House Hacking a Mixed Use Property as a Newbie

[Darren Samson]

i live in the suburbs of Baltimore and for the past 5 years I've wanted to house hack a multi-family building and I finally have the down payment needed today.

I've been looking in Baltimore County and City for these opportunities but a mixed use building just came on my radar. 

The basement is rented to a religious organization and the first floor is a barbershop. Both have leases locked in until 2028. The second and third floor is a 4 bedroom, 2 bath apartment which I would live in. It's a nice place and an upgrade to my current apartment I rent. 

The property is $400k and brings in about $40k in rental income without the residential unit. 

As a newbie I have a few questions. 

#1 Is it dangerous to buy a mixed use commercial property as a beginner? The leases are locked in, and I like that it's a barbershop and not a restaurant. 

#2 I love Baltimore city, but the population is declining. All of the BiggerPockets YouTube videos advocate buying in growing areas. Are there exceptions to the rule?

#3 If the basement and first floor are commercial, and the second and third floor are residential (where I'll live), can I use a residential mortgage loan?

Thank you for your help! 

[Matthew Becker]

Well the numbers are good.  You will have to get a commercial loan.  I generally would not invest in a place that is declining in population but if you are going to live there then there can be exceptions.   If you can get a loan and live roughly for free then I would if I planned to stay in th community.   Don't numbers.  Barbershop and churches are pretty recession proof.