New Investor - Transitioned Military Advice Baltimore/Annapolis

[James McDaniel]

Hello BP Baltimore!

I recently transitioned from Active Duty military and have a job opportunity I’m going to take in the Annapolis/Baltimore area. My wife and I just moved from overseas and our household belongs are in storage now for up to 180 days  paid for by the military. We want to use this opportunity to rent/AirBnB while we find a purchasing deal in the area over the next 6 months.

—Do you think AirBnB is the most viable option while searching for real estate deals? It would be furnished and allow flexibility to jump on an opportunity as soon as it arises. Or, should we sign a rental lease and just move our stuff into a rental property for a short lease? We obviously don’t know how long it will take for us to find a good deal. We also have an active dog so we would need to have a small fenced yard for obvious reasons.

—Additionally, the REI strategies for buy-and-hold that we are considering would be house hacking through a multi-family near Baltimore (since that's where most of the opportunities seem to be for multi family) or putting sweat equity into a SFH in Anne Arundel or attempting to reduce our mortgage by renting out a room or two in Annapolis for vacationers/events (as long as the numbers make sense for a follow-on rental property when we re-locate).

—How does this short-term strategy sound (buying time to purchase a property)?

and 

—What do you think about these long-term REI strategies for the Baltimore/Anne Arundel area?

Any advice would be greatly appreciated! We aim to be moving into a short term rental/AirBnB within 2-3 weeks. Safety is also a primary concern for us, which I know can vary significantly in this area. 

Thank you!

[Connor Corkrin]

Hey James - transitioned off active duty myself around 2 years ago, then did a deployment with the reserves and got back in July. I moved down here into the Riverside neighborhood once I got back. So hopefully I can give some semi recent info to you. 

As far as your short term strategy, that seems like a viable option. Maybe an extended stay hotel could be more cost effective too- not sure on the current short term rental rates vs. that. 

Where’s your job located? Baltimore to Annapolis is a bit of a commute (about 45 mins), so the location and how far you’re looking to commute can have an impact. 

I was also looking for small multis to house hack, they’re definitely a bit more scarce in the city itself. I’m house hacking with roommates right now, luckily I’m a bachelor and don’t have to worry about the extra concerns a family brings. 

If you are looking for the city, I’ve seen some properties with finished basements that can be used as studios. I think there’s one for sale right now actually in Brewer’s Hill, so that may be an option for you. 

If you want to connect let me know, happy to help in any way I can.