I just came back from a quick tour of several pockets of baltimore i havent explored before in hunt for my owner occupied investment property. Areas off Liberty Heights ave are full of large detached homes that seem to have great potential...but for what? I saw plenty of multifamily properties in these neighborhoods but i am not sure what this area is in need of. Would rental units do well in this area or a buy and flip? What type of people live here? working class?
Also, i checked out some properties in bolton hill. absolutely beautiful row homes. I see rental units working great here due to the proximity of MICA and downtown. But what are the neighborhoods like from a person who has lived in this area? Has anyone on BP owned rental property in Bolton Hill?
Thanks for any input on the topic!
Certainly it depends on where on Liberty heights or nearby you are speaking of.The area i full of monster size houses. The size will certainly drive up your costs and I would not be confident I would find a buyer given the prices. However i do know a gentleman that has done a lot of renovations there and has done quite well. I know very little about the rental market there, other than many of those large houses have been converted to multi family.
Bolton hill has a lot of multi family properties. They are too pricey for me but it is a pretty stable neighborhood. I suspect it is a very nice area to live. Also Mount Vernon would be a very nice area for a small multi family to live in, as would Charles village. All of these are too expensive for my budget right now but I would be willing to live there and would love to own rentals there if I could afford them.
All sorts of variables, no universal answers exist
@Ned Carey yeah those monster houses are something else. the overall square footage of a two bedroom unit here could be double of what you would get downtown but does that mean you could charge more in rent?
just looking for opinions of each neighborhood...
The best way to find out this information is to attend local REIAs and speak to those investing in those areas and there are people investing EVERYWHERE in Baltimore. Some suggestions are -
The Real Deal Meetup
The Baltimore Washington Investors (BWI) Meetup (my personal fave)
and probably more I don't know about. You can Google them all. BP does not endorse any of these groups; many of them are attended by multiple BP members.
anyone else out there that can give input to the liberty heights area? 21215? northwest baltimore?
@Kyle Gregg there is nothing wrong with asking the question but you don't learn the market by sitting behind a computer. You learn it by going out into the market and looking at properties.
@Ned Carey I've been making my rounds through the area on several occasions but theres only so much a drive by can give me. Personal experiences with the area is what I'm after.
I think I'll be doing more research around my area of highlandtown.
@Kyle Gregg did you see any properties being rehabbed? Did you stop and talk to the investor or contractor? Have you checked auction sites, (Local not online) and looked for auctions in the area and gone to them to talk to the investors from the area?
Have you been to any of the local REIA groups and asked there about investors in that area? That is where I me the one guy that I knew who worked there. (Sorry don't recall his name. )
Thanks Ned, thats really good advice. I personally did not see much activity during my drive around the area. One open house and a house getting roofing work done. Ive been noticing a LOT of "Total Rehab" bandit signs all over baltimore. i wonder whos being all of those.
Ill be attending my first meet up on weds!
@Kyle Gregg If that is the BWI meetup be sure to say hi.
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