Has anyone worked with CR of Maryland?

Question

Greeting BP!

Has anyone worked with CR of Maryland? I'm a turnkey fan and heard of this company for the first time this week. I'd love to hear any good or bad experiences. How have you done with expenses, quality of tenants, turnover, cash flow, their property management team, customer service, etc.  Feel free to message me if you'd prefer to be discreet.

Thank you as always! Happy Holidays!

Eric

Joseph Crunkilton · Answer

Never heard of these guys. You always have to vet your providers thoroughly. There's a lot of companies on here that have very high ratings from other members.

Pretty sure Rent to Retirement has hundreds of 5 star reviews. I'd take less returns to work with a reputable company who is willing to put my best interests first.

Wendy Stclair · Answer

I invested in 4 properties from CR of Maryland in June of 2022 in various parts of Baltimore as part of a 1031 exchange taking $$ out of California. I knew it was a risky bet as Baltimore has much crime and systemic issues they can't seem to overcome. But i was in a pinch with a 1031 and had been advised CR of Maryland has it all figured out. They offered some decent closing incentives such as 1% back at closing table and 6% property mgmt for a year, 1 year warranty, and i THOUGHT rent assurance for 1 year (found out later they'd changed to 3 months only).  Also property taxes were incredibly cheap at $500 / year (expected to go up in about 3 yrs). The prices were certainly higher than i would have thought for marginal neighborhoodsn ($200-$230k)  but i thought eventually it would work out. Rents are pretty high in Baltimore ($1500- $1700 for this sort of home). CR had put significant $$ into renovations so these row houses were really like all new - roof, appliances, gutted throughout etc. it was understood that many of the rentals would be Section 8 which is a good secure investment. Upon closing with CR of Maryland, two of the 4 houses were rented fairly quickly at $1600 or so for a $200k house. The other two however have remained VACANT for 3 and 7 months now!  The issues seem to be Baltimore Gas and Electric takes forever to do an inspection - 3 months sometimes.  CR will cover rent assurance for 3 months but beyond that its on me. i'm now 7 months vacant on one property and i'm told the city has denied the application for Section 8 b/c there are "too many vacant properties" in the area. So i'm frustrated to say the least. CR has a team of property mgmt folks but the names and stories change. I'm increasingly UNHAPPY with their approach and lack of ability to get things done. So i would be hesitant to jump in with them if anyone is considering it.

Tim Jacob · Answer

200-230k are not marginal neighborhoods in Baltimore for single family rentals.  That price point should be able to get you into a B grade rowhome with 3 plus bedrooms and often times more than 1 bath.  They should be in decent shape.  For that range I would like above 1700 maybe up to 2000.  Turnkey or close to it B grade should not be too far off a 1% rule property in Baltimore.  This seems around .75%.  For that range you should not be having problems as you should be in B grade other than maintenance for capex that is missed but that is only a year or 2 and not vacancy.  .75% in Baltimore should be A grade with lesser vacancy and only potential initial maintenance.

Patricio Rodriguez Braun · Answer

We bought a house with them and have had nothing but problems. The rent was lower than projected, the taxes ended up being 4x the proforma amount. The area is much rougher than advertised. At this point, we'd be cash flowing $50 a month. We've had it listed on the market and can't find a buyer. Everyone says the house is nice but the area is not and with the taxes being so high, the numbers don't work.

We had one contract that fell through due to a credit issue. That buyer had an inspector that found multiple problems, such as termite damage to structural posts! The roof was not new as promised. It took a lot of back and forth to get them to fix it.

The properties they advertise continue to promise false taxes.

I would stay as far away from them as possible.

Ika Sargeant · Answer

@Wendy Stclair great feedback. I agree with those who say you likely overpaid. I constantly look for buys there and it seems they have too many good deals. But there areas I have marked that I think could yield good return. Baltimore is certainly an area you need to go in with your eyes wide open and with an agent who knows locals rules and all its idiosyncrasies.

Sara Frank · Answer

A lot of turnkey services in the city overcharge, although I dont think this is exclusive to MD or Baltimore

Kathy Pierce · Answer

Hi Wendy Stctair

This is Kathy and I have 4 properties with Cr of Maryland as well and i am aslo from California. I have  the exactly same situation you just mentioned in the story.

I am about to sell one of Properties because of the rental problem in  Baltimore.

while one of properties is waiting for section 8 rental to move in, the property was broken in and I have to spend so much $$$ to fix repairs and replace the appliances that were stolen. it is very frustrated situation.

Please ring the i can share some my experience with you.

Thanks

Kathy

Ozzy Sirimsi · Answer

I have not bought anything from them, but I see their deals all the time.

Most of them way over priced.

I think their model is buy dirt cheap, sell  very high and convince people by offering 3 years rent guarantee.  Many buyers will be shocked when they want to sell these houses they bought from CR of Maryland, but buyer's  need to do their own search, they are all open and very succesful.

Many buyers okay with hassle free option and they dont thing about future or emergency situation where they need to sell immediately.

Has anyone worked with CR of Maryland?

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