What feedback do you have about Baltimore County in terms of overallinvestment potential?
Lead contamination was a real and significant problem. Maryland has made good progress in reducing child exposure. It still occurs today, often in owner occupied homes.
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I know there are good rental deals in the county. However that is not my area of expertise.
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Regarding city financing, there are many issues. Often properties are so inexpensive they are below minimum loan amounts. Sometimes there are restrictions like "there can't be a board up on the block" Well that eliminates virtually every rental area in the city! The main reason is known as red lining.
Baltimore buy and hold market
Lawyers are making quite a living, including buying nationalsports teams, by suing landlords of city properties. You can be sued up to 21 years after an "exposure" to lead paint. The lawyers are advertising in high schools for people exposed when
Without having specific areas/neighborhoods you are looking at it is hard to provide better advice.
Key would be a good property manager (and someone Nike Air Max Tavas White Pure Platinum Black
learning about why Baltimore City is tough to get financing in.
Just plan in your numbers when rehabbing that you are going to make your property lead FREE. I can't remember the investor here on BP that recently had a thread going about his litigation experience regarding a lead SAFE property, but it was a very eye opening thread. Only way to go is lead free. It is hard to meet the 2% rule for properties that are in good condition in low crime areas. 2% is attained easier when the properties drop under 50K. Most buyers are moving to the county to get away from the crime and board ups. Lead paint is an issue, crime is an issue, and the general condition of the properties. People just do not take good care of something they see has no real value to them. So you are in a good position if you are lending there. What I also find is a lot of the "turn key" providers are in those rough sections of the Air Max Tavas Black Jd city where tenants stop paying rent or lose their voucher.
I prefer areas that are slightly more expensive, where I can get better longer term tenants, they are easier to rent, and Im ok with going there at night.
well versed in Section 8 if you are looking to maximize cashflow and not looking for appreciation necessarily)and someone who can do THOROUGH boots on the ground recon for you. Baltimore is all over the place in terms of desirability and affordability.
Many properties are inexpensive because they contain lead paint and require extensive (50K) remediation to become lead free. There is almost no insurance available now for lead paint.
elsewhere in the US, yet. Have an x ray florescent spectrometer test run on your property to determine, then correct, your exposure.
Charles if you have tenant turnover/evictions with short term (1 2 yr) tenants, higher than average maintenance costs, repair costs, and loss of rent (during tunrover and nonpaying months) needs to be taken into account.
Blame the city itself. The city sued lenders for not making enough loans. When those loans went bad the city sued the bank for making predatory loans. I know of one former high up city official that bragged how mush money she collected from banks in the way of fines on the properties they foreclosed on. Any property older than 1950 (and 1978 effective Jan 2015) must register with MDE and test for lead paint at each occupancy, or make property pass as lead free.
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