I'm looking to start investing in Baltimore, what is the best way to learn about the market. Where should I start? I reached out to a couple agents. No response yet. Does anyone have any good advice or can recommendations (know someone ) for a newbie. Giving up is not an option!
Hi Dulce, when you say Baltimore means Baltimore city? If so I would suggest you to to local real estate meetups and connect with local insvestors, agents, lender and so on.
Baltimore city could be tricky as it is a “block by block” place.
Thank you @Felipe Stefanoni .
Spend some time on Zillow looking at houses and their price points. Filter for recently sold and then rentals. Find what you can afford and start looking.
@Dulce Garcia Like @Joe Norman you learn the market by going out and looking at properties. Look at all kinds of properties; listed properties, open houses, for sale by owner, wholesaler deals, other investors deals etc.
While most auction companies are not doing many of them yet, on site auctions area a great way to learn. You get to see inside the property and the condition and see in real time what it goes for. Afterwards talk to one or two of the active bidders and see what they were going to do with the property and what is would cost to do it. I believe AJ Billig is doing onsite auctions now. Ashland Auction is who does most of our auctions and they are still all online I think. However you can go out and pre-inspect the property to get an idea of the conditions and then see what it sells for.
The same is true of any deal that belongs to another investor. Learn how he or she evaluated the property
Hi @Dulce Garcia , welcome to BiggerPockets. I hope you continue to learn from everyone on this platform.
If you have not, great books to read are:
• Rich Dad, Poor Dad
• The Millionaire Next Door
• Cash Flow Quadrant
• Tax Free Wealth
• Set For Life
• Rental Property Investing
• The Millionaire Real Estate Investor
• The REAL Book of Real Estate
• So Good They Can’t Ignore You
You are more than welcome to reach out if you have any questions.
Good Luck and go make it happen!
thank you! @Wale Lawal
Dulce, Joe and Ned gave some great advice about driving the neighborhood and looking at properties. As a former agent with Ashland Auction Group, I can agree that many investors gain valuable knowledge by attending on-site auctions as spectators. Another benefit for starting with auction listings is that you are able to view many properties in a very short period of time, while you learn to explore what properties you want to invest in.
With that said, you will likely need to work with an agent at some point because not all properties are able to be shown without a licensed agent. Let me know if I can be of any assistance, I would be more than willing to discuss the buying process, auctions versus traditional listings, and other questions you may have in more detail.
In baltimore, you have two options.
1- Drive around and learnd the city if you have time
2- work with somebody who knows the city. Luckily, we have multiple agent/investors here who can help you out, talk to them and if someone can help you are good to go.
Hey Dulce! Welcome to the forum.
My best advice is to network with other local investors in your area, see what investing strategies are commonly working there. In the same vein, I would find a local realtor that can put you on a daily MLS update for listings in the towns that you are interested in. By searching through these listings, you can get a very good idea of what properties are selling for in your area.
Truthfully, there is no better data than driving and exploring neighborhoods you may (or may not be) interested in. While comparing boots on the ground data with your MLS portal search, you can then switch your focus to a neighboring town where the prices might be more conducive to your particular strategy (buy-and-hold, flips, etc...).
A few books could really help you out, and ones I've read at least 2-3 times:
- The BRRRR Book by David Green
- The Book on Rental Property Investing by Brandon Turner
- Rich Dad Poor Dad by Robert Kiyosaki
- The Richest Man in Babylon by George Clason