm looking for in an area that would be comfortably AirBnB'able.
Though in fairness I will note there are a few nicely-performing AirBnB listings in Pigtown between MLK and Cross, towards the south/M&T. (RD has more hot listings, though not as many as Fed Hill and its surroundings.) Also in fairness, Nick's Rotisserie was delicious and I'm glad to see they are moving next door to open a sit-down.
I'm planning on continuing my Baltimore walkabouts this week an hitting up the Friday lunch, next week I'll be at the MAREIA meeting for newcomers. Hope to see some Balt-focused folks there.
I have a friend who owns a well established pizza shop there and he loves it so much as if it is Canton :D))
I don't get it.
@Ian Barnes the neighborhood was heavily invested in by speculators before the last recession. A lot of the false "growth" fueled by investors leading up to the last housing bust made for a spectacular fall when the market collapsed. Other speculative markets around the country saw the same collapse. I'm hoping now that the growth we're seeing in the Pigtown neighborhood and other similar neighborhoods is more sustainable as housing prices have risen slowly and mortgages are harder to obtain.
Hopefully irresponsible investors stay away. Get some landlords who actually care about screening their tenants and making the world better for their neighbors.
As a person who was an owner occupant in the neighborhood, living there was a good experience. But everyone has a different level of comfort. I personally choose to live where we do in the city because of the downtown amenities.
@Mark Moyer I learned the whole story about Pigstown when I first started investing in Baltimore late 2012 through non performing note purchases. There were a ton of neighbors that basically told me how they were stuck there cause they bought in 2007. I wouldn't buy North of Washington Blvd unless there is a drastic change, and i don't see that happening anytime soon.
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