Just got my first investment in Columbia MD. Also renting a house in AZ. I'm ready to buy another condo in Columbia MD but need some help with the Property Management Company in the area. The condo I just got is rented to the family member so no need to manage anything there.
My budget is 170K. No financing needed. I do have a real estate agent so no need for that either.
I am interested in your opinion regarding the village we should choose to invest in Columbia MD. I was thinking something along Wild Lake area etc.
Any input regarding Columbia MD rental market would be appreciated.
I found tons of info on the site but any links you found useful would also be appreciated.
I dont care for Howard Counties hugh tax rate, nor the CPRA fee. Id much prefer some of the surrounding counties like Montgomery, Frederick or Anne Arundel.
I don't have direct experience around Columbia as a rental owner, but I personally checked out many condos around wild lake for my friend.
We actually ended up buying something in Green Mountain Circle.
It looked like, you can rent those condos for $1700-$1800 range depending on the condition. I think it is a decent rental area as well.
If right next to mall, you can get better rent but more money you pay for the condo, and more HOA fee.
The one we got for my friend was decent, needed very little updates. I looked at many different ones and most of them needed updates.
As a condo owner in Baltimore City, I recommend not to get a ground floor or first floor
When there is leak upstairs, you have to hear about it too. Even though HOA deals with it, still causes problems.
Also, I am handling everything for my friend, and reaching HOA people is not easy for Wild Lake area,and they are not helpful, and they collect 323 a month:((
Let me know if you have any questions.
Thanks Ozzy and Russell for your feedback. I really appreciate it.
Any other hints will be valued from others too. Please don't hesitate to post your opinions.
One thing I experienced with the last purchase was that you had to make an offer on the day or the second day of the MLS listing or you would not get the place. I think I only got the condo because I went there during the storm where nobody else would visit -:)! Crazy!
In 1982 considered old when it come sot investing in condo?
How good is the rental market in the Wild Area in Columbia? I checked the vacancy rate on a couple of sites and it shows last year as close to 3% which is fine. Any Property Managers out there who could say something?
I do understand the taxes are higher, apartments more expensive but what we are after with my wife is a peace of mind with tenants. As far as i know this area should provide that - again, questions to those who invest around Columbia - is that correct? I am willing to invest a bit extra as long as I can focus on my full time job and have less to worry about the tenants. It is a long term investment we are after not quick profit.
Also, have you considered other market within MD where your 170k can be stretched a little further? Columbia is relatively hot, so instead of condo investing, perhaps, you can consider a townhouse say in a nice area of the city.
Just a thought 🤔
Hope this helps, Robert. Goodluck. Thanks! - Ola
@Ola Dantis I was trying to get a place in Beltsville, Laurel, Silver Spring, Greenbelt or even Jessup. Hardly any place had HOA less than 300. Silver Spring or Beltsville HOA started at 400 and in Beltsville it got to 600! I actually find 300 reasonable for a two bed condo. Taxes is another story.
Which areas Ola would you consider good closer to the City I wonder? Im talking good income, easy to rent. I was thinking Gaithersburg but the traffic over there is a bit of a problem. The advantage is that the vacancy rates are a bit better there. Probably because it is closer to the city.
The problem with my investment is that I can't get the loan, at least not yet. I need another year as I gave up one property due to GFC in Arizona (very lucky). I have cash and need to do something with it and waiting seems like a bad idea.
Just seeing this post about condos .....My buddy ( he got about 12 condos ) got me into condo investing and I love it so far . I have 2 condos at moment - one in Gaithersburg area in Montgomery county and another in Hyattsville in PG county . The one in Montgomery i'm getting ready to do section 8 and the one in PG i'm almost finish with the renovation .. ( I'm on the hunt for my next condo deal ) . With condo/apts investing -- stay away from the ground floor - 1 - leaks from above will end up in your condo and 2 - it easier to break in from the ground floor . I try to stay on the top floor . Also watch the HOA / condo fee -- I may go little over $300 for HOA if the numbers are good with rent etc but I'm definitely not doing $400 for HOA . Study the area -- go there in the night and go there in day . Get to know your property manager - they have a lot of information regarding the units . If possible attend the board meetings -this is where you will learn about management of the complex . In terms of maintenance its easier for condo as oppose to a single family -- no grass to cut etc .
Laurel and Upper Marlboro seems to be doing good .
Greenbelt HOA is crazy !
Don't have any direct experience with Columbia but I would be willing to invest if the numbers are good !...
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