I have been following bigger pockets for about 2 years, and I have finally decided to take the plunge into investing thanks in big part to the stories I read on here!
I recently took a job in Columbia, MD and I am looking for a place to move into for a year, fix up and rent out the additional bedrooms while I stay until I purchase my next home in another year. My goal is for passive income into retirement, so cash flow > appreciation potential for this purchase. I am uncertain if I should go into multifamily or SFH homes. I do not care about location as long as it is within 45 minutes drive to work.
I have family in Little Italy, and thoroughly enjoy the city so I plan on being here for the long haul. I am pre approved up to $400k and have $40k set aside for potential renovations. I would love your advice on what I see as two options.
Baltimore County (SFH)
https://www.redfin.com/MD/Woodlawn/1815-Colonial-R...
Type: SFH - 3/1
Address: 1815 Colonial RdBaltimore, MD 21207
Price: $89,900
Mortgage $800 w/3.5% down
Rental potential for the entire home: $1,200 (based on rentometer)
Baltimore City (multifamily)
https://www.redfin.com/MD/Baltimore/2807-Guilford-Ave-21218/home/10849865
Type: Multifamily - 3 Units (2-2bed, 1-1bed in basement that needs permitting *potential red flag*)
Address: 2807 Guilford Ave Baltimore, MD 21218
Price: $199k
Mortgage: $1,850 w/3.5% down
Rental income potential with me living in the basement: $2,000 (Based on quick Craigslist research and the listing info)
I appreciate the help!!
