Advice Needed (Towson, White Marsh: foreclosed, rental, buying a house)

[soccer05]

I am looking to buy a place in either Fed Hill or Canton soon. I would then like to rent out one room in the house. Would you guys say it would be easier to find one person to rent in Fed Hill or Canton?

Also say in 3 or 4 years I would like to sell the house...would houses in Fed Hill sell quicker than Canton?

Thanks

[KLynch10]

No difference. Find the street, house, and parking scenario you like the best, and go all in.

Main differences in the neighborhoods. Federal Hill is easier to the stadiums, downtown, parts south and West. Canton is easier to parts North (Towson, White Marsh), and parts East.

[mrboltonman]

Buying a house and planning on selling it so quickly is risky. The closing costs will be a decent amount and you don't have any time for appreciation, especially in this market.

[davecj]

As far as renting a room goes, I don't think either would be difficult at all. Location-wise Federal Hill may net you a bit more but you will more than likely pay a bit more for the house.

For selling, no one really has a crystal ball otherwise everyone would be in the business. Going by the current inventory I would say Federal Hill sells a bit quicker than Canton but more often than not it is similar.

In order to do what you're looking at, you will probably need to purchase something foreclosed or distressed to get your number low enough that you have a solid chance to sell the property in a few years at a profit. I'm doing the same thing at this moment with houses in Fells Point and Canton that were both foreclosed but we also had cash on hand to do the renovations and work necessary to make it comparable in the neighborhood.

Feel free to PM me if you need some help or advice.

[KLynch10]

Canton and Federal Hill are areas that just keep getting better and better, and I definitely think they are becoming two of the nicest downtown neighborhoods anywhere. I think buying in is a great idea, because I think 10 years from now, they will be hard to get and worth a lot based on a lack of new development opportunities in the neighborhood.

If wouldn't give yourself a timeline, unless you are in grad school. Life doesn't seem to move as fast as you want it to unless you are spreading your seed if you get my drift. I thought I'd be in Fed Hill for 5 years or so... it's been 8 and I never want to leave. These markets will always be prime for rental as well. I don't have kids yet, but if I ever left... which I don't want to, I'd consider renting my house for years so I can come back later in life.

[jonjj]

My opinion: Canton and Federal Hill may be maxed out as more neighborhoods in transition come on board. A great possibility is mentioned above: Buy a home in either neighborhood that needs a lot of work. If you are capable of doing most of the reno yourself, money can be made. If however, you pay to have the work done, less profit (if any).
Basically, Canton and Federal Hill were two of the first neighborhoods to start seeing reno and improvement on a large scale. However, since that time, other neighborhoods (with larger homes) have come on board.
Think this one over carefully.