Is Baltimore city revitalization working?

Question

I live in DC and have not paid much attention to Baltimore, but this week I just realized there are houses in Baltimore being auctioned off onsite for as little as $5k. I can't find a house in NW DC for under $500k. Do you know how long Baltimore has been doing this and is its revitalization effort working? Where are some of the decent neighborhoods that I should consider and where are the ones I should still absolutely avoid? Thanks.

Account Closed · Answer

"revitalization" isnt working as a whole. Baltimore remains poor, jobless, and littered with vacant homes. "revitalization" does nothing to address said problems. as far as unloading properties, the government has attempted to get out of its own way to unload houses with the "vacants to value" program. Overall, many good deals can be had throughout the city for both rentals and flips....but one must know what they are doing to be successful here.

Account Closed · Answer

Thank you Ned for the kind comment.

I believe that every lead has some potential. Recently a seller called us with with a property that  we refer to as junk, said he'd take $500.00 just to get it out of his name, my associate met with him and wrote an offer for that amount subject to assignment. He sold it in 24 hours for $4,500. Not a lot of money, but we had a good lunch that day. There is a market for almost everything if the price is right.

Next, real bad neighbor, seller wanted to "get rid of it" (love those words...get rid of, dump it), a bar with a liquor license,  Pete put it under contract for $60,000 subject to a public auction, sold for cash in 11 days for $170,000.

Please reader do not interpret my comments as bragging, that's not what I do (too darn old for that), just wanted to say that you just never know.

One of the quickest way to make money is to find the owners of vacant houses in the city, find the owner and ask them if they want to sell, when you get a positive answer, the next question is do you need any money or just want it out of your name? You'd be surprise how many owners just want to rid of the liability and will sign a deed to you.

There is a market for everything.

Charles Parrish

Account Closed · Answer

I have been investing in Baltimore now for over 40 years, there are good deals everywhere, it doesn't make any difference what neighborhood as long as you can resell, auction, assign or flip in a short period of time. I am heavily invested in the Charles North area in Baltimore where  values are accelerating.

We are developing a nightclub, and a mid rise in that area.

Baltimore is in fact a great area to invest in but you need to do your homework and be aware of values and neighborhoods. You can get Rich or you can go broke. Make sure you're working with somebody who knows the area and represents you as a fiduciary representative.

Charles Parrish

Account Closed · Answer

@John Torres anywhere that isn't a "warzone", that financing can be attained by prospective buyers, there are prospective buyers,  and a "deal" can be found. no area is any between than any other....given the previous is satisfied.

Ned Carey · Answer

@Johnny Le baltimore can be block by block. In some cases we literally talk about the Good end of the block and the bad end. There is no secret though, you only need to drive though Baltimore to see the differences.

What neighborhood is one of the toughest questions here. Every zip code and most every neighborhood has both good and bad areas.

I agree with @Charles Parrish' philosophy (that is who I learned it from). The quality of the deal is more important than the neighborhood.

Janet Thaxton · Answer

the revitalization is going well. good areas are broadway east, fells point, druid hill park area- these areas are near downtown area. there are lots more, it just depends on where and what you want. Baltimore has been revitalizing for quite some time now. maybe 10 or so years. any area has its "problem spots" and I have been noticing that certain blocks are good although the next block may not be so good. but the whole idea is to make the city "fresh" again.

Account Closed · Answer

The Charles North Art District is around North Avenue and Charles/Howard/Maryland.

Sometimes you will do well by working with a new agent, someone hungry to do well as a real estate agent.  One way to motivate them is to offer them a percentage of the equity or cash flow you are able to create. Once they get a few extra dollars in cash or an equity position, they'll be your representative for life.  They will have to disclose with their broker what they are doing.

Good luck,

Charles Parrish

Account Closed · Answer

As a principal he can buy properties, make offers or flip properties, no real estate lic. necessary.

It's easy, take deep breath, smile and start by driving around neighborhoods and look for vacant houses. Now the hard part and most important part is finding the owner.

1. Write a note and put it on the door -

2. Go to SDAT.....to find out ownership - send a letter, call or visit them

3. Find out if it is in tax sale - if so make an offer to tax sale buyer to take assignment

4. Talk to neighbors

5. Go back to farming to find another vacant house - repeat process

Do this often and you'll find that property that will make you some money or equity. Don't give up.

Good luck ------ Charles

Account Closed · Answer

Thanks, Charles. I'm new to this, so I just want to buy a few  properties that require some fixes, but not a lot, and rent them out. Do  you know any agent that could represent me well? I can't see why any  agents would want to work on $20k-$30k properties. The commissions are  not even worth their time.

Is Charles North the area above Johns Hopkins University?

Thanks again.

Johnny

One way is to represent yourself on these low end properties.

You are right, agents don't want to represent low end buyers, there is not enough juice in it.

You may want to consider hiring a Fiduciary Buyer's Broker, this is an agent that represents you and gets paid by you.  This agent, if he understands the system can assist you in buying low end properties.  The concept is that the agent "list" you as a buyer instead of listing real estate.  The agent needs to understand that he is going to get paid on non-listed real estate eliminating the competition of the MLS, he has you a an exclusive client and can go wild making offer on expired listings and FSBO's.

Charles Parrish

Is Baltimore city revitalization working?

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