All Forum Posts by: Sean Monahan

Baltimore is excellent if you know where to look and it conforms with your goals.  As you will see in the forums Baltimore is very Block by Block.  What are your long term goals? I am a buy and hold investor and agent in the area and I love Highlandtown, Canton, Fed Hill, Fells Point and parts of Baltimore County.  Cash flow was minimal at first but continues to grow every year and these A and B class areas have no shortage of rental needs and have had great appreciation for me.  Multifamily can be difficult to make cash flow initially in good areas but a strategy I've adopted is buying nicer homes and renting by the room to traveling professionals for a greater cash flow.  There is more work involved but the rewards have been great for me and my investing career.  

@Drew Borsody getting clients into the rooms is never an issue.  As a travel nurse I'm sure you've seen that one of the biggest issues is people trying to gouge traveling professionals.  If you fairly price the home or room and the nurse or other professional is able to keep part of their stipend it is advantageous for them to want to stay and collect more money for themselves while also decreasing your vacancy rate.  

I have to second what @Sara Frank has said.  This city is very block by block but can be incredibly profitable or can drain in you in an instance.  

@Drew Borsody feel free to reach out to me with any questions about renting to travel nurses and other professionals.  I have been using this strategy for years in Baltimore.  Being a travel nurse you probably have the contracts are generally 13 weeks (91 days) so that actually clears you of the str policies and makes you a ltr.  

Hi Cecilia.  I live and work in this area and I have six rentals in the area.  You're home is incredible and Canton is a wonderful part of Baltimore but that price is too high.  Airbnb does not work unless it is your primary residence here in Baltimore.  One option you may want to consider is a longer short term rental (those greater than 90 days) to comply with Baltimore legal standards.  

As an example I have helped two clients use a strategy I like to do.  I rent to traveling professionals.  Mostly travel nurses.  Their contracts are 13 weeks (91 days).  They pay a premium due to the short nature of their stay. If you price right, many like to stay for up to a year decreasing the amount of vacancy.  The draw backs are you need to furnish the property and cover the bills (water, electricity and gas).  Factor that in.  This has allowed me to buy nicer properties in better areas, cash flow them with the traveling professionals until rental increases come up to make it make sense at a full 12 month lease rental.  

Let me know if I can answer anything else for you!

Happy Investing!

@Andrew Postell @Ashley Cross Thank you so much for your input. It was a valuable lesson learned. Instead of it being a BRRRR that put money in the pocket I'm leaving 5k in the deal but still pulling $800 cash flow after all expenses. I should have done more research into the comps as there are so few. Thank you again!

Hello BP community and thank you in advance for your help.  Back story is I purchased a duplex and took it down to the studs for a complete gut renovation.  First unit a one bed one bath and a second unit took from a two bed one bath to a 3 bed 2 bath.  Just received my appraisal back and the comparable duplexes are few and far between one of which is a sale from three years ago, none have been renovated.  My appraisal came in at 169K when I was expecting over 220k.  I was told by the appraiser that they cannot adjust in comparison to single family or even triplexes and they don't factor in for a new roof, windows, electrical system and plumbing because it is nonsensical because no one would buy a home without a roof or electric.  I was thrown off because my sfr appraisals all account for the new materials and systems in place.  Is there a way for me to contest this or do I just have to accept that my duplex can only be compared to non-renovated older duplexes?

Thank you again 

@Andrew Kiel The value is there.  The plan is to pay off the liens and to do a mortgage modification followed by subject-to.  Working with the lender and sellers now. 

Thank you @Scott Wolf 

Hi Ankur Patel.  Welcome!  Do you have any specific counties (Anne Arundel, Howard, Montgomery, Prince George)?  What kind of price range are you looking to be in with your flips and BRRRRs? Do you have specifications for homes you'd like to flip and brrrr for example cosmetic or diving all in with full guts?  If you can give more specifics as to your plan I'm sure there are a few agents here that can help based on what areas they are most knowledgeable about.  For example I focus my investing and agent expertise in baltimore city, and county.  I know there is someone that can help.