Looking for Bankers for 1st Buy & Hold investment property

[Ivy Hailey]

Good day!

I have started contacting as many banks as I can for my 1st investment property. I will be house hacking in Baltimore City, Maryland. The property will have to go in my name initially, so I can reap the benefits from my job assistant program. Also, I am going to obtain a 4 unit property. I was wondering if anyone knows of any bankers and banks that are great for investors that can assist me in Baltimore, MD. If so, please do advice. Thanks in advance for your assistance and time.

Peace be unto you,

Ivy

[Stephanie P.]

@Ivy Hailey

Best product on the market today is the FHA 203K for what you're trying to do. Fannie Mae Homestyle only goes for single family (at the increased ltv) and if you're going for units and you're going to live in the property, FHA all the way. As to the deal you're getting, personally, I wouldn't do an ARM yet. Fixed rates are too low and have only one way to go; up. Get an ARM when rates are at 11. If you have funds for the down payment and the closing costs, go with an FHA 203K. Great program and I know a guy (we don't do them at US Commercial) who can get you closed in 30 days.

Think about it; you get a house that's a bit run down in an area you want to live in, you get to fix all of the units up the way you like them with the bank's money and then you get to rent them out at a premium because they're essentially new apartments.  Then you get to live for free because the tenants are paying your mortgage.

Love it.

PM me and let me know if you want his name.

Stephanie