September 15, 2017
As a rehab lender or rehabber, you need to know your turf. In other words, you need to know or be able to learn your neighborhoods.
An alternative here would be to work with someone who knows the areas; just be sure you can trust that person.
Why is this important?
When investing, you need to be able to see the difference between good, stable communities and those going nowhere.
We commonly hear stories of investors who want to start out small and they buy up a smaller, cheaper property. The mindset here is how could one possible lose money at such a low price? It’s a no-brainer they could make money at this price! Right?
The previous type of investor is commonly targeted by a vast majority of wholesale marketers who make their living churning out these tired, worthless properties. They prey on the inexperienced investors who see the low price and think they could easily be a landlord and make an easy living this way.
More times than not, new investors simply don’t have an idea of what really comes with being a landlord in these areas. If this deal goes south, you’re left with very limited exit strategies. And with investing, an exit strategy is always a good thing to have.
This is why you need to know your turf!
There are no free lunches, and quite often if the deal looks too good to be true, it probably is. This is why you either need to personally know your turf, or work with someone who knows the area. There are plenty of investment opportunities in Baltimore City which are at a lower price point while also being a smart investment opportunity. Here at Maryland Private Mortgage, we can help you with investing in these opportunities as opposed to those which will ultimately lose you money.
Baltimore City Lending Experts
Here at Maryland Private Mortgage, we are the Baltimore City experts. We know this real estate market in and out. As such, if you’re in need of a local expert, then you’ve come to the right spot. We help you can identify the best possible investments and we know when something is too good to be true. If you’re looking to invest in private money loans in Baltimore City, and need someone who knows their turf give us a call.
The Maryland Private Mortgage Lending Team