Newbie from Baltimore

15 Replies

Hello BiggerPockets Community, 

My name is Eric and I am looking to purchase my first property in my hometown of Baltimore, MD. I study architecture in college and am interested in home hacking rehab for my first purchase, eventually moving to the BRRRR strategy. Meeting great people in my area and also outside of my area is my reason for joining BiggerPockets. I hope to talk to everyone soon! Have a great day!

- Eric  

  

@Eric M. Johnson

Welcome to Bigger Pockets!

This is a great place to learn and network. A lot of forum members are very knowledgeable in their respective fields related to real estate investing, whether that is real estate sales, wholesaling, flipping, rentals, lending, self-directed IRA and Solo 401k investing, or tax and legal guidance.

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If you haven’t been to it already, you might want to check out the BP blog: https://www.biggerpockets.com/renewsblog/

The site has quite a few tools that can be helpful for new members. I like the search features: https://www.biggerpockets.com/search

Welcome @Eric M. Johnson

My brother attended the Naval Academy there and recently thought about looking into Baltimore because his roommate has a handful of cash-flowing rentals.

How's the vibe there? I hear there's pockets of good and bad neighborhoods just like any city but I was wondering if you could give your insight about a particular area if you're familiar.  

Here's the address:

3809 Ravenwood Ave, Baltimore, MD 21213 

3bd/1ba 1280sqft.


Do you know approximately how much this unit rents for?


Originally posted by @Eric M. Johnson :

Hello BiggerPockets Community, 

My name is Eric and I am looking to purchase my first property in my hometown of Baltimore, MD. I study architecture in college and am interested in home hacking rehab for my first purchase, eventually moving to the BRRRR strategy. Meeting great people in my area and also outside of my area is my reason for joining BiggerPockets. I hope to talk to everyone soon! Have a great day!

- Eric  

  

 Welcome aboard Eric.

Originally posted by @Michael Bangsal :

Welcome @Eric M. Johnson

My brother attended the Naval Academy there and recently thought about looking into Baltimore because his roommate has a handful of cash-flowing rentals.

How's the vibe there? I hear there's pockets of good and bad neighborhoods just like any city but I was wondering if you could give your insight about a particular area if you're familiar.  

Here's the address:

3809 Ravenwood Ave, Baltimore, MD 21213 

3bd/1ba 1280sqft.


Do you know approximately how much this unit rents for?


 Hey Michael, 

The neighborhood for 3809 Ravenwood Ave. is called Belair-Edison. Here's a link for the neighborhood info page: https://livebaltimore.com/neighborhoods/belair-edison/#.XSabKetKjIU

Here's a Craigslist ad for a similar house in the same neighborhood. It goes for $1400: https://baltimore.craigslist.org/apa/d/baltimore-beautiful-3bed-1bath-3level/6930386229.html

Hope this helps! 

@Eric M. Johnson

Appreciate the assist!

I evaluated this deal below:

Asking Price: $150K

Down Payment: 30% - $45K

Closing Cost: 3%

Total Money in: $48K

Approximate monthly mortgage: $775 ( PITI from realtor.com calculator)

Approximate rent ($1350) - Approximate mortgage ($775) = $575 cash flow 

$6900/ yearly cash flow.

14% Yield/ROI

Looks like a good deal based on how hard your money is working for you.

This is taking their asking price, but put in a lower offer and the deal is even sweeter.

Welcome to BP and to the Baltimore investing community!  You'll find a lot of great local investors both here on BP and In Real Life.  Best wishes to you!

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