40 year old virgin ( condo? SF? Multi-family?)

[Jesse S.]

So... if we are being completely honest I’m not 40 yet, but I turn 40 this year. I have never owned a home so I am hoping to take advantage of any first time home buyer programs in the DMV (D.C., Maryland, Virginia).

I’m thinking a multi unit will probably be my best bet in order to catchup.

Below I have a few questions for the more seasoned folks:

-how does qualifying for loan work when you are expecting income from tenants

-how do you find properties (they go fast here in DC)

-how do I figure out if it is a good deal or not based on the numbers

-should I pursue a commercial property and co timid to rent?

- should I start with something smaller and grow from there?

-is there a way to hack a single family home by renting a portion out

- what are good resources to find a property and determine whether it is a good deal or not

[Russell Brazil]

Welcome to BP @Jesse S.. Multifamily is generally a great investment in the DC area....but its among the most competitive niches in our ultra competitive market. less than one 10th of 1% of the metro areas properties are 2-4 units.

House hacking a single unit can be a great strategy. Renting by the room is the best way to maximize rents in the DC area. @Ron Gallagher is killing it using that method.