Beginner investor hoping to start out in Baltimore

[Sam G.]

Hi BP,

I have been reading real estate books, listening to the podcasts, reading the forums, and taking some online classes for a little while now and have decided that I should make a profile and start being more active. I am a young professional living in the Maryland/DC area with a 2017 goal of getting into real estate investing. My long-term goal would be to earn passive income through real estate to the point where I could cut back to part time at my job, while still having the financial freedom to travel and enjoy life. 

I'm currently looking at some of the nicer neighborhoods in Baltimore in hopes of finding my first multi-unit investment property. I actually posted about a potential property that I found in the "starting out" section of the forum. 

I would be interested to hear anyone else's experiences or paths to financial independence through real estate. I look forward to discussing real estate with you all and hope to work my way up to being a useful contributor on the forums. 

-Sam

[Joe Norman]

Drive around and you'll get a feel for the good ones from the bad ones really quickly.  If there are a lot of boarded up and vacant homes then you can reasonably assume that it is not a desirable area to live or invest in. 

As far as specific neighborhoods go, everyone has their own opinions.  I personally like Belair-Parkside, Barclay, and Greenmont.  There is also a lot of opportunity in Dundalk and Essex.  I know several successful investors who really like Belair-Edison, although I am not as strong an advocate for that neighborhood as they are.

Everyone you talk to will probably have their own opinion of what the "right"neighborhoods to invest in are, and of course there isn't one "right" answer. Do your due dilligance, drive around, check comps (both resale and rental comps), and find a mentor or partner who can double check the deal for you before you pull the trigger.

Good luck!