Baltimore, MD · Member since 2015 · 58 posts · 17 votes
I have two BRRR deals on the table. Two houses they are both 4 bed room houses about 1450 Sqft a peice one is in west Baltimore close to gwyns falls and coppin state the other is in East Baltimore close to Johns Hopkins School, YMCA and Giant. I can purchase only one. The west Baltimore property acquisition price is 37k and the East Baltimore house is 40K both will need 30K thousand in repairs. (The house in West Baltimore we may be able to drive the price down more because of a piping issue that is already factored in the repair cost.) I wanted to know which area would be best for attracting tenants and I have heard about Johns Hopkins spending development dollars and wondered if that is something I should consider in making my decision ? I would like to go section8 for my tenants.
It really doesn't matter East vs West, there are thousand of people with vouchers. The problem right now is they aren't issuing new vouchers, the only people looking for properties are moving from one house to another, and thus people are being much pickier and demand nicer places. Most voucher tenants don't base where they live on where in the city the house is located, they base their decision on the size of the house and how close it is to family and friends.
It really doesn't matter East vs West, there are thousand of people with vouchers. The problem right now is they aren't issuing new vouchers, the only people looking for properties are moving from one house to another, and thus people are being much pickier and demand nicer places. Most voucher tenants don't base where they live on where in the city the house is located, they base their decision on the size of the house and how close it is to family and friends.
Hi Nick. I am very familiar with the East Baltimore area but where exactly is your West Ba. property? Have you compared the crime rates in both neighborhoods? Which is closer to your personal residence (in case of an emergency unless you plan to get a PM to handle)? The rental won't be too much of an issue since you are going Section 8 and a 4 bedroom voucher will have the same value regardless of which house you choose but which would house would have the greater resale value should you decide to sell? Just a few things you want to consider...
It really doesn't matter East vs West, there are thousand of people with vouchers. The problem right now is they aren't issuing new vouchers, the only people looking for properties are moving from one house to another, and thus people are being much pickier and demand nicer places. Most voucher tenants don't base where they live on where in the city the house is located, they base their decision on the size of the house and how close it is to family and friends.
@Laticia Braxton I'm in owings Mills so the west Baltimore property would be closer to home and easier to get to from work to mange the Rehab.... I got an appraiser to come out to the property in west Baltimore and he said 170k (honestly skeptical about it but I'll take it) he is coming out next Saturday to appraise the east Baltimore property which I'm guessing would appraise around 130/140K
@Nick H. I agree with Ian. East or west is way to large to generalize. Even the more specific area you ask about would be a crude generalization without knowing the specific block or condition of the house. There is an area near Coppin state that I like and would be happy to own rentals there, and there are areas I wouldn't touch near there.
I don't know where you mean regarding close to Hopkins. I wouldn't call that east baltimore.
the propert is by John Hopkins in between the YMCA on 33rd and the Giant on the 700 block. The area near coppin is on the 3100 block of Windsor Ave @Ned Carey... 21218 is not east Baltimore that's west Baltimore too ?
I'd agree that the area near Greenmount isn't really considered "east" Baltimore even though it is east of Charles St. It is somewhat close to JHU but a little too far to attract a lot of students IMO, but that doesn't mean you'd have trouble renting there. (the further away you get from Greenmount - the better - west of greenmount tends to be better than immediately east, but not going to find deals in Guilford)
If you're having trouble deciding on which one to go with, to me, it sounds like the place on the west side would be a better investment especially if it appraises for $30k - $40k more than the place on 33rd street - and it's closer to you.