House Hacking in Baltimore City

[Jasmine Benford]

Hello everyone! I am ready to start my REI journey! Ideally, I would like to start off with a House Hack. I'm curious to know if anyone has house hacked in Baltimore City and what areas you may suggest. I work downtown and would prefer to hack [near] downtown as well! I would like to enjoy living near where I work. Thank you!

[Sebastian E.]

Hi Jasmine,

I have also been looking at some similar type properties. Although the prices are obviously much better in Baltimore than in DC where I am there is a reason for it. Taxes are through the roof and regulatory hoops seem to be harder than even in DC where it's no walk in the park. Also similar to nuclear fusion, Baltimore has been 10 years away for 30 years. On a lot of the stuff I am looking at that was originally purchased in 05/06 is still 20% down today. 

With the house hack you have a big leg up on traditional investors because your short term returns don't have to be as high or immediate as those who are working with financing. I would suggest taking advantage of every new homebuyer program in Baltimore, make sure you are in a CHAP district to mitigate tax risk and find something where you can put in a few roommates or a duplex. 

Good luck and keep us posted!

Seb