All Forum Posts by: Steven Trumpet

Good post- even its a few years old...thanks.

@ Richard Forton...i agree with @Brandon Sturgill..its a super tough call. I own 3 rentals in & around Baltimore city so i understand why you might not have interest there...aside from that, I'd have a hard time giving up the cash flow you're enjoying. 

Is there a chance you could meet with a portfolio lender to combine the loans, pay one off & take a bit of cash out? That way you keep what you have & still go shopping... If you're super motivated to go big, I think you take the next few months, keep doing research. There's lots to be said about looking out of state in areas like Jacksonville FL, Mephis TN, Fort worth or San antonio Tx. I'm curious about these areas too but I'm still concerned about having something too far away. & depending on property managers to maintain my cash flow. Anyway, I think you're doing the right thing as there's lot of smart folks on BP so I'm sure you'll get some great advice....good luck on your journey!

Thanks @Jon Crosby! I've been wondering about using Airbnb vs the traditional method & having this data would be super helpful!! 

My friends Dad is selling a commercial property & while we both invest in real estate we're unsure of the process & what a fair interest rate should be. 

The last time I read up on this, I remembered the importance of having the lien recorded etc. So far, my friends Dad & the buyers have attorneys and they're offering 4.5% with 10% down. Can you let me know if this sounds fair & what other guidance you can offer?

Thanks in advance!!

Steven

Thanks James A.

All fair points. And you're right. I've taken a few lumps in Baltimore. I started investing there because of the price points- but I realized the area isn't for the weak of heart. I learned about B-more's block by block nature & to be shrewd in my dealing w tenants & contractors. They were costly lessons but I still think the city & its better areas are promising. You're right about the Multi's...the owners know they have a sought after asset. 

 I need to start going to the B-more real estate clubs. They helped considerably. Maybe there i'll find a solid agent & someone ready to make a deal on a small multi? If you have additional thoughts/ideas I'd love to hear them.

Thanks!

Good info & excellent advice. Oddly enough, I looked at Hagerstown MD years ago. Chose Baltimore instead but I think in many ways they're very similar. 

Thanks everyone!

Hi everyone,

I have a question that I've been struggling with and would appreciate your advice. 

I have a full time job in technology but have also been an investor for 14 years. I've done a few flips but mostly i buy and hold. Today have 7 rentals most are local NoVa but 3 are in the Baltimore area. 

Over the past few years, as I've gotten older & started a family its been hard enough to manage and keep my properties rented. Its been years since I invested but I think i'm ready again. I've been interviewing my investor friends, agents & have started frequenting the local Real estate groups i used to belong to. 

As a buy & hold investor, I'm interested in the following but wonder what you think the best angle to pursue would be:

• Purchase a townhome/SFH as a local rental;
  • my research says Reston/Herndon are prime areas but it's been hard to find something other than a retail deal.
• Look to purchase multifamily in a nearby semi local area  
  • I've been looking @ Baltimore MD/Winchester VA as they seem good & growing.
  • I know many investors purchase out of state properties & do this successfully. I'm somewhat against this as its been hard for me to find good property management. My compromise would be to invest in growing areas that are within 90 mins from me- thus Winchester Va & Baltimore MD.

Anyway, thanks for taking a moment to read this. Would love to know what you've found successful & if the research i've done seems legitimate.

Thanks again,

Steven

Fair question. If it was me, i'd choose a good area so that once you're done renovating & its time to move, you'll have no problem finding tenants that "want" to live there. I found this out the hard way when I bought my first property in Baltimore. It cash flowed really well but when the tenant left, I couldn't find anyone for months to rent the place. 

A cliche that comes to mind is: find the worst house in the best neighborhood. 

Good luck!!

Steven

Hi Mercedes & welcome to Baltimore investing!

I just looked for a property manager and wish I read Ned's blog; that would've saved me a ton of time. Anyway, they are out there but its rough finding a good one. I posted on Craigslist dozens of times but when i asked for references 98% didnt respond. The few that finally did, i asked them a series of questions & chose one that i thought would fit my needs (history working in blue collar/diverse areas, section 8 experience, lead cert experience). I think one of the other folks recommended joining a real estate club in the Baltimore area- this advice is huge!! These clubs are great for networking and getting educated & they'll share the best property managers, contractors, attorneys etc so you limit dealing with the "others" out there.