Hello BP my name is Terrell Murray and I want to start investing in the DEL-MAR-VA area if your not familiar its the Delaware, Maryland and Virginia peninsula. Mostly rural areas with small towns but I'm sure its plenty of good deals to be made in this area. If you have success in this area please reach out to me I'm looking to pick your brains and also make connections.
Over the last few weeks I've been putting together leads and analyzing deals, if your in this area and you are looking to invest, buy and flip, buy and hold or whatever specialty you have please reach out to me and let's talk.
Again I'm new at this and to the area, I'm not looking to make a killing I would love the experience of completing a few deals and building my business from there. Looking forward to hearing from you guys, Thanks in advance.
Looking to do the same thing in the area. Do you have a business plan of fix and flips or long/short term rentals. I am in Texas and looking to relocate and pick up some income properties. I have been looking in the the southern end of the Peninsula for some deals. Properties seem to be on the market for some time in these areas. Would love to hear any local knowledge on the area.
Accountant · Philadelphia, PA · Member since 2013 · 303 posts · 210 votes
8y
@Terrell Murray Where are you located? I'm from Slower Lower. Have a fried who's an agent and another old friend who invests in Delmar. Not sure which rural towns you are looking.
My plan is to start of wholesaling but I wouldn't be opposed to doing a flip and I would like to build a rental portfolio. In this area its better to rent to older people, more reliable from what i'm seeing plus they tend to stay longer. Where and when do you plan to relocate?
My base of operations would be out of Cambridge Md but I'm interested in all the surrounding counties Talbot, Dorchester, Wicomico, Somerset, Sussex ect... So if you and your friends are interested I'm eager to work with anyone and to learn.
Anyone bought anything in the area lately? What is the seasonal vacation market like in Delmarva?
We are sitting on one rental in OCMD and looking to build off of that. The market is very challenging though because of higher prices (not getting those 1990s rates), higher HOAs (on a lot of condo complexes) and lots of demanding driving up the prices.
San Antonio, TX · Member since 2017 · 17 posts · 4 votes
8y
I think I am staying out of the Ocean City area and looking further down south on the Peninusula closer to the Bay bridge. Looking for long and short term rentals. Coming from Texas there seems to be value here, just is there a market?
Flipper/Rehabber · Egg Harbor Township, NJ · Member since 2018 · 19 posts · 10 votes
8y
I lived in Slower Lower for 3 years and loved it. Coincidentally just read this today regarding DE:
The top industries in #Delaware are agriculture, pharmaceuticals and banking which have helped the economy and have been a driving factor for employment. Delaware is also known for being the most tax-friendly state in the nation which is definitely a contribution to its growing population. It is known for being one of the most popular retirement locations as well.
Delaware has such a prime location, within driving distance of many larger cities including Philadelphia, New York City, Baltimore, and Washington D.C. Having these cities at such close range from all areas of the state, make it one of the greatest areas for real estate investment. For Delaware in 2017, the estimated home flipping rate (% of total sales) was 16.4%, and the estimated flipping gross profit was about $78,455 on average. The estimated gross return on investment (ROI) was about 82% on average on these transactions.
@Brian Buchanan not yet still trying to put my first home under contract in the area, its looking good though.
@Christopher Sidler I agree with you the HOAs in that area are vary high. How is the rental market in OC, seems like its a ghost town once the summer is over?