Hello everyone. I am looking to buy my first property. I am looking for a small multifamily in Baltimore City. My plans are to start by house hacking. Has anyone had any experience with this method in Baltimore City? If so, what advice could you share to help with this process? What areas did you target? It seems like the multifamily properties in the area are overpriced but I could be wrong. Also, if you could provide any recommendations for a lender that would be great!
@Neshe Bond talk to Scott Freitag at Eastern Savings Bank
You are right, multi families are expensive and rare these days, not many available in decent areas.
It is a good way to start but don't buy an overpriced one just to buy a multifamily.
You can easily house hack with a townhouse.
What size small? If it is above 5 units you may want to check out loopnet.com (not necessarily for the deals on there, but more so to contact brokers doing the multiunit deals. Let them know what you are looking for and keep in constant contact with them. If you aren't already, definitely attend local REI and meet ups and you can gain a wealth of knowledge from the seasoned vets there. PM me and I can share some that I have found valuable in my short journey.
@Ben Guttman thanks!
@Ozzy Sirimsi I may have to look into that. I just like the idea of living in one unit and having someone help me pay the mortgage. It’s just hard to find one.
@Courtney Rollins I’m looking for 2-4 ideally but I will definitely contact brokers and see if they are able to assist in my search. Thanks for the advice!