All Forum Posts by: Brandi Smith

Looking to purchase a long term rental in Fayetteville as an out of state investor! Been eyeing this area for the last couple months now, just trying to connect to locals to get a better input on the market versus what I can find online. 

Quote from @Jack Seiden:

Quote from @Brandi Smith:

Hi Jack! Thank you so much for the insight as well. We are waiting to get an updated street view with live video from that area as I have been told there are a bunch of investors coming in and rehabbing that whole area. We only did a video walkthrough of the property and I really can't remember what those neighboring homes looked like today. I have been told there is already a leasing agreement for that home at $1725 monthly rent, which is actually surprising to us because after researching we expected around the $1550 range. I have definitely gotten the idea that this area of Baltimore is very patchy. We input the address into spotcrime.com and it looked like a quiet area with no crime, and I definitely could see that 3-4 streets down were more prone to crime. Investing in our home town would be immediate negative cashflow, otherwise I 100% would much prefer that and see the benefit of staying local. The reason we were brought to this Baltimore team to begin with was the price point for that $416+/month cashflow just made the mast sense on paper at least (even with 7% interest rate and 20% down). 

We have so much to think about where we are now with all the insight we gained today. Thank you so much for taking the time to reach out as well. 

For sure, anytime! Just remember and I tell people this all time the actual cash flow you receive is totally different than your projected cash flow, cheap crappy properties eat you alive with vacancies and repairs, I’ve heard many many stories about investors in Baltimore buying turn key, either being unable to rent once the 1st tenant and/or having tenants or squatters completely destroy the place. You will almost certainly do better in reality in a higher quality asset either in Baltimore or locally or even and index fund/bond, than the theoretical returns you’d have on this property 

Another thing that really stood out to us about this home was that it was completely gutted in the reno and is practically a new build home with new build warranties. CR apparently has a rap (voiced from locals we've spoken to) to do a really great job on their renovations and their properties are apparently known to be the best. I did find out that the immediate closest homes to the one we are interested in are occupied, and not currently boarded up or vacant, so that was good to hear (the google maps street view is outdated). Thank you all again for you time and valued insights, we are really taking a step back at this point to consider everything. 

Hi Jack! Thank you so much for the insight as well. We are waiting to get an updated street view with live video from that area as I have been told there are a bunch of investors coming in and rehabbing that whole area. We only did a video walkthrough of the property and I really can't remember what those neighboring homes looked like today. I have been told there is already a leasing agreement for that home at $1725 monthly rent, which is actually surprising to us because after researching we expected around the $1550 range. I have definitely gotten the idea that this area of Baltimore is very patchy. We input the address into spotcrime.com and it looked like a quiet area with no crime, and I definitely could see that 3-4 streets down were more prone to crime. Investing in our home town would be immediate negative cashflow, otherwise I 100% would much prefer that and see the benefit of staying local. The reason we were brought to this Baltimore team to begin with was the price point for that $416+/month cashflow just made the mast sense on paper at least (even with 7% interest rate and 20% down). 

We have so much to think about where we are now with all the insight we gained today. Thank you so much for taking the time to reach out as well. 

Quote from @Ozzy Sirimsi:

I think most of CR of Maryland deals are expensive. 

To me Carswell is not a good area, I would only buy if it is really cheap.

$202k is probably pretty expensive for the area? It’s completely renovated, basically a new build, so we thought that price was good for getting a new build feel property with lots of warranties. That price is much better than what we see in our market in the Phoenix area, but maybe we are getting completely taken advantage of- even though this seems low priced to us because we don’t know any different in the Baltimore city area. 

Quote from @Russell Brazil:

Quote from @Brandi Smith:

My husband and I are about to purchase out first investment property in Baltimore! It is a turnkey that is projected to cashflow from the get go. We are long distance investors, so turnkey was the only way that made sense. We are still nervous as this is our first rental property. How do you like living in the Baltimore area? 

 Is this from an actual turnkey company? If so, dont do it.

Yikes! Are you familiar with CR of Maryland? It is a turnkey company. Thank you so much for your input. We found them through Rich and Kathy Fettke who we thought were pretty reputable. I would appreciate any input you have on the property at 1605 Carswell St Baltimore, MD 21218. Thanks again so much! 

Quote from @Ozzy Sirimsi:

exactly what @Tim Jacob said. Just post the address before you buy, many buy these turnkeys in very bad locations just because company guaranties one year rent and they are stuck with it.

 Wow thanks so much for your input! What do you think about this one: 

1605 Carswell St Baltimore, MD 21218

Quote from @Tim Jacob:

A lot of turnkey companies bank on out of state investors who don't want to be involved at all in the property.  A lot of them hope the investor never actually visits the property because its in a horrible neighborhood.  If you want to let me know the address.  I can help you.  I'm sure some turnkey providers are honest but so many are not.  They put a slick salesmen on the phone with you and try to sell you garbage.  Let me know.

Hi Tim! Thanks so much for the reply! I messaged you. Would love to connect and hear your input on the company as well as area we’re looking at. 

My husband and I are about to purchase out first investment property in Baltimore! It is a turnkey that is projected to cashflow from the get go. We are long distance investors, so turnkey was the only way that made sense. We are still nervous as this is our first rental property. How do you like living in the Baltimore area? 

My husband and I have a goal to buy our first investment property this year by using the capital we get from selling our current home. The net proceeds on our current home will be around $245K once we sell. We are about to move into a new build home (within the next two months) that has already gone up at least $100K in value from when we purchased it 10 months ago. Is refinancing right away something we should consider because of this significant increase in the value? Any tips on getting started with where we are in the current situation would be greatly appreciated! We have some student loan debt to pay off first with the capital, then want to put some into real estate investing if it is financially possible. Thanks for your advice!