First Time Townhome Househack Buyer in Frederick, MD

[Luke Councell]

Hey Everybody,

I am a first time homebuyer looking to play the long game in REI by utilizing my first home purchase as an owner-occupied househack. I'm currently targeting ~$350,000 3-4 Bed townhomes in the Frederick, MD area, ideally with a 3.5% ($12,500) down-payment. I've read most of the books that I could get my hands on, including BRRRR, Investing with Little or No Money Down, and a number of other investing and real estate books.

My current rental lease ends in November, and I am trying to time my purchase more or less so I have a smooth transition from renting to owning, to becoming a landlord myself. It is currently the beginning of February, and so I am wondering from anyone who has some knowledge and experience on buying homes, what are the steps and timeline I should expect in order to make this dream happen?

• I have already started to look into lenders. Found one who offers 3.5% down but the offer is only good for 90 days. Held off because that would put me at purchasing in April.
• I am looking into small renovation deals and new construction, although I understand Maryland has some tax benefits that do not apply to new construction. Additionally, the difference between those two choices are likely to have a very different timeline to being able to move in. Does anyone have experience with purchasing a new construction and waiting for it to be built?

Little things like this are the nitty gritty of why everyone doesn't do REI, and I would like to start learning as much as I can past the basics found in books, podcasts, and online.