All Forum Posts by: Account Closed

Hey Devin, I would also be interested in this! I am up in Maryland, so it might be far away, but I'll PM you.

Thanks for sharing!

Try @Tom Gimer!

Hey everyone!

Is anyone here investing in larger multifamily/apartment complexes? I'm super interested in hearing from anyone who has success in doing so or has tried!

Brady

Hey Nat, glad you're looking into Baltimore! Is there a neighborhood you're looking at where you're seeing the boarded up places? That would determine if I like the place or not.

I've spoken to owners of homes with broken windows, boards, etc, and sometimes they are in fine shape inside, the person just lost track of time/got busy.

@Douglas Harris PM’d you!

Hi Tom,

From what I understand (I'm going through the same thing currently), you would have to either refinance out of your FHA loan into a conventional loan first. FHA doesn't allow you to have two FHA loans at one time, but what you could do if you don't refinance is put 5% down on a primary residence under a conventional loan.

The only requirement is you live in your primary residence under an FHA loan for a year before moving out, which I think you have covered.

Grace and peace,

Brady

Hi BP Fam,

I have a question for a property that I'm looking to purchase. I have an off market deal in Baltimore that I'm looking to purchase. Right now, it's a framed shell that needs plumbing, electric, the works. ARV - $285,000 (super conservative, and that's in normal market conditions). I want maximum equity on it, so here's my question as follows!

A lender recommended I buy this using a Homestyle renovation loan. We plan to live in it and rent our current house, so I could put just 5% down. Has anyone used this type of loan before and can speak to it?

Another option I'm considering is asking if they would offer seller financing, and we could pay for the renovations ourselves. I would then refinance after the work is completed. This is uncharted territory for me, so if I'm missing anything, let me know!

So, all things considered, would it be easier to just use the Homestyle loan and refinance later, or should I go with seller financing and take more control of the rehab process?

Grace and peace,

Brady

Hey everyone,

My wife and I are looking to rent out our current SFH in Baltimore, and we want to move to another house nearby to BRRRR and do the same. I have an off market lead I got through networking on my block, and I was wondering if I could have some advice on how to land the deal and have both parties win.

The house was inherited from the parents of a family who own a remodeling business. They gutted it to flip, and over the past year I've only seen them a handful of times doing work to it because they said they didn't have time. 

They said that they are looking to finish the flip and sell this summer (I don't think this is true given how long they've left it vacant so far), but they said that we could essentially sign a contract to buy, allowing us to choose finishes, cabinets, etc. Essentially, it would be like signing on to a new construction. The ARV and price they would want to sell it for us $300,000, which would be a good deal for this part of the city, but I wouldn't have enough equity in it to BRRRR.

I want to expedite the process if I can, and I would love to have equity in the deal so that we can BRRRR it and expand. How would you go about this to get a deal in place and start moving forward?

Thanks for reading!
Brady

Keep chugging and try networking with your neighbors if you already live here! Most of my good leads these days come less from staring at the same houses on the MLS everyday trying to make the numbers work, and more from talking to my neighbors. That won't work for everyone, but from my experience, that's how Baltimore has operated for me.