Rental Property Investor · Potomac, MD · Member since 2020 · 23 posts · 11 votes
I'm looking for places to buy and rent out whether it's long term or short term renters. I currently have STR properties in Berkeley Springs, WV and those are doing really well. I was thinking of continuing there but like to have some variations on the next rental location.
Certain places that I'm looking at are Frederick, Hagerstown, Ocean City, and Lake Creek Lake.
I generally look for property under $200k.
Any insights would be appreciated in the four locations above.
Claudio Meira I believe it is not where you invest, but, what your objectives are; for me for over 40 years now, I would invest only where there was cash flow or equity, houses, commercial or businesses with real estate, looking at my holdings now, I have a pizza restaurant, a small grocery store a leather night club in a some apartment houses in Baltimore. If the deal does not have Cash FLOW OR EQUITY I am either not interested or I make an offer using some creatives formulas I developed over the years of "Trial and Terror! I use "power prospecting, Control and Roll (using the auction market for quick flips and assignments and the Hybrid offers, options and delayed settlements with possession." Every transaction can be manipulated to suit my investment goals. Most all deals can be good if you understand how to structure them.
At 78 years old, I do more out of state partnering using radio and direct contact marketing to find the equity packed deal.
Glad to give you some ideas,
I am in Baltimore.
Wishing you good luck and financial success, stay in touch,
Claudio Meira I believe it is not where you invest, but, what your objectives are; for me for over 40 years now, I would invest only where there was cash flow or equity, houses, commercial or businesses with real estate, looking at my holdings now, I have a pizza restaurant, a small grocery store a leather night club in a some apartment houses in Baltimore. If the deal does not have Cash FLOW OR EQUITY I am either not interested or I make an offer using some creatives formulas I developed over the years of "Trial and Terror! I use "power prospecting, Control and Roll (using the auction market for quick flips and assignments and the Hybrid offers, options and delayed settlements with possession." Every transaction can be manipulated to suit my investment goals. Most all deals can be good if you understand how to structure them.
At 78 years old, I do more out of state partnering using radio and direct contact marketing to find the equity packed deal.
Glad to give you some ideas,
I am in Baltimore.
Wishing you good luck and financial success, stay in touch,
@Account Closed, good point. My objective is passive income so cash flow is mandatory for me. I'm not as concerned about home equity though it would be nice to get some equity.
I did a lot of trial and error and now pretty comfortable with short term rental but the big thing for me is the location and knowing what locations are good for short/long term renters.
Yep, I have a ton of equity now, but I love the fast assignment, this is why my partnership networking involves radio to find motivated sellers. from the phone call to settlement using Control and Roll is usually 7 weeks with an average of $10-15,000 assignment.
There are opportunities in Baltimore county to buy investment properties that cash flow nicely—the math works and the tenant pool is good. I would avoid Hagerstown for a few reasons (which I would be happy to discuss but don’t want to publish). If you’re interested, reach out and let’s talk.
Ruth Lyons: Would you be willing to discuss in more details your reasoning for avoiding Hagerstown? I recently purchased a home there and am deciding how best to capitalize on the investment, and whether I should do any future investing in the area. Thanks in advance!
@Ruth Lyons can you send me a message as well. I was looking into Hagerstown. I'm mainly looking for properties between $75k to $200k that I can either do short or long term rental.
I was looking at Hagerstown since the cost is very low and it seems it gets decent rental income.
@Caleb Wilson, I wish I had the ability to buy a $2 million multi-unit property. I'm not in that league yet.
I'm looking to invest in MD as well. Baltimore County was an area I was starting to look into. Wondering what others think about the Rosedale, Parkville, White Marsh or Pikesville areas.
@Ruth Lyons are you familiar with Brunswick area? I have been analyzing a few potential properties for investment and have been unable to get some clear data on that market.
@Claudio Meira how long have you had rentals in Berkeley Springs? I am assuming they have been cash flow positive for you...is there a good rental market in that market?
I am located in Winchester and have been analyzing several markets to possibly invest in. That was one of them.
@Anthony Hernandez Hi Anthony, I am not familiar with Brunswick. It's in Frederick county and most of my clients invest in Howard, Montgomery, PG and Baltimore counties. Pulling it up on the MLS, it looks like average home price is $250-$300k and average rents are too low to make the numbers work.
@Ruth Lyons, it went well! Sold full asking price to friends before even listing. Closed during the middle of Covid Quarantine.
Purchased house for $125k, put $25k into, sold for $225k.
Now still waiting to purchase our first rental house. Would love to stay in Washington Co but feels impossible to find any deals right now. Considering investing long distance in NC currently.
@Allie Dattilio Congratulations! Well done! I stayed very busy during COVID. (I personally think a lot of the predictions of a COVID housing market crash was just "click-bait" and sadly it mislead too many investors.) As an agent, I'm having my best year yet with another 3 closings this month. As an investor, I picked up and rehabbed a condo end of April and turned over the keys to my new tenant yesterday. Turns out to be one of my best cash-flowing properties so far. Where are you investing next? Do you do just flips or buy and holds too?
@Ruth Lyons moving forward we want to BRRRR. I would like to invest in the Hagerstown area to start because it's close and familiar for our first property, while we get the hang of the whole landlord thing.
A quick search on the MLS shows there are a lot of available properties in the $50,000-$100,000 range in Hagerstown. Are yo working with an agent? I don't typically work in Washington county but my daughter lives in Hagerstown so I go there quite a bit.
@Claudio Meira - You can find decent cash flowing properties in Hagerstown but it has it's tough parts and don't count on appreciation. Make sure that you're comfortable with the cash flow numbers as is for the foreseeable future. And remember there's nothing more expensive than cheap real estate. Need to find value.
@Claudio Meira how long have you had rentals in Berkeley Springs? I am assuming they have been cash flow positive for you...is there a good rental market in that market?
I am located in Winchester and have been analyzing several markets to possibly invest in. That was one of them.
Hi Anthony,
Have had rentals for abourt 14 years in Berkeley Springs. Doing well mainly due to that it's a full year around rental and that it's close to the DC Metropolitan area. I'm looking towards Ocean city or Hagerstown