Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 7 years ago on . Most recent reply

User Stats

13
Posts
3
Votes
Stephen I.
  • Westminster, MD
3
Votes |
13
Posts

HMLs and PMLs in Maryland

Stephen I.
  • Westminster, MD
Posted

Hi Joe, i read your message on a post i am following. It's with regards to the subject above.

i am a new REI in Maryland and I have been a little reluctant contacting lenders due to a few reasons. I have a house in mind that is being offered for sale at $75,000 and based on the pictures i have seen, i am estimating repairs to be around $15,000 or less. I checked the comparable homes that were sold on the same street within the last 8 months and they sold between $145,000 and $160,000. I believe this would be a good investment but i have a few questions. 1. Should i schedule a viewing of the place first and go with a contractor so i can get an accurate estimate of the repair cost? 2. should i contact HMLs first to know if i'll get a loan so i don't waste nobody's time (i.e; the Contractor and the Agents) being that it's my first? I am not sure of my chances with HMLs because it will be my first and i can't do traditional loan beause of all the money i'll need to put down upfront. I have $10,000 to put into it. What are my chances with HMLs or PMLs and if my chances are good, please point me in the right direction. Thank you.

Loading replies...