All Forum Posts by: Jeffrey Ward

Thanks! That's really helpful! 

All,

I'm shopping around for a good property manager that knows the Pen Lucy market. Let me know if you've had any good experiences.

Thanks,
Jeff

Thanks! The neighborhood is really what I was looking for input on. That's really helpful to know even if I don't go forward with this one.

That's actually priced as a turnkey price believe it or not. Recently rehabbed in 2017. They are even willing to leave the furniture, which would make it a decent student housing option, but I haven't gotten that far. I think I'd prefer consistent tenants over that, so the furniture might be more of a burden in that case.

Running some conservative numbers looks like it's more of a 3% CoC return. I don't believe their expenses are so low. Seems kind of unbelievable. But trusting their numbers gives closer to 10-12% CoC return.

All,

I was wondering if there were any savvy Baltimore investors that could help me out. This looks like a decent deal, but I'm not sure if the neighborhood or something obvious is going on that would drop the returns.

https://www.redfin.com/MD/Balt...

Thanks,

Jeff

@Sebastian E. Thanks for the detailed reply! I would love to buy a block as well, but that would probably require some off-market dealings. I also noticed that a ton of the lowest priced ones were actually auctions and that was the starting price.

@Shawn Ackerman, yes most are in "D"ish neighborhoods (Baltimore has a reputation for a reason), but some are just really distressed Cs. In either case, I absolutely was looking to go with a firm, but reputable local property manager. I was also thinking Section 8 would be good in the upcoming financially difficult times. It would allow some level of guarantee for the rent.

Thanks for the replies! All really good to know.

@Joseph A. Thanks! Agreed!

This one is probably more of a shell than some of them. I haven't walked any of them, and partially was posting to see if anyone has bought them to know what gotchas to look out for. Just using the pictures, I would guess at least $40,000? So I guess the point is, $30,000 purchase + $40,000 rehab + $10,000 misc (closing, holding, etc.) = $80,000. So if the comps are $100,000 (which since that is listed, is probably too high), maybe that's not worth it.

Some of these places are in better shape and only $15,000 though. So this could just be a bad example.