Purchasing a property for residence and rental
Hello all,
I have seen other posts regarding the Baltimore real estate investments but they all seem to be out of date. I am relatively new to the area (10 months and counting) and have got a pretty good feel for which areas are good and which aren't.
Currently I am trying to purchase a 3 Bedroom property for around 200K (conven. loan) and looking to rent out 2 of those rooms for around $700 each. I am trying to make the monthly payments come out to $2000/month for the total mortgage payment (taxes and everything included). Hence, I'd essentially be paying $600.00 in rent and split the utilities. I also plan on putting away around $100-$150 per month for emergency situation. I am essentially asking the community to see if my plan is naive, stupid or improbable.
Also, if someone has done what I am trying to do and has done it successfully, I am all ears! I'd even take you out to dinner and would love to learn what you have learned.
My general interest locale for investment/residence are:
1. Canton
2. Highlandtown
3. Upper Fells
4. Butcher Hill
5. Little Italy
6. General area around Patterson Park
If someone has suggestions of other areas in Baltimore I should look into, I am all ears on that as well.
Thank you for reading this, and I am looking forward to this being an awesome and educative discussion.
Sincerely,
Jay Bhatt