Funded single family purchase via state funded programs

[Jordan Taylor]

Investment Info:

Single-family residence buy & hold investment in Baltimore.

Purchase price: $230,000
Cash invested: $12,000

Purchased this deal with a MD specific program to wrap in my student loans which totaled 47k which was private loans at avg 6.5% current.

How did you add value to the deal?

By finding the ideal ratio and paying down my loans to a point where I maximized the absorbed student loan debt into the purchase price and minimizing the 3.5% down payment covered by the mortgage. Between Airbnb and sharing the house with a relative to cover mortgage expense for the duration of the required timeframe to stay as a primary residence. Then I moved out to rent the entire house.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Many lenders who do not specialize in these programs as they must be on an approved list to offer financing through the MD mortgage program. So check with your counselor which you are assigned via the mandatory homebuyer workshop when selecting your broker.