Baltimore, MD · Member since 2018 · 23 posts · 4 votes
Hi,
I live in Maryland, and I'm interested in doing a house hack. I want to buy a property and find a renter who can either cover or heavily subsidize my mortgage payment. A duplex would be ideal. Though, I'd also consider a a setup in which I could rent out something like a basement apartment.
I'm wondering if anyone can give me advice on areas to target. I'm looking for something $150,000 or less. I work in Owings Mills, so I'd want to be within 45 minutes of that area at most. I'll be living there, so I don't want a home in a dangerous area. Also, I'd generally prefer to avoid Baltimore City.
Does anyone have any advice on areas I should look at?
Real Estate Agent · Baltimore, MD · Member since 2016 · 520 posts · 379 votes
6y
Like has been stated I would consider a single family probably a rowhouse for the price you are looking for. I'd get one with with a full bathroom in the basement. Id like to note that legally you are only supposed to have a maximum 2 unrelated people live together in Baltimore county. This is mainly enforced in Towson and places with a larger college presence.
I will say for a househack consider places with a younger presence. Portions of the city are ok. Yes the laws are not in your favor other than the 1 I just described and taxes are high but I would really focus on a house hackable neighborhood. If you get the wrong people it could make the whole experience a nightmare. Location really does matter.
Baltimore, MD · Member since 2018 · 75 posts · 38 votes
6y
@Bob Jones You're going to be hard-pressed to find any duplexes for sale under $150,000 outside of the city. Even foreclosures in the different counties will generally be at least $200,000. I'm not saying it's impossible, but you'll really have to keep your eyes open for that and it'll probably need a significant amount of work. The only area that comes close that isn't Baltimore city that I can think of is Hanover, PA but that may be a bit more than 45 min. Possibly parts of Baltimore county like Dundalk.
Professional Auctioneer · Baltimore, MD · Member since 2015 · 1k+ posts · 1k+ votes
6y
$150,000 ?? are you paying this in cash for the right property or do you require financing?
If you are dealing with that much cash - there are way better ways to get a great return on your money. Need financing - "hard road ahead!"
Position yourself with available cash - a credit line, partners, better with rich relatives.
there are many ways to create cash flow - controlling real estate using creative financing, pro-active expired, post auctions, pre-auction pre foreclosures - delayed settlements, use of skinny contracts. referral networks, estates, land and lots and making many non-committal offers, violations and housing court. TO MENTION A FEW IDEAS that have been working for me over the 50 years of investing and auctioning real estate.
You might want to lay out a pro-active plan and work it daily. connect with others who are doing what you want to do.
wishing you good luck on building a great cash flow on an accelerated basis.
Real Estate Agent · Baltimore, MD · Member since 2016 · 520 posts · 379 votes
6y
Like has been stated I would consider a single family probably a rowhouse for the price you are looking for. I'd get one with with a full bathroom in the basement. Id like to note that legally you are only supposed to have a maximum 2 unrelated people live together in Baltimore county. This is mainly enforced in Towson and places with a larger college presence.
I will say for a househack consider places with a younger presence. Portions of the city are ok. Yes the laws are not in your favor other than the 1 I just described and taxes are high but I would really focus on a house hackable neighborhood. If you get the wrong people it could make the whole experience a nightmare. Location really does matter.
Investor · Baltimore County, MD · Member since 2014 · 466 posts · 439 votes
6y
@Tim Jacob, does the 2-unrelated-adults law apply to owner-occupied properties in the county as well? I didn't think it did but after researching some, it seems it applies to anything that's not deemed a "boarding or rooming" house (new law in December redefined this). So, I guess the law does prohibit you as the owner-occupant from renting to 2 other unrelated adults?
Ultimately, like you alluded to, the enforcement comes down to neighbors and parking (and maybe parties), but I was just curious about the law's technicalities.
@Bob Jones, since you work in Owings Mills, I would look into Owings Mills, Pikesville, Cockeysville, or Towson.
Real Estate Agent · Baltimore, MD · Member since 2016 · 520 posts · 379 votes
6y
its 2 unrelated adults for everyone regardless of if its a primary residence of the owner so legally a single person can only rent 1 room to 1 other person
@Bob Jones, have you looked at Westminster? That's a really easy commute to Owings Mills and they have a historic downtown with older duplexes. They'll probably still be in the $200-$250k range though, but maybe you could house hack a townhome or SFH in the $150k range. It's Carroll County too, not Baltimore County.
I live in Frederick and have a hard time finding duplexes too. There are plenty of really cheap ones in Hagerstown around $150k, but that's a much longer commute, and there's a reason they're so cheap ...