Rental Expenses as % of GOI
Hi everyone,
After watching the webinar on getting started in rental property investing, I followed @Brandon Turner 's advice and have been completing 3 analysis per day. Some things are standing out to me, but they are better suited for a different post.
For this post, I'd like to solicit information from investors, agents, or anyone with their finger on the pulse of the Baltimore rental market. Specifically, typical expenses as a percentage of GOI for Howard Park, Barclay, and/or Greenmount.
As I'm going through completing a deal analysis, I'm left with a void for what other investors are paying for things like:
Insurance
Repairs
Vacancy
Electric
Trash services
Water
I know, I know. I'm also reading The Book on Rental Property Investing by B. Turner and, ironically, I'm on the chapter about forging relationships in order to have insight to just this type of information. Following his wisdom, I should be out in the world making these connections, perhaps not taking a "shortcut" on BP. My catch 22 is perhaps through this post the forging of said relationships will take care of them selves...who knows.
Lastly, since I'm exploring several different markets, if anyone has similar insight on Indianapolis, Kansas City, and/or Toledo, I'd appreciate any feedback you got
P.S. - If the neighborhoods I've scouted are less than Cs please let me know. I've went up to Howard Park during the day to look at a few listings and the areas seemed ok. Can't say the same for the Greenmount area.
Anyway, I appreciate your time and feed back on the matter.