Where To Invest, Germatown, Frederick Or Hagerstown?
Please investors that have experience in these areas in Maryland please respond with your much needed insight and input. The information is needed by a newbie investor.
what type of investment? singles or commercial? long term or flip? give more info...
and how deep are your pockets? germantown vs hagerstown very different markets.
what type of investment? singles or commercial? long term or flip? give more info...
and how deep are your pockets? germantown vs hagerstown very different markets.
I am looking at singles for now since I am just trying to get my feet wet and will later on go commercial. I have been doing some reading and most of the authors suggest that newbies like myself should start with single family homes and then move up when comfortable enough. I want to go long term for now so I can increase my net worth and also because of the state of the market but ieventually and depending on the situation I will start flipping. Right now I am looking at getting distressed properties, renovating them and rent them out or doing rent to own on them.
My range for houses is anywhere between $50000 - $200000 and $10000 - $50000 to be used on renovation of the houses if need be.
Since you are more experienced, looking at my situation what do you think I should do and in what market. Feel free to suggest any other market in maryland that you think is more profitable
Here is my 2cents:
1. You are in an excellent market: Laurel is a 4 county hub w/extreme diversity. Why go elsewhere?
2. The further from home, the harder the job. If you are rehabbing it is hard to connect, watch, see, hear, hire, watch. If you are the landlord it is harder.
3. Did you mention the above areas for reasons? What are they? work? Each area would have strengths and challenges. More counties, contacts, companies, to network with, etc. Keep It Simple.
4. If you are buying to rehab and flip in the same area that is a different strategy than buying to keep as a rental long term.
I have different responses based on your plan. When I look at your 3 areas I think: 1. Germantown/Mo. Co./ expensive/trendy/quicker appreciation in a moving market/high rents/ 2. Frederick/continued growing market completes the DC-Balt. triange hub/diverse market/growing rental prices/riskier rental market/ 3. Hagerstown/longterm cheaper, cheaper rents, riskier rentals, fringe market for long term appreciation.