All Forum Posts by: Ian Barnes

@Antoine MartelMaryland is not the friendliest of landlord states

Baltimore is all about your crew on the ground.  If you don't have a great project manager with a solid GC, and a good property manager and know the city block by block you will fail and lose money.  The majority of rentals I buy on the ground here in Baltimore City are rentals from people that lost money cause they thought they could easily make big money from far away, doesn't work like that.

Please refer to my prior post about banks, M&T/FNB can not underwrite risky loans,(ie Up and coming=risky) as they package their loans and make them into mortgage backed securities and sell them to institutions, only local community banks underwrite riskier loans. Also as larger lenders M&T/FNB probably get their money from the Fed Reserve, and Fannie Mae/Freddie MAC have to insure there FHA loans, thus again, won't take risk. These are the 2 reasons why you should refer to banks I mentioned.

Not a chance M&T or FNB will finance unless its in a strong neighborhood.  Think Harbour Bank, Revere Bank, MECU, Colombo, etc

If you think the returns are high in Baltimore because its easy, think again.  The city doesn't care if your having tenant problems.  If your the owner its your responsibility to pay the water.  Add the amount into your rent.  If section 8 doesn't care, then your screwed until the lease is over.  Picking the right tenant is probably the most important thing in Baltimore, period, again, no one cares about your money.  All you are is tax revenue for the city.

There are maybe 4 PMs in Baltimore City that know what they are doing and understand investing in the city.  They all charge 10%.

Harlem Park and Mill Hill?  Wow, unless you know Baltimore block by block or are working with someone on the ground who does, don't invest in rough areas in Baltimore City, just go to the county and make a little less.

@Cassidy Burns, if you want 1.5% gross returns a month returns focus on Baltiimore County in areas like Dundalk, Essex, Middle River, Parkville, Woodlawn, Halethorpe, even some places in Glen Burnie.

If you want 2% gross Returns, focus in the city on 21206,21214,21213,21207,21215,21218, 21216(North of Northern Ave)

For more than 2% gross returns in the city, plan on being in a warzone.

I'm in fed hill and across the street from me, the landlord bought the property for 290K in 2007 at the peak and charges $1350 a month while losing money cause she doesn't want to upset her good tenants.  Easily could be getting close to 2K a month.  Most people shouldn't be landlord is the answer.

Castle Wholesalers  

Address: 1006 Wilso Dr, Baltimore, MD 21223

For some reason I can't post the phone number on biggerpockets