So, last week I headed out east to Baltimore. Tough flight, after returning from LA the night before. If you have ever been on West Coast time one day, and East coast the next, then you know what I mean. It almost reminded me of when I was in the Marine Corps, and had to fly from Okinawa to Virginia, and then back to Okinawa two days later!
On to the story. I was in Baltimore for a final walk through of the
site for the April REI Expo, and to meet with a couple of local Real Estate Investor Associations (REIAs). I rented a car, so I could check out some neighborhoods. As a guy who has mainly bought houses in Texas, at first, it was a bit confusing. I use the REALTOR.com app on my phone to see what houses near me are selling for. It didn’t take long to understand that distressed sales in Maryland, are really no different from anywhere else. There were obvious indications that there are plenty of houses on the market that have been completely rehabbed, and there were several others in the neighborhoods that (based on the price) probably needed to be renovated.
While I rarely buy houses off of the Multiple Listing Service (I typically buy from the seller at the kitchen table), I could see the picture of opportunity shaping. One house (picture attached) was obvious that the adjoining property had been completely rehabbed, as had the properties behind it. To me, this screamed opportunity! After having lunch with Charles Blair (Founder of the Real Deal Meet Up), I was even more convinced there is a place for everyone in the Baltimore/DC Market. He spoke about his successes generating leads, teaching wholesalers, and some of the fix and flips he has witnessed. Some impressive stuff!
After finishing that meeting, and some good crab, we left the hotel, and I drove through some more neighborhoods. Dinner at The Prime Rib in Baltimore was wonderful! Scott Blair with Mid-Atlantic IRA arranged a dinner with Tammy Phelps and Andre Johnson (they run the District REIA). We talked about fix and flips in the Capital Region, multifamily investing, rent houses, and how new investors get started. It was a great dinner, and an even better learning experience for me.
What I am learning as I travel around the country is:
- Real Estate investing is sexy again.
- You can still get started by rolling up your sleeves and working hard.
- Every market has opportunity, and challenges.
- Those that are doing well have learned to focus their attention on the possibility.
- This is still the time to buy!
So, I have some questions for those that read this:
- What is Holding you back?
- What would you like to know about?
- Do you have a different take?
- Where should I go next?
Sorry about the crabby reference, I saw too many shirts in the hotel gift shop, and can’t get it out of my mind!