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Updated almost 10 years ago,
First investment property need suggestions and opinions where to start from.
Finally found the forum i was looking for...
I am new in U.S and just got a job in my field last year July... Been working on my credit from day one and my credit score on credit karma says 756 - 759 (Transunion/equifax). since i only worked for half year so I don't have much on my tax documents.
I'm looking for an investment property for myself (buy n rent out will not sell it for coming few years). I did some research and it was advised to put the property under LLC to protect from liabilities. I opened up LLC with single member (i know its not good practice). I call up one of the online mortgage companies just to find out the process and they started taking my info and i told them since my LLC is brand new with no credit history i wanna buy home under my name n later transfer it under LLC the guy freaked out and said u need to get business loan i said am open to the idea of not going with llc he just didn't wanna work with me.
So my question is:
Given am new in U.S would I be able to get a loan with only last year Tax statement and my pay-stubs. Do you know of any banks or lenders that will work with me i don't want the hard money lenders.
I can put down payment up to 20% or if needed a bit more depending on the price of home i want to buy in range of 70K-150K in MD.
I am looking for home that is at least in better condition or fairly new. Condo/HOA fee shouldn't be too high.
I am considering Montgomery village, Owing mills and Columbia in Maryland for Condo or either Townhouse. If there's any Realtor working in these areas feel free to message me.
I don't mind if its Short Sales or foreclosure as far as its worth investment and the realtor is there to work with me through the process.Please advise any realtors or mortgage companies you recommend.