All Forum Posts by: Matthew L.

Were the nails removed too? if they're still in the roof, it'd suggest that they were overdriven through the shingle--a common problem when the pneumatic pressure is set too high.

@Account Closed Point taken. I've been focused on the Red Run/Painted Mills and McDonough areas. 

I used to go to the Owings Mills mall in the mid-90s when I was stationed at APG and can't believe how much it's changed.

Thanks @J Scott ! I really like Owings Mills and didn't mind the weather...but I'm appalled at what passes for sushi there! :-)

@Bruce Scott I'm glad that you found it useful. PM me if I can be of any help. I'm not nearly as experienced as many on here, but my experience is fresh and freely available.

Good luck!

@Joel Owens Thanks for the encouragement. I'm a firm believer that mistakes can be  more valuable than success, so long as one has the courage to admit them. 

@Account Closed Thank you for sharing your first-hand knowledge of the area. I personally I haven't encountered anything resembling a ghetto in Owings Mills, but my travels have been very limited. What areas would you recommend avoiding?

@Nancy Roth If I was local, I'd certainly look to the city for better cash flow. But as an out-of-state investor, I really want to be as hands off as possible, so I'm encouraged to sacrifice cash flow for lower maintenance properties and tenants.

That said, the great cash flow you and other investors are getting in the city is very tempting...

Great chatting with you!

@Nancy Roth Great question! You're absolutely right about the challenges of investing in CA. For me, once you're talking about hopping on a plane to see a property, the difference between Denver, Atlanta, and Baltimore is negligible. 

I went to grad school at Johns Hopkins, so I naturally gravitated towards Baltimore when I started thinking about out-of-state investing. I know a lot of investors do very well in the city, but the demographic trends aren't nearly as promising as Owings Mills. Baltimore is a city on the decline, whereas Owings Mills is one of two targeted growth areas in the Baltimore County Master Plan. 

Across the board, Owings Mills beats Baltimore on unemployment (5.6% vs 7.8%), projected job growth (35.8% vs 33.6%), population growth  (+53.2% vs -3.6%), vacancy rates (6.7% vs. 18.8%), and percentage of renters (51% vs 41%). When you tack on lower property taxes, newer construction, and more landlord-friendly laws, it just looks like a much safer place to park my money. Moreover, while I know we shouldn't count on appreciation, the above demographic trends suggest that Owings Mills offers better prospects than Baltimore.

All numbers are from bestplaces.net.

@Ned Carey Thanks for taking the time to comment on my post. You always provide great insight. I agree that the 70% rule is useless when it comes to cash flow. Still, I like it as one criteria for evaluating deals because it leaves you in a good position to pull your cash out later.

@Pedro Velez I got a lot out of The ABCs of Real Estate Investing, The Millionaire Real Estate Investor, and J Scott's books on flipping. 

A little off the beaten track: Every Landlord's Tax Deduction Guide. This book helped me understand the immense tax benefits of buy-and-hold investing. It also saved me a lot of money by helping me understand which costs would be deductible and which would only be depreciated. Did you know that you can deduct up to $5k of start-up expenses or expenses for your home office? I didn't.

@ Robin Secord has collected all of the books recommended on the podcasts if you want additional recommendations.

http://www.biggerpockets.com/forums/62/topics/1697..