I am from California and moving to Baltimore. I have this idea that I will buy a 2-3 Bedroom town home while I am over there for grad school and live in it and rent the extra rooms out to help may the mortgage.
I guess I am very novice and am still toying with the idea. I am looking for any help or insight that anyone has that would help me in this process. Any experiences? reasons this could work or not? or any law or incentives that exist in Maryland?
I will be out there in early February and am also looking for any connections to real-estate agents or investors that could help to show me around a bit and look into this possibility. If anyone has any connections or experiences that could be helpful to be in this, I would be grateful!
Thanks in advance,
Welcome to BP and Baltimore!!!
Depending on where you buy the house and how much it is etc.., it will definitely work. Don't know know which school you will be in, and what your budget is but there are nice areas you can live and easily rent your place.
If you provide more info, I can give you better ideas.
@Kristen Mathias look up some of the real estate clubs in the area. There are so many that one is likely having a meeting at the time you are visiting.
@Ned Carey thanks for all your help.
@Ozzy Sirimsi hey thanks for your comment.
I am going to JHU on the medical campus. Looking at places in Patterson park/ Orleans Street or upper fells. I am interested in finding a place that is 3-4 bedrooms or 2-3 with a finished basement and preferable 2-4 bathrooms. I am looking to pay $150-190000 but preferable on the lower end.
Also on another note. Do you happen to know the avaerage closing costs in Baltimore? Thanks.
Orleans St is a definite no-no in terms of safety. Patterson Park/upper fells/Canton are better but can still vary by block or street. You should be okay the further south you are from Fayette st. It might not be easy finding a "good deal" in your range, but there are a lot of properties that support your model, basically rowhomes shared with other students or young professionals.
Keep us posted.
@Kristen Mathias hi Kristen - I am a Realtor in Baltimore, pm your email and I’d be happy to chat with you about the market in that area