All Forum Posts by: Sara Frank

@Ike Opaigbeogu rent by the room is tough because you have to deal with drama between tenants. Might be easier to do a long term lease to a group in one house and then rent by the room in the home you just moved into so you can have some oversight. You'd make more money on rent by the room, but it can be a major headache if you're not there to manage. 

I agree with @Chris Mills and @Jack Seiden, there are spots outside of Baltimore City like Middle River and Essex that are seeing growth and have a strong renters market. 

Bummed I won't be able to make it, this game is so fun! 

Depending on the level of finish the prices could be flush. Basement is a messier project and could run you tens of thousands just for the underpinning especially if you need to make up 5+ inches. Another thing to consider is that a third floor would probably be more ideal living space since it's above ground and has more sunlight. On the other side of the coin you'd probably need to go through more permitting for the addition vs. the underpinning. I would definitely get quotes for both and see how they compare not only in price but in how much value they add to the property. 

Totally fine so long as they aren't two agents in the same market!

Welcome to the insane world of investing! BP is definitely a great place to start, and also Facebook groups. There will often be meetups advertised in those groups which is an awesome place to start with that invaluable face to face time. 

 Welcome to BP!! You've found a great community. I'd definitely check out Baltimore for an investment property. While the DC metro is good for long term appreciation (and even short term as we've seen in this crazy market), Baltimore has lower entry prices and can offer more cash flow off the bat. Goodluck with anything and reach out if you have questions. 

I agree with @Zachary Inman, especially in this tough market it's essential you have your own unique value proposition. Social media is a great way of doing this for free! A lot of agents have found success promoting themselves for free on social media vs. spending tons of money on the traditional tactics like mailers and door knocking. By making content that is educational and provides value to the viewer (your potential clients), you establish your credibility before even meeting them which makes them more likely to convert. Regardless of the technique you choose, consistency is key and don't be too hard on yourself. 

Hi Paige, welcome to BP! You're in the right spot to find the information you need. Many out of state investors will work to establish a strong team of "boots on the ground" that usually includes at least an agent, a contractor/handyman and property manager. You can find lots of recommendations for each by searching in the BP forums for the locations you're looking at.The agent can show you around the properties via FaceTime or take videos for you. Lenders can typically work from anywhere so you can use one local to you in Baltimore, or one more local to the area you're investing in. 

My recommendation would be to make a list of each of these potential team members and call down the list, see which ones you have a natural chemistry with since you'll frequently be on the phone with them. 

Hope this helps!

Welcome to BP, Tanner! I agree with Ned and Russell, there are advantages to each city but I'm partial to Baltimore for the lower entry point. I actually bought my first home here in Baltimore because I was priced out of DC. I rent the extra rooms in my house and it makes me living expenses essentially zero. IMO, as a beginner in REI, it's all about reducing your expenses so that every penny can go to saving for your next investment.

Hope this helps and good luck