Can anyone fill me in on rehabbing in Baltimore? This is not the minmal fix it up to sell but the major investment in city houses from basically top to bottom overhaul.
Is this still a hot market and if so can anyone tell me where are the areas most favored?
Baltimore is a great place for rehabs. Your right though it is not quick and easy cosmetic rehabs but rather extensive work that might include ripping out studs and subflooring and replacing everything.
In my opinion it is a warm market and will soon fizzle out into being a stagnate market for a couple years. Last year I read somewhere that 60-70 percent of all properties were bought by investors. This does two things to the market. It revitalizes the entire city giving it a facelift. But also inflates prices.
If you want to stay in Baltimore your best bet would be to find a stable rental properties and wait out the storm that’s inevitably coming soon.
I would love to give you all the secrets on where the hottest areas are but then that’s one more person to compete with.
Ropes, what is your strategy? I think that contributes to how much of a rehab you will do. Additionally, you should set a standard for what you will do when you rehab - the quality of materials, workmanship, etc. Your local market is also a factor. You wouldn’t put top quality granite in a neighborhood that wouldn’t return the investment at the sale.
I’m in Baltimore, email me off line if you’re interested in a bird dog, or getting on my buyer’s list for wholesale properties.