All Forum Posts by: Raj A.

Through deal review and market research, I'm starting to narrow in on North Chicago (Lincoln Square, Lake View, Roscoe Village, Albany Park, North Center, Uptown, Andersonville, etc.) as an area to invest in LTR, given the great schools and amenities like parks, access to downtown, etc. Generally speaking, what do renters expect in this area? Do they expect that the landlord pays water, utilities, gas, etc.? Is that negotiated? Is it typical for LTRs to do x months locked in then month-to-month? Or month-to-month off the top? 

In general I'm noticing some great light rehab duplexes and triplexes in the area (less targeted to families, more for younger professionals) as well as SFRs geared toward families given the proximity to excellent schools in the area. If any existing investors can share their insights on what renters expect in the area, that would be great.

Much appreciated and helpful detail Ozzy

Makes complete sense Sean; thanks for sharing. And duly noted about the contracting detail too. 

Super useful Sean; thanks for this detail. Can you share broadly speaking how you've structured the MTRs? E.g. 6 month leases, early opt out clauses etc? Curious in general on how MTR works and also in particular why it works for those areas of Baltimore and Bmore in general. 

If and when you have a deal together you should cross post into the deal forums here on BP. There is a wealth of knowledge that is shared there and may also be a good place for you to take a look for ideas on how to structure your deal accordingly. 

Depending on what type of strategy you want to pursue (STR, LTR, etc.) I've found tools like AirDNA, awning.com, and even Redfin's analysis pages (https://www.redfin.com/city/1073/MD/Baltimore/housing-market, though they are fairly generalized and things can change neighborhood to neighborhood in an area like Baltimore, so your mileage may vary) to be useful in helping to establish some general comps. BP's pro tools are also great in terms of establishing potential rental value comps as well (though it looks like you're not a pro user). Talking to CPA is a great next step (and if you do talk to a CFP, make sure they are fee-based).

Where is the home located if you don't mind me asking?

Quote from @Sara Frank:

Quote from @Raj A.:

I've been researching a variety of different markets in and around the DC/MD/VA area and Hampden continues to pop up as a potential place to invest in. Are there any existing BP investors who can share their experiences investing in Hampden? On paper the area looks great but curious if others can share their experiences.

Hampden is a great area! I recommend a MTR strategy if you want higher cash flow. STR limited to owner occupants. Tons of demand for MTR (3-6 months). Happy to chat if you have more Baltimore questions

Much appreciated Sara! I assume that MTR demand comes from nurses/doctors on rotation at Johns Hopkins? Or rather, what drives the shorter tenancy demand? And in that sense, it's possible to have long term tenants but it's best to structure the tenancy terms for the medium term given the type of renters in the area?

I'd be interested as well

Bowie, Towson, Montgomery Village and Frederick keep popping up for me in terms of the metrics I'm looking at. Hampden is also a very specific area of Baltimore that seems promising though there has been local legislation limiting short term rentals in Baltimore recently. 

What strategy are you looking to pursue (short, medium, long term rental; fix and flip; etc)? Why specifically these areas (general interest, specific data or trends that jump out at you)? 

I haven't really looked at West Virginia at all but in Baltimore I'm specifically looking at Hampden (just west of Johns Hopkins) for long term rentals and some areas just outside Baltimore like Ellicott City, Towson and Bowie which is a bit further away. 

Generally speaking the DC/MD/VA area Isa well educated and growing population, with great schools in specific areas. So long term indicators overall look great but you need to dig into local areas to properly asses any investment.