Beginning my Rental journey

[John Azike Jr]

Hey everyone, so I'm really intrigued by owning Real estate. But I'm not in a position to start right now. I'm currently a second-year nursing student on track to graduate in May 2022. I want to buy my first property one year after I begin working. I have been looking into different methods and house hacking stands out the most for me. So I have a couple of questions.

1. If I decide to buy a property that needs to be rehabbed, would I need an FHA loan or a 203k loan

1.a. = if I'm using the BRRRR method, what are the pros/cons of hard money lender vs, a loan from a local bank

2. I'm in the Baltimore area, so is anyone familiar with good areas to look

3. has anyone had experience house hacking specifically in the Baltimore area.

4. is it recommended to hire a financial advisor or a CPA when one begins to partake in real estate, (to help with tax questions)

Thanks in advance!

[Sam Lewis]

@John Azike Jr I househack in the greater Baltimore area and absolutely love it. I am able to live rent-free and am cash flow positive.

Hard money loans are great for funding deals that have the ability to appraise high with the right amount of work. That being said they’re not the best for first timers since there is more to lose than gain if it’s your first experience with real estate.

I always recommend starting with a property that is already in good condition where you can get a low down payment conventional mortgage and immediately start renting rooms and cash flow positive.