All Forum Posts by: Eric G.

Mike, I understand that, no one is debating whether or not to have a policy. When we are comparing sex offenders to marijuana convictions which are essentially night and day (for most states - Misdemeanor vs. Felony) and may  not even be convictions in some states that's a bit broad.   

"Are you going to hear out all of these cases and make a case by case decisions"?

....................YES!!

          I understand your point, but being convicted of malicious aggravated assault is much different than being convicted of minor marijuana possession. I mean, what type of drug conviction are we talking about here? Is this a small possession by a potentially (petty) Police Officer 7 years ago or are we talking about someone running an absolute grow shop out manufacturing and distributing out of their residence? I feel that's a HUGE difference and yes I do think you should (WITHIN REASON) make case by case decisions.  

  Welcome Ralph!

        I'm also a newer investor from Baltimore City. Right now, I currently own a two unit property near Johns Hopkins (Main Hospital). I love the idea that you're targeting these institutions as I truly believe these places (Hopkins Medical Facility, Universities, etc) will be the difference in long term growth here in Baltimore. Which Johns Hopkins are you targeting? The University, or Hospital? The reason I ask is because I've seen a lot of great properties in the University area (multi family at that) that I see as untapped resources. I'm referring to the large multifamily on St Paul, Charles... etc. I've ran the numbers on quite a few of them and rarely did I find a deal that didn't make sense. Personally, I would stay away from Coppin State. I've seen the school and surrounding area go downhill for a while. Morgan State would be a great target area. In fact, a lot of City Police Officers live in those surrounding neighborhoods and I see it going up hill with time. Either way, that's only my opinion,  best of luck to you.

-Eric

 Oh wow, hes usually been very attentive with me. I'm sorry that didn't work out for you.

Best of luck,

Eric

 @Ned Carey, if you're saying you've made deals at that price point, great I would love to find some well below that price range in the future. Right now, that's not what the market currently reflects but you have more experience in that so you're probably right. 

         When it comes to the neighborhood issue, you might want to "reconsider". York and Woodbourne isn't actually a "neighborhood". Were talking Woodbourne-McCabe and Winston-Goans/Richnor Springs. I used to work this area on a daily basis when I was with the Northern District (City Police). If you don't think so, I would highly encourage you going on a ride along with BPD on that post. Without getting into excessive crime stats, lets just acknowledge the fact there was a murder on 500 Richwood two days ago. Not to mention the double murder on the same block in late august. The York rd corridor in that area itself has seen over 2 murders in that neighborhood. If you don't consider that to be "anywhere close" to one of the worst neighborhoods in Baltimore then more power to you.

 Welcome !

If you're a Baltimore Maryland native I think you already have a great advantage in targeting properties and neighborhoods within the City. If you're looking more towards the Northern Virginia area, I think @Conor Reilly would be able to help you out with REIA meet ups or hard money lenders to connect you with like minded people.

Best of luck,

Eric

 Prove me wrong. If i'm wrong, Im wrong.

           If you found a multi-unit property for 72K, and 85K, you're in a terrible area. The only multi families even on the market near that price range right now are near York and Woodbourne which is easily one of the worst neighborhoods in Baltimore. Thats 521 Post in the Northern District which two years ago was the most violent post in the entire city. I'm not saying you can't find a DEAL but its very unlikely to make something work at that price point in an okay neighborhood in this market.

            I'm by no means saying that your numbers are off but I would be interested to see how you analyzed the purchase price and rental income in Canton. I actually encourage all of my friends to buy a property in Canton and rent the rooms out, most of them have taken my advice. Putting a room on the market in Canton is like releasing a new iphone, people just flock to your add. A house in Canton will never sit vacant unless you're way overpriced AND EVEN THEN. People love City life, the bars, and Patterson Park. No matter how bad this place gets, the market doesn't seem to slow down over here. Yes, the prices are a bit steep but the bedrooms consistently rent for $800-$1100 depending on parking/rooftop deck/location. My take on Canton is that as long as you don't over pay, you can't lose. I also feel like that could be a good building block for new investors. 

-Eric

Welcome @Jonathan Dawkins

        I am also a newer investor who is only interested in multi-family properties in Baltimore. I currently have a two unit property in the Southeast District of the City. First, I agree with everyone on this post who advises you to get your financing in order. I feel like it would be really hard/disappointing to put a lot of work into a potential deal to find out the bank won't finance it anyway. With that being said, yes, speak to your bank or financier first. Second, I think you might be a little low on the multi family price point as @Russell Brazil said. Most MFH at that price point are going to need a substantial amount of work. I'm no expert but I would think its accurate to say that a "turn key" MFH that needs no work will run you anywhere from 160-260 depending on the neighborhood. If you went into Canton or Federal Hill it can be substantially higher or even double that estimate. I have a list of MFH that are on the market right now, I would be happy to share that with you. (I'm not a realtor though)

Is there a specific reason you want to invest in Baltimore while living in LA? Also, are you planning to move back here because you could potentially occupy a MFH at a higher price by putting down less, just a thought to a potential strategy. Best of luck.

-Eric