House Hack in Maryland Metro/DC

[Shirley Yousefie]

Hey BP fam,

I've been on this platform for years and doing some flips here and there. I've been really focused on trying to create a house hack deal to allow myself some room to save and take off on my bigger dreams in commercial real estate. I'd love to hear from anyone in Maryland metro area or DC who is on this house hack journey and have found any success. In particular I would love to hear about certain areas that work the best and any lenders that would be ideal to get started (I would love to take advantage of FHA).

[Russell Brazil]

FHA youd only want to use on a multifamily. Any thing other than that and you will want to use conventional. On a single unit property, FHA signals to the listing agent either a DTI or credit issue. There are low down payment options for conventional. Reach out to @Upen Patel, he is a lender in the area.

For house hacking, youve got 3 main options.

1) Legal Multifamily. Can be found in DC or Takoma Park. Generally rare and pricey due to the rarity.

2) SFH where you can add an ADU, Accessory Dwelling Unit. Can be done in Montgomery County, Alexandria, Arlington and DC. Each have their own regulations.

3) Do a rent by the room situation. Maryland can have 6 unrelated people, DC 6, and Fairfax County 4.