FHA 203(k) Lenders in Baltimore

[Tristan Toliver]

Hello!

I am looking to purchase a multifamily property in Baltimore, MD. I was hoping to use a city program that has great perks but they recently ran out of funding for the program and do not know exactly when they will have the funding again (great timing, right?). 

To avoid missing out on what I think is a good deal, I was hoping to connect with an FHA 203(k) lender that has experience in Baltimore with a good track record since I do not know when/if I would be able to use the city program. Any suggestions? I would love to hear your experience with the lender as well, if you have actually used them or know somebody who has.

Thanks in advance!!

Tristan Toliver

[Kyle K.]

Hello @Andre M. I have used the Vacants to Value twice.  Need to be an accreditate investor with city and you need to agree to improve the property within one year.  It is to prevent the buy and hold investor you see so much of in baltimore.  This isnt an issue for the flipper unless you keep running into unforeseen isssues, just something to be cognizant towards.

One rehab was an investment success - a SFH in overlea. This was sort of a surprise to us becuase we thought we may have paid too much at the auction ($70,000). Other investors tend to drive the price up on SFH properties out of my comfort zone). It was also a surprise because this was a "as-is" property and when we got in we saw there was extensive flooding damage in the basement. Luckily, we knew a plumber and were able to install a sump pump system that drained out to the alley (a ton of hard work - digging a 3 ft deep trench 50 yards in the classic baltimore rocky soil). Other than that is was just cosementic rehab and did not have to put much more into it total of about 40K in costs.. Sold within two months after acution for 230K.

The other one we thought we could have created a duplex by tearing down the existing shell.  but we had a lot of NIMBY and community outrage about its affect on  street parking (even though we were going to provide a parking pad on the site).  We broke even.