Pikesville, MD · Member since 2013 · 4 posts · 0 votes
Hello,
I have been looking for properties around the 100K range In Baltimore Maryland. I really like the area there seems to be some available homes or homes that are about to go into foreclosure in my price range. The area seems safe enough when I drive it. There are also several restaurants in the area like Joe squared and parts and labor. In is near Hopkins, the University of Baltimore and Penn station. Does anyone have any experience with this neighborhood? What am I failing to consider?
Real Estate Lender · Newport, RI · Member since 2014 · 182 posts · 33 votes
11y
@Account Closed
I have a great connection that sells turn key properties in Baltimore, just totally rehabbed, with a section 8 renter already in place. They will also manage the property if you want. The rent is normally over double the PITI of the mortgage payment. PM me if you want their contact info.
Real Estate Agent · Mount Airy, MD · Member since 2014 · 34 posts · 4 votes
11y
Crime - be careful with some of those areas. Run comps and make sure your ARV is good. I went to school at JHU so I know the area a bit. I also parked on campus at night never went too from campus without others. It may have improved I hope since the 90's so check with crime stats and realtors in the area there.
Investor · Washington, Washington D.C. · Member since 2012 · 239 posts · 168 votes
11y
I don't understand what you are looking to do, Scott. Someplace to live? A rental house?
What is your goal? How are you going to achieve it? Once you know those things, then you check the numbers--comps, costs, possible resale value or rental cash flow value--to see if any particular property will get you where you are going.
As for Remington itself, it used to be an industrial area with a lot of blue-collar neighbors. I have seen some beautiful blocks but as you probably know, Baltimore famously is block by block, of course, so good deals and crummy deals wherever you go, Remington included.
Investor · Baltimore, MD · Member since 2014 · 1k+ posts · 688 votes
11y
I own 3 places in Remington. Lots of artsy college types. Good rent. Values will hold long term as the area seems to be improving, particularly with the large shopping complex being built off 25th st. Know where youre buying and learn the streets and youll be fine as long as your numbers are realistic.
Real Estate Lender · Newport, RI · Member since 2014 · 182 posts · 33 votes
11y
@Account Closed
I have a great connection that sells turn key properties in Baltimore, just totally rehabbed, with a section 8 renter already in place. They will also manage the property if you want. The rent is normally over double the PITI of the mortgage payment. PM me if you want their contact info.
I have a great connection that sells turn key properties in Baltimore, just totally rehabbed, with a section 8 renter already in place. They will also manage the property if you want. The rent is normally over double the PITI of the mortgage payment. PM me if you want their contact info.
I'm interested in rent ready properties in the area if they have any not rented already but section 8 ready.
I go to the University of Baltimore so I am in the area a lot it doesn't seem that bad as far as crime. I have walked and driven the area in both the day time and at night. I never felt unsafe, though I am a rather large person. I have checked the city crime stats, which may not be reliable. The stats say that have olny been a few minor thefts in the area, no burglaries or murders.
Right now I am at the start of my journey into the real estate business. I have not set up my LLC or done other foundational things that will ensure the success of this business. I am planning on buying and holding a homes. I plan to live in that house the for a few months and then renting the house out. I need to figure out the tax consequences of living in a house then renting it out. Where you finding the calculations(comps, costs, possible resale value or rental cash flow value) that in the beginners guide?
I sort of got the artsy college senese when I was there. The area seems to be a mix of long time residents, kids from Hopkins and kids from mica. There are not a lot of abandons homes like in station north or in the area along north ave.
Investor · Baltimore, MD · Member since 2014 · 1k+ posts · 688 votes
11y
Scott Lavin ...turnkey is a waste of your time in this area. Section 8 also. Remington is a good relatively pricey area. "Turnkey" are for those being complacent and willing to pay for it. The houses are already expensive enough here, "turnkey" makes it that much more. I find that rehabing a house is an important step for a landlord to understand the probelms/solutions a house presents. Section 8 is a worthwhile hassle in an area not in demand, Remington is thus the hassle is unnecessary. I currently get 1350 and would get about the same from section 8.
Work your financing out, view lots of houses with a realtor, get multiple opinions. Make an offer.
Investor · Vienna, VA · Member since 2013 · 41 posts · 14 votes
11y
@Account Closed but only if you know well how to rehab and control the possible issues, is riskier and thus more profitable.
One a last note, you said you will live in the house, remember your standards of living can be superior to the ones typically required by the renting market, be careful to don't over expend in the rehab if your market will not require it (if you install granite counters and SS appliances maybe you will not necessarily be able to rent at a higher prices than houses close by, but on the other hand you may be able to rent quicker and not have vacancies for long or have a bigger pool of candidates to choose, which is always good)