All Forum Posts by: Chris Seveney

Sorry but this is my amusement for the day when you state you specialize in finding deeply discounted properties and your method appears to be soliciting on a real estate investor forum "I'm a licensed real estate agent that specializes in finding deeply discounted properties through foreclosures, probate, distressed sellers, HUD, auctions, etc"

Welcome to bigger pockets

It depends. If you are doing a BRRR hen I would say pay cash then refinance to get your cash out and if you did it right then you would have enough equity to get all of your $ back including the purchase and renovation cost. I have successfully done this on one buy and hold and the 2nd I am now waiting for property to season. Benefits are you are not paying high rates from hard money loans or interest on mortgage. Bad news is you have to wait six months to refinance If you are not doing any work to the home then I would say get financing immediately. That way you are leveraging the property and can acquire multiple properties when you only have to put 20-25% down versus 100%.

Matthew Kreitzer I have heard that in Maryland if there is a judgement against someone they can record it against a house individual owns property. This if there is no mortgage it would take first position. Is that true ?

If he is employed and just stopped paying thinking the banks will forgive the loan think again. Banks 6-8 years ago would forgive the loan but today they will not, they will go after the individual to get a judgement against them and either garnish wages or take any savings If he is not employed different story - but banks will not let someone just walk away and stop paying because they are upside down

Love the name

Quick question for Washington DC, Northern Virginia and Maryland folks.

I have a family member doing some work on a condo in DC, and they have gotten some bids but some of the contractors have a home improvement license and some have a general contractors license. I know in Virginia they are just GC licenses class A - C and in DC typically a GC license between A-E (E being $500k work), I cannot find anything online regarding the Home improvement license and what it covers on what the company can and cannot do. Typical of DC the layers to find something is extremely difficult (and this coming from someone who works for a contractor who knows what to be looking for).

@Anthony Black Welcome to the site. as @Russell Brazil who is a local realtor and resident expert will say, MF in Northern Virginia are far and between. If there is one that comes on the market, it is gone in seconds. The supply of multifamily in the NOVA is extremely limited. 

I cannot help you on VRBO or home away, but if you have questions pertaining to renovation, construction etc. I am more than happy to lend a helping hand

@Anthony Black

Neeta Welcome to BP. There is a large contingent of DC investors on this site who are a valuable resource If you ever have any questions regarding construction related items feel free to shoot me a message Chris

Justin Lenk How much are they looking for and how much down can they put?