All Forum Posts by: Jeff K.

Hi Mindy! Welcome on board where there are lots of people who will give you their ear. Plenty of Baltimore/Md. people around to help out.

I would tell you that my first mistakes went hand-in-hand. Putting too much trust in people without fully verifying the information, and rushing into a deal. I wound up having to sell the property for a large loss after I had sunk a lot in the rehab already. An expensive lesson indeed, but one that has propelled me forward with wisdom.

One of the main things I would recommend is to network with others (as Nicole W. said) and assemble a great team of people whom you can trust (RE agent, contractor, lawyer, possibly a prop. manager if you wish), as they can help keep you on the straight and narrow. Without under or over-analyzing a deal you can find the right balance of due diligence and pulling the trigger.

Everyone makes mistakes, especially at first, but by having a good team, attending meet-ups and networking you can learn from other peoples mistakes!

Best of luck,

Jeff

Hey Matt-As was mentioned before just stick with your numbers. If your numbers tell you 60,000 is worth it, numbers don't lie. Don't be afraid to say no and walk away-and-don't get desperate for a deal. Buying high is where your mistakes will cost you and you will rue the day you bought the house. You also should consider why they have 1 offer on a house in a month and a half from an excited newbie that backs out? Is it the price or the house itself or something else that is scaring other people away?

Jeff

Welcome Jason. I live in the county but have a small portfolio of rentals in the City. You should set up your Keyword alerts for "Baltimore" as there are many County investors that chime in all the time.

Feel free to send colleague requests so you can get to meet and chat with people on a 1-1 basis.

Which part of the county do you have your houses?

Jeff

Welcome guys! Although my wife is not involved in my real estate business, I always consider her a partner!!

In addition to all the reading and research, I would suggest that you find an area that you like and ride/walk the streets to become familiar with that area.

Focus on possibly 1-2 zip codes or zones and become an expert in those zones. In Baltimore City just a few blocks could make a BIG difference.

You could also look at parts of Baltimore County. And you might be situated up there to look at parts of DE and PA as well. Don't limit yourself....

You will also need to assemble a team with at least a realtor, lawyer, acct, contractors and possibly management with knowledge of the areas you want to work in.

Feel free to reach out for help anywhere along the way!

Jeff

I have heard that section 8 tenants in Baltimore had been very picky over the past few years when the housing market crashed. People bought to flip high-end but then could not sell their houses. They waited it out, and paid their mortgages by renting it out, and they got more from section 8 than market! Tenants were getting granite countertops/stainless steel appliances, etc. However, since the tide has changed recently and there are buyers around, I don't know if there is still that need for people to rent their flips rather then sell-and therefore tenant expectations maybe more " normal"

Keep in mind that section 8 will pay more for "extras" such as ceiling fans, a microwave, and a screen door . I would guess a dishwasher would also be in that category. You have to way the pros and cons of some extra money vs the possibility of the screen door arm getting broken from constant movement, microwave walking if it is just a counter one, etc.

I myself have a section 8 tenant with a small kitchen so never thought about putting one in.

I do agree that tenant screening is important and dishwashers do seem to have a shorter appliance life in general.

PS I do like the Edmondson village area near Wildwood Prkwy and west. I think the closer you get to the county the nicer it is.

I also have a few in the city. Morrell park is near your neck of the woods-I think the closer in the city you are to the county the better off you are

Welcome to Bp. I am a Baltimore SFH investor and I also recently joined. There are great knowledgeable and helpful people all around. Where do you invest-city or county?Jeff

Welcome! I am an almost newbie that invests in Baltimore City. I have found it helpful to set up my keyword alerts so I get notified when my area of interest is being discussed. You can do this from your account settings.BP is a great place to learn from and use to help grow your RE business.

Hi all!

I have been reading BP forums and keyword alert posts for a while, and have finally gotten my time and act together to begin posting. I have been a SFH investor in the Baltimore area for the past few years and had my share of ups and downs with contractors, PM's, tenants, the city, etc. All the usual growing pains. Have gotten as much knowledge from BP as all my investing hiccups together!

I am looking forward to gaining and giving on BP for a long time!

Nicole, I would also check to see if there is a Homeowners Association in that area. A lot of subdivisions around Morgan State have those, and they have very strict guidelines for outside remodeling projects that need prior approval, specific colors and styles of roofing, windows and paint.

Good luck!