Looking to house hack around the Baltimore City area

[Spencer Gonzaga]

Hi all, I am a newbie investor and learning all I can about house hacking and starting off my real estate journey. I am looking to house hack my first property around the Hampden/Upper Fells Point/ Remington/ Charles Village area and would appreciate any feedback on how to get started. Is it worth it to join a local REIA for resources and networking?

Thanks!

[Sam Lewis]

I echo Alan that joining a local REIA is a great way to meet other folks who are involved in real estate in your area. Househacking is definitely the way to go to get started... granted I was always told by mentors of mine that living in a property is ideal before going through with a non-owner occupied investment.

Ideally you can purchase a property with as little as 3-5% down, and ask for 3% back from the seller. You live here, and rent room by room and cover the mortgage and more.

As cliche as it sounds, think of real estate as a deep pond with a ton of lily pads to jump on. Aim for a lily pad where you can safely land (and not sink). If your first jump is smooth, you'll be more willing to jump to the next, more advanced lily pad.

My first home was my baby step lily pad. Now I am a BRRRR investor on town homes in Baltimore County

That being said, where can you see yourself living and having roommates? I typically recommend a location that is within 1 mile of a public university, 1 mile of a private university, 1 mile of a hospital, and 1 mile of a major company headquarters. That shouldn't be hard in Baltimore City, but again, things change quickly block by block - so I would consider changing the criteria to 0.25-0.5 miles, and finding an agent who knows the city really well (disclaimer: not me). 

If you can get 2 out of those 4 you shouldn't have an issue of finding roommates who you wouldn't mind living with - I would prefer doing it in the county though!