Hi everyone! I am looking for investment opportunities within the PG county and Baltimore city areas. Does anyone have any advice or success stories they would mind sharing in regards to these two areas for rental properties? Are there specific neighborhoods you would suggest strictly for rentals? I live on the border of DC so I see an increase in room rentals in one SFH as opposed to one tenant. Is this common in PG and Baltimore?
Thanks so much for any help you're willing to give!
I'm a full-time wholesaler and president of a local investor association in the Baltimore area. I would be very wary of room rentals, especially in Baltimore. You have to remember that you are mostly dealing with a transient population that can't qualify for even a low-payment rental property. Also, there are certain regulations and inspections required. Overall, it's a lot more work than a single-family rental. Feel free to contact me for more information.
@Alan C. thanks for your insight. I am messaging you now.
I am an agent in property investor in PGC. I have sold to room investors in areas bordering DC area, areas such as Takoma Park which have direct access to transportation, whether that be the bus line or walking to Metro. Another area where this arrangement is popular is College Park/Hyattsville, with mostly students renting rooms. For entry level professionals, I see this mostly in Silver Spring area (MC), or places near Metro like Largo/Springdale (PG) where young professionals looking for quiet suburban life flock to. Thanks
@Richard Mollel Thanks Richard! I had Hyattsville and Capitol Heights in my mind when writing this post actually - one that is obviously appreciating very quickly and the other still undergoing large developments. In order to legally rent by room what are the local laws? Does this require a permit or is it still seen as a single family but with separate leases?
Congratulations on taking your first step in deciding to become a real estate investor.
As Allen mentioned renting by the room can be a huge challenge. In my 18 years as an investor I have only known one couple who has succeeded in individual room rentals.
There are other ways to accomplish this without all of the challenges. I'd be happy to share some of these approaches with you. Contact me with questions if you want.