Looking for house hack near college campus

Baltimore, Maryland
House Hacking
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Looking for house hack near college campus

Gina Lincicum
Member since 2026 · 3 posts · 1 vote

Hello all,

I've been following BiggerPockets, learning from podcasts, books, videos, etc. for months now and have set my 2026 goal to buy my first property. I'm looking in Baltimore near JHU because I have a kid in school there who can live off-campus starting this summer. My goal for the next 2 years is to save on her rent (which I'm paying $1500/mo for on campus) while learning more and gaining confidence to purchase a 2-4 unit multi-family in a less expensive market.

Quick questions:
If I rent out the second/third bedrooms to other students, I know I have to set up leases. But when do you open an LLC to protect yourself? Or is that only when you have the LLC purchase a property specifically as a rental?

Do I have to live in this as my primary residence? I don't have another one--I'm currently house hacking by traveling and petsitting full time and haven't paid rent/mortgage in 16 months. I'd rather continue what I'm doing and rent the other rooms to earn the income.

Thanks for your help. Really excited to get started on my REI journey!

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Janice Carter
Real Estate Broker · Atlanta · Member since 2024 · 1k+ posts · 606 votes
8mo

Gina, great plan and smart way to combine housing savings with learning. In most cases, you don't need an LLC for your first property, especially if it is owner-occupied. Many investors buy in their personal name, use proper leases and insurance, and form an LLC later once the portfolio grows or for non-owner occupied rentals.

If you use owner-occupied financing, you generally need to live in the property as your primary residence for at least a year. If you plan not to live there, you will need non-owner occupied financing and should confirm local zoning and student rental rules. A local investor-friendly lender and agent can help you structure this correctly from the start.

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  • Russell BrazilBusiness Member
    Moderator
    Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
    8mo
    Quote from @Gina Lincicum:

    Hello all,

    I've been following BiggerPockets, learning from podcasts, books, videos, etc. for months now and have set my 2026 goal to buy my first property. I'm looking in Baltimore near JHU because I have a kid in school there who can live off-campus starting this summer. My goal for the next 2 years is to save on her rent (which I'm paying $1500/mo for on campus) while learning more and gaining confidence to purchase a 2-4 unit multi-family in a less expensive market.

    Quick questions:
    If I rent out the second/third bedrooms to other students, I know I have to set up leases. But when do you open an LLC to protect yourself? Or is that only when you have the LLC purchase a property specifically as a rental?

    Do I have to live in this as my primary residence? I don't have another one--I'm currently house hacking by traveling and petsitting full time and haven't paid rent/mortgage in 16 months. I'd rather continue what I'm doing and rent the other rooms to earn the income.

    Thanks for your help. Really excited to get started on my REI journey!

     Reach out to @Sara Frank. She specializes in househacking in Baltimore 

    [email protected]301-893-4635Podcast Guest on Show #192
    District Invest Group545 Reviews
    WebsiteView Page
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  • Janice Carter
    Real Estate Broker · Atlanta · Member since 2024 · 1k+ posts · 606 votes
    8mo

    Gina, great plan and smart way to combine housing savings with learning. In most cases, you don't need an LLC for your first property, especially if it is owner-occupied. Many investors buy in their personal name, use proper leases and insurance, and form an LLC later once the portfolio grows or for non-owner occupied rentals.

    If you use owner-occupied financing, you generally need to live in the property as your primary residence for at least a year. If you plan not to live there, you will need non-owner occupied financing and should confirm local zoning and student rental rules. A local investor-friendly lender and agent can help you structure this correctly from the start.

    1Reply
  • Tim JacobPro Member
    Real Estate Agent · Baltimore, MD · Member since 2016 · 520 posts · 379 votes
    8mo

    In terms of the primary residence the loan terms are better but there are advantages to not having it be your primary like claiming schedule e on your taxes where you can still take the standard deduction though Id ask an accountant for further pros and cons.  The city district attorney got in trouble for mortgage fraud by obviously residing in Baltimore where her job was then claiming residence in Florida where she owned an investment property.  She faced charges and was not reelected either.

    I would consider starting with an LLC since it will cost over 1000 to transfer it later.

    In terms of the area you are looking in neighborhoods can turn very quickly.  I do property management as well as being a realtor in the vicinity of Hopkins.  Also I have done a room rental for over 6 years now of a place right near it that has gone well.  You can do well but you need to account for maintenance and vacancy.  You really need to be in the right area as well as rough areas will be much cheaper but also your tenant pool will adjust as well.  Let me know if you need any help.

    1Reply
  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    8mo

    @Gina Lincicum

    Excellent strategy! I think considering your child's accommodation as a first stage is a wise, low-risk move to begin with. I think generally it is not necessary to have an LLC immediately for the first, owner-occupied type purchase most of the time, individuals buy in their personal names, obtain appropriate landlord insurance and add an umbrella policy, then switch to an LLC for future strictly investment properties. Also If you take out an owner occupied loan, the lender will demand that you live there as your main residence, hence if you do not intend to occupy it at all, you will need to consider it as an investment purchase from the very beginning and ensure that zoning as well as student rental regulations are fully understood.

    Good luck!

    [email protected]832-776-9582Podcast Guest on Show #469
    NETWORTH BUILDERS5236 Reviews
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