All Forum Posts by: Andy O'Neal

@Andrew Wong, thanks for your thoughts! I like the idea of explaining how I plan to screen visitors and protect the property from bad guests - however rare they may be. 

First, I'll be furnishing the place to the tune of, say, at least $20k in furniture. I will install remote security, including front and back entry cameras. I'll also have individual entry codes for each guest (you have to love technology these days). We can also craft language for the lease that makes me specifically responsible for any damage related to guests (in addition to my own personal use). I'm hoping the double deposit also helps.

These homes are listed for, give or take, $2,000 / month and have been sitting empty for at least four months. In most cases, the listings have dropped 20% from their original listing rate. No one is making money on them now. 

I'm looking to buy a property in Baltimore use as a short-term rental full time via Airbnb. While working through the slower parts of the purchase process (financing through a small credit union), the thought occurs to me - Why not see if I could rent a home or two and do the same thing?  

I've read some posts here about owners angered by their tenants doing Airbnb on the sly. I understand. That's not what I'm after. I want to do this totally on the up-and-up with PMs and/or LLs being totally aware of my intentions.

I take for granted that landlords/PMs are going to be predisposed to reject use as a STR - especially full time.

What are some good ideas about how to approach landlords or their reps and assuage their worries?

My instincts say I should be very forthcoming - not even asking for a viewing of a listing until I've come clean about my Airbnb plans. 

I'll also assure - and even encourage the LL to put into the lease - that I will have a STR-tailored commercial insurance policy that will supersede homeowners insurance. (Propoer Ins, underwritten by Lloyds seems like the gold standard here.)

I would also be willing to put down 2 months rent as a deposit (max allowed in MD, I believe, and double the standard). 

I can also pay more, say 10% or even 15-20%, more than current list. In most cases, that is still will below the initial listing amount from when the properties went on the market in May, June or July.

I'm also only planning to approach on properties that have been vacant for 5+ months. The Baltimore market is slower than a lot of others and a lot of big apartments are coming on line. There appears to be diminishing demand for the 4 bedroom townhomes that I'd prefer.  

Many thanks in advance for any thoughts, ideas or practices that have worked in the past.

@Coles Mercier, congratulations! Thank you for sharing both the 'before' and 'after' of your decision. Threads like this show the beauty of the BP community. Best of luck with the new home and all the deals to come!!!

@Greg M. welcome! I am just about as new as they come to Baltimore RE and have so far focused on the areas immediately to the west of the stadiums. @Ozzy Sirimsi knows the town, as do many of the regulars here. I can wholeheartedly recommend sitting down with him. I've been impressed with how willing everyone is to chat about the scene.

Colin Eilts , welcome! I'm in a same (have some capital, starting out, looking at Baltimore after longing for D.C.) and different (can fully dedicate my time to learning a market) situation. I've liked what I've seen from Baltimore so far... it seems to have a little of everything. It also has every possible way to screw up. That said, I've driven between D.C. and Baltimore four times in the last eight days and it hasn't gotten old yet. I can say that the Baltimore pros are welcoming and the city is fun to poke around. Best of luck with which ever way you go.

@Account Closed and others here...  great info on a topic I've seen up as I poke around Baltimore listings. I now have it filed away as a non-issue in making a purchase decision that nonetheless must be dealt with. 

Because I found it curious, I mentioned ground rents to my girlfriend - a lawyer and future law librarian. In five minutes she shared this informative piece for people who want to read what probably is too much on the issue:  https://www.peoples-law.org/understanding-ground-r...

My favorite passage so far (asterisks mine): "The concept of ground rent in Baltimore and surrounding counties may be traced back to colonial times, when colonists who wished to settle in the area paid taxes to ***Lord Baltimore*** for the right to do so."

Gotta love any recollection of Lord Baltimore.

Ack...  the link: https://www.biggerpockets.com/renewsblog/rents-collapse-across-US/?utm_source=newsletter

To @Ned Carey's point, Baltimore appears on the "good chart" in this article's second section - The Rise of Mid-Tier Cities. Would also be interested in hearing perspectives on why Baltimore is maxed. I will totally allow that its property taxes are through the roof (at least compared to the few other markets I've poked around).

I'm also in the market for an investor-friendly agent... looking around the stadiums (either side). 

I am as green an investor as there is, but I'd recommend walking the neighborhood more than driving it. Maybe it's just me, but my spidey senses are a lot more sensitive - and so far, trustworthy - when on foot. I'm a fan of trusting the numbers, but if they are equal, I'd lean toward single family most times... only because whenever you eventually sell, the buyer pool will be huge compared to the buyer pool for duplexes. Best of luck whichever adventure you choose.