Newbie Investor - Baltimore Vacant to Value

[Folashadé Shelton]

Hi all! Cheers 🍻 to my first post here on BP! I've been a member for sometime now but I typically take the backseat on the forums soaking up as much advice/knowledge as possible while saving capital. I currently live in Raleigh, NC but interested in investing in Baltimore, MD (where I had attended school) due to the low property cost and the redevelopment I see occurring in certain neighborhoods. I'm an eager desired newbie investor — haven't taking that leap just yet. However, I had a thought and wanted to run it by a few minds to get a gist of how incredibly feasible or incredibly unrealistic its is. My first investment property (totally hypothetical) hope some folk have knowledge into the Vacant to Value program in Baltimore, MD. Scenario 1 Buy a multi-family property through the"Vacant to Value" program in a developing neighborhood. Purchase the property with a FHA loan and use a 203K loan to rehab the entire property. Scenario 2 Buy a multi-family property through the "Vacant to Value" program in a developing neighborhood. Purchase the property with saved capital since the property might be +/- $15K depending on condition. Take out a load to rehab the entire property. Live in one unit (for a yr if I go FHA route) while renting out the other unit(s) for market rent value since it's been fully renovated. Meanwhile the property appreciates rapidly due to the revitalization happening in the neighborhood, I've forced appreciation, and maximizing my incomes on the unit(s)... Thanks for your thoughts.