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Updated over 4 years ago,
New to real estate looking to house hack with FHA / FHA 203k
Hello BP Baltimore Community, my name is Dagem. I'm 23 yrs old and a recent college grad working full-time. I was always interested in the topic of real estate investing but I never really took any action. Recently, I've been educating myself by reading books, listening to podcasts/audiobooks, etc.. and I'm ready to get started. I'm currently renting in Baltimore City Area, and I'm very interested in house hacking once my lease ends in Jan 2021.
I'm planning on purchasing a single-family home with at least 3 bedrooms and rent out the other rooms to cover my mortgage expenses, and maybe get a bit of cash flow. I've taken the first step of talking to a lender and I was pre-approved for $220K with 3.5% down, FHA Loan. I've also talked to my lender and was told I can also do an FHA 203k renovation loan. And I'm leaning towards getting a 203k renovation loan because I have time for all the paperwork and work that needs to be done.
I would love to hear your opinion on
- whether I should do an FHA or Fha 203k
- which neighborhoods I should be looking at?
would also appreciate some recommendation for a realtor that could help me find properties.
Thank You