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Old 09-25-2008, 06:57 PM
 
21 posts, read 100,282 times
Reputation: 15

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Hello, my husband and I are contemplating moving to Baltimore from DC. However, apart from a visit or two, we do not know much about the city.

We love renovating old houses and there seems to be plenty of them in Baltimore. The thing is - we want to do this for a living. Is there any money to be made either in buying, renovating and selling houses or buying, renovating and renting out houses in Baltimore?

Any opinions/advice as to the feasibility of making a living on real estate in Baltimore, long term and short term would be greatly appreciated.

Also, if anyone has any input as to neighborhoods; up and coming, safety, desirability, most potential to make a profit, good schools, nice to walk/live in etc that would be great!
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Old 09-26-2008, 05:01 AM
 
Location: Portland, Maine
4,180 posts, read 14,543,981 times
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People have made small fortunes fixing up homes in many neighborhoods in Baltimore. With the financial industry in trouble, doing that now would be a gamble. I would but with no expectation to make a profit for awhile and definitely thinking in the long term. Baltimore is fairing better than many places around the country but that does not mean it is a bed of roses.
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Old 09-26-2008, 10:30 AM
 
25 posts, read 108,850 times
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I think anyone seriously thinking of real estate as a way to make some quick cash is stuck in 2005.
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Old 09-26-2008, 03:23 PM
 
21 posts, read 100,282 times
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Default making aliving

DivineMSk, well thank you for your well founded input. Not.

My husband is a historic renovations specialist and I am an interior designer. We are looking to do this because we love old houses and because we love working with our hands. We are not into ruing houses with plaster and plastic but doing the houses up properly, ie we do not 'flip' houses - we restore and renovate them. We do not think we will make a fortunate, we just want to make a decent living.

So please anyone else out there who has any serious tips and knowledge about Baltimore to share, neighborhoods to look into etc - I would greatly appreciate it.
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Old 09-26-2008, 04:00 PM
 
Location: Portland, Maine
4,180 posts, read 14,543,981 times
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Quote:
Originally Posted by joden View Post
DivineMSk, well thank you for your well founded input. Not.

My husband is a historic renovations specialist and I am an interior designer. We are looking to do this because we love old houses and because we love working with our hands. We are not into ruing houses with plaster and plastic but doing the houses up properly, ie we do not 'flip' houses - we restore and renovate them. We do not think we will make a fortunate, we just want to make a decent living.

So please anyone else out there who has any serious tips and knowledge about Baltimore to share, neighborhoods to look into etc - I would greatly appreciate it.

Well, if you are serious, the following neighborhoods may be up to your liking: Reservoir Hill, Patterson Park, Highlandtown, Station North, Greektown. There are probably more. These are neighborhoods in transition; some have a way to go. But, you may still be able to find a home in one of these areas that you could work on and enjoy. Good luck.
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Old 09-26-2008, 04:23 PM
 
Location: Cheswolde
1,977 posts, read 6,778,718 times
Reputation: 573
Default A tough job

I admire your talents and dedication. But if you are hoping to sell accurately restored properties, presumably with rather aggressive prices, you will have to find buyers. It will be very difficult. You will be competing with an oversupply of unsold houses.
That said, you might want to contact the Neighborhood Design Center and see what their take is.
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Old 09-27-2008, 10:11 PM
 
Location: Mt. Washington, MD
5 posts, read 14,163 times
Reputation: 11
Default Making a Living

Well, it's obvious that the economy is suffering, but as a Real Estate Agent I come across many investors that are still rehabbing houses. I've seen more half rehabs lately as opposed to complete gut and rehab. I imagine this is because the less money you have tied up in a property, the more breathing room you have when it comes to negotiating price. I would do a little research and find out what people are looking for in the neighborhoods that you're considering ie: stainless steel appliances, upgraded light fixtures, upgraded kitchens etc. I would probably do a Comparative Market Analysis of houses in a neighborhood and work your way back to purchase price, see if you can actually rehab and include profit for the difference. Just my 2 cents.
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Old 09-27-2008, 11:16 PM
 
234 posts, read 1,058,812 times
Reputation: 66
You'll have a very hard time buying/rehabbing and selling houses in Baltimore if the goal is making a living. Lots of people made lots of money doing this over the last 10 years, but those days are over!!
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Old 09-28-2008, 10:04 AM
 
Location: Bolton Hill
805 posts, read 2,105,359 times
Reputation: 241
I think right now it would be difficult to make money flipping houses anywhere. Check out CNN for more information about the financial crisis

Last edited by 7th generation; 09-28-2008 at 03:45 PM.. Reason: orphaned content. the post you reference has been deleted.
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Old 09-29-2008, 10:13 AM
 
25 posts, read 108,850 times
Reputation: 11
Quote:
Originally Posted by joden View Post
My husband is a historic renovations specialist and I am an interior designer. We are looking to do this because we love old houses and because we love working with our hands. We are not into ruing houses with plaster and plastic but doing the houses up properly, ie we do not 'flip' houses - we restore and renovate them. We do not think we will make a fortunate, we just want to make a decent living.
That's the definition of "flipping" a house. You buy it cheap, fix it up, and sell it for a profit. The term "flipping" has nothing to do with the quality of the renovations.

But anyway... it is a buyer's market, and there aren't all that many buyers. You'd be competing against homes that have been for sale for some time, who are more willing to make a deal on the price.

Check the real estate listings... there are hundreds of renovated/rehabbed homes for sale, some have been languishing on the market for months, if not a year or more, even in the nicer neighborhoods.

I have looked at probably close to 50 homes (most of which have already been renovated. at least partly) in some of the nicer areas of Baltimore, since July many of them have dropped in price by $25K and up.

So good luck with that plan. ;-)
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