I am from the Hagerstown, MD area and was looking at a few potential investment properties in Cumberland. I was wondering if anyone was directly familiar with these areas and had any helpful information they could share or spare a few minutes to chat with me concerning these areas.
Thank you very much!
Send me a message and we can talk.
Hi Ben! I'm actually under contract for a 4-unit property in Cumberland and looking at a potential 9-unit one in need of rehab. What spots were you looking?
Hey @Melanie Hartmann ! I have stopped in Cumberland many times but am not very familiar with different areas within it. I wasn't really certain of specific desirable spots nor the typical market rents and such for various units.
I am not particularly familiar either. However, I have found local property managers to be very helpful in stating whether an area was difficult to rent, what the market rents were, and even personally knowing some of the tenants of buildings I was considering. The one I'm under contract for happened to be already managed by the one property manager I had been in communication with for the past few months. In the city, it seems most of the 1b/1ba rent for 400-450. And 2b/1ba rent for 500-550. 3b/1ba 600-800. I've only really looked at multi-families in the area and am not as familiar with SFH.
Okay, thank you. I've researched some of the property managers in the area but can't seem to find much information on them. The only ones I could really find were Aspired and Allegany. Is there anyone you would recommend from the area?
@Benjamin Seibert , I'll shoot you a message.
@Melanie Hartmann Hello Melanie, I am currently looking at an off market 4 Unit MF ideal in Cumberland. I've been up there once so I don't know the area very well but have a general idea. I was wondering if you had any advice on building inspectors and Real estate attorneys in the area. Any advice would be great help.
Although this is a bit of an older thread, I'd be interested in anyone's current thoughts on Cumberland, MD. I'm looking at an off-market 4-unit that's selling for $85,000. It's currently earning $1875 in rent, which is a great return. But I'm still suspect about Cumberland because of the low income and stagnating industry and economy. Any thoughts?
@Melanie Hartmann , hi I am considering looking at some multifamily properties in Cumberland, would appreciate a chat some time to pick your brains about property managers etc. if you don’t mind.
Originally posted by @David Smith :
@Melanie Hartmann, hi I am considering looking at some multifamily properties in Cumberland, would appreciate a chat some time to pick your brains about property managers etc. if you don’t mind.
Hi Dave! Thank you for reaching out! I actually decided against investing in Cumberland for the time-being so don't have any tips/advice regarding PMs and such out that way
@Melanie Hartmann thanks for the follow up!
Appreciate you taking the time.
@Allie Dattilio unfortunately I didn't end up investing in Cumberland. I tried to put the pieces together to build a solid team out there but it's really tough unless you have someone local to help you run it or are willing to drive back and forth. If you find a solid contractor and are willing to PM yourself then you can invest there - the PM and contractor were the sticking points.
@Benjamin Seibert were you looking to flip or buy and hold? I'm looking at a duplex to BRRRR if possible, but I'm not sure of the area myself. The rents were much lower than I originally estimated, which was a bummer. Still considering it though.
@Josi Colley I was looking to BRRR as well. The rents are pretty low in the area but so are the prices. I would recommend finding a good PM and contractor first - they're hard to find in that area. If you put those pieces together then you can find some solid cash flowing properties there. One thing to note is that I wouldn't plan for appreciation. The area is not appreciating well right now.
Originally posted by @Allie Dattilio :
@Melanie Hartmann, curious as to why you decided against Cumberland?
@Benjamin Seibert , did you end up investing in Cumberland? Numbers look enticing (coming from Hagerstown, too)
Distance, not having a team out there, and the population had been on a steady decline with very little chance for a turnaround anytime soon. There are/were developments going on last I was out there but not enough for me to want to pursue it at this time. So I decided to stick to an area I was more familiar with/closer too