New Husband & Wife Investors - DC/Baltimore area

Real Estate Investor · Washington , Washington D.C. · Member since 2013 · 117 posts · 51 votes

Hello everyone. We just made the decision to become real estate investors 2 weeks ago, and have already learned so much from BP in that time frame!

Our plan is to take a small settlement we've just received and purchase a 2-4 unit multi-family rental in the next 60 days in Baltimore. We're trying to learn as much as possible about the sales and rental markets in B-more, being that we're native Washingtonians and don't have much experience with the other end of 295 :)

Any and all advice about which neighborhoods we should be looking in is greatly appreciated. Any leads are even more appreciated :) Thanks everyone!

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Joel OwensBusiness Member
Moderator
Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
13y
Welcome Ezinwanne,

How much do 2-4 units go for up there?? Are you planning on living in one of the units and renting out the others or just as an investment and live elsewhere?

Are you looking to do real estate full time or do you both have careers that keep you busy?? If so you might not want to manage but have a property manager in place. How you set things up will depend on your life's goals. Are you buying this all cash or financing part of it??
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Ezinwanne Hawkins
OP
Real Estate Investor · Washington , Washington D.C. · Member since 2013 · 117 posts · 51 votes
13y
Hello Joel,

Thanks for responding to my post!

We'd like to purchase a multi-family for under 50K. We realize that this puts us on the lower end of the market, and all of the issues that may come with it, but we're committed to this and feel a multi-family is the best way for us to start to build wealth. We'll be paying cash, so we won't have the issues of trying to obtain financing for a non-owner occupied property.

I have a background in social work/affordable housing/fair housing issues, so while both of us work full-time now (I run our travel business and my husband has a W-2 job), eventually, I will likely run our real estate investment business full-time. Within the next 3 years is our goal. However, we will definitely hire a property manager to deal with the day-to-day tenants issues - that's why I got of the non-profit world to begin with! lol

Thanks for your advice :)

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Gary Clark
Chicago, IL · Member since 2013 · 82 posts · 7 votes
13y
Welcome to the site and its great to see you utilizing the information available.
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Tanya S.
Rental Property Investor · Arlington, VA · Member since 2013 · 121 posts · 46 votes
13y
Welcome Ezinwanne! A few of us in DC with various levels of investing experience are getting together in Columbia Heights this month.

Fellow BPer Jason Cohen created this meetup group to get us started: http://www.meetup.com/DC-MD-VA-Real-Estate-Investing-Meetup-Group/

Hope to see you there!
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Jamaal Hunt
Wholesaler · Brooklandville, MD · Member since 2013 · 149 posts · 29 votes
13y
Well I am planning to obtain a 2-unit multifamily in Baltimore under contract. Once I obtain this I'll contact you since it just may reach your price.
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Ned CareyPro Member
Moderator
Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
13y
Welcome to Bigger Pockets. I am an investor in Baltimore. Feel Free to connect.

60 days is awfully fast to do your first deal. I have 10 years experience and I am not sure I could find a 2-4 unit building to meet my criteria in the next 60 days. It is better to do a great deal that you are prepared for in 6 months, than to rush into an average deal you are not prepared for in 60 days.
However some people are faster than others. I am not saying you can't do it. I am saying don't set unrealistic expectations and set yourself up for disappointment. Persistence will lead to success.

That is part of the learning process. Baltimore is not hard to learn, but investing here without knowing the city is high risk.
When I first saw that I thought no way but actually a 2 unit could easily be purchased for that. But it is not going to happen for a 4 unit. However most multi units in that price range are going to need work.
Jamaal Hunt - Your going to send that deal to me first aren't you buddy? :-)

Good Luck - Ned
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Ezinwanne Hawkins
OP
Real Estate Investor · Washington , Washington D.C. · Member since 2013 · 117 posts · 51 votes
13y
Hello Ned,

Thanks for your advice.

We've spent the last week scouting neighborhoods, and you're right - Baltimore is pretty easy to learn, and we've already learned a ton. We just feel it's always good to have insider knowledge on things like this. My sis has lived there for 8 years, and my BIL is a Baltimore city native, so they've been a great help as well.

We are under no illusion that we are buying in McLean :) we accept Baltimore for what it is and prefer to focus on the good investment the right rental property there could be.

We plan to immerse ourselves in every bit of research and information we can over the next 60 days....all day, everyday :) so we can be 100% ready when our first deal comes along. I know it's fast for some, but we're up for the challenge!

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Jamaal Hunt
Wholesaler · Brooklandville, MD · Member since 2013 · 149 posts · 29 votes
13y
Originally posted by Ned Carey:
Jamaal Hunt - Your going to send that deal to me first aren't you buddy? :-)
Good Luck - Ned

It is a no go. The owner almost cursed me out but I still working with her to find a buyer for her.

Ezinwanne Hawkins

I pretty much travel around and finding those wont be too difficult.
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