House hacking a property you can live in while renting out other rooms and even the garage for storage is a great way to get started with minimum down.

A combination of an appraiser and cost/feasibility specialist is the best solution.

Here’s what she mentioned:The family left not because of the house itself, but because Baltimore’s public schools are bad.There were rats in the storage room, which used to be part of the backyard before it was closed off.The windows looked okay, but the roof seemed a bit off to me (I only saw it from the street/backyard).Inside looked a bit dim and seemed similar to the pictures online.She also said the house next door had electrical issues too and is also empty.

You want to try to get two bedroom units so the tenants stay longer and a basement or garage would also help for storage.

Step 1: Pull the Core Property Info (5 mins)I grab the listing from the MLS, Zillow or Redfin and jot down:Asking priceEstimated market rent (cross-check Rentometer + Craigslist/Zillow comps)Taxes, insurance, HOA (if any)Square footage and condition (rough rehab estimate)Year built, bed/baths, lot size💡 Pro tip: Bookmark a few rent comp tools and create a deal template in Excel or Google Sheets to speed this up.Step 2: Estimate Income & Expenses (10 mins)Income:Monthly Rent: Estimate conservatively.Other income: Laundry, pet rent, storage?

If I was to be a Guru in our REI strategy self storage I would charge $100,000 when the project hit 60% occupancy and then 3% of gross annual revenue forever once they hit 80% occupancy and $500,000 if/when they sale that location.  

A 6-unit property listed at $60K in North Dakota, especially near a college, could represent a substantial upside if the numbers make sense and the renovation is feasible.

@Xavier Perera If it’s financially feasible I suggest starting by house hacking a 4-plex.

Find an undervalued/distressed property...rehab it to rent out every available part (each bedroom separate, driveway/lot space for long term storage of boats/RV's whatever, rent out the garage separate as shop/storage space) you can to drive up revenue to fund the reno's and live in one room/unit for free while you reno the place. 

Over the last 12 months appreciation has slowed and sellers are reducing their price.3) Stay in the place as a primary residence and hold on until I could sell it at net neutral (maybe 3 more years pending how the San Diego market does) If the other options are not feasible, you may want to live there for awhile and enjoy the San Diego beaches!