All Forum Posts by: Chris D.

My borrower did a beautiful fix and flip in Baltimore City - got a contract where the buyer is getting a VA loan. New VA lender is in VA (boo hoo). Property has ground rent and we are being told VA won't fund unless ground rent is redeemed. Ground lease holder is probably deceased and this will take a lot of time to untangle. Has anyone out there settled a new VA loan with ground rent? Does anyone know of a LOCAL BALTIMORE loan officer who specializes in VA loans? I'm thinking it might be a good idea to run this by a loan officer who lives and works in charm city.

I'm late to the party...... am finally considering buying some rentals. I'm looking for realtors who specialize in working with investors who buy rental property. I'm interested in agents who know Baltimore County. 

Hi. I'm looking for some feedback on what you private lenders do with regard to wholesale/assignment fees? The banks here will not finance assignment fees. I just closed a loan with a 35K assignment fee and I did allow the borrower to wrap it into the loan. This gives me pause because there could be all kinds of shenanigans going on behind the scenes (i.e. what if the borrower has some kind of relationship with the wholesaler and has no intention of renovating the house?). I

I used mysolo401K to set up my plan. I have been extremely impressed with them. They have been easy to work with and have always answered my questions promptly, provided ongoing service (after I set up the plan) and helped me to get an EIN for my trust. They walked me through what to tell the bank when setting up an account, etc. Based on my experience, I highly recommend them as the quality and level of service I have received has been excellent! 

You might want to check out Secure Pay One. I haven't used them but they get excellent reviews from some well respected people in the industry. 

I think it if you are somewhat local and have the ability, it is always good to check out some of the local REIA's/landlord groups. Baltimore REIA has a landlord strategies group which is held on the 4th Monday of the month. This month's presenter is a well respected attorney who focuses on landlord/tenant issues. You'll get some great information there and there are property managers who attend.

@Greg H.

Hi Greg H: Thanks for your clarification on HUD. I funded a flip loan on a FNMA foreclosure property this past March. The sale price was 48K and the contract stated that the buyer could not finance more than 66K. My title company attorney advised me not to fund it unless we could get an addendum from FNMA stating that they would agree to forgo this clause.....took 3 weeks of delays but FNMA agreed to it. The final loan amount is north of 120K. Thanks so much for taking time to respond.

Chris D. 

Hi:

Does anyone know if there are restrictions on how much of a loan a rehabber can get when purchasing a HUD home? I funded a FNMA foreclosure a few months ago. The contract stated that the rehabber couldn't obtain a loan that was only 15K above the sale price of the home they bought. The purchaser/borrower had to get the seller to sign an addendum authorizing a higher loan amount (over 100K). Is there a similar restriction on a HUD foreclosure property. I know they must be held for at least 90 days.

Any help or advice is appreciated. 

Chris D.

Hi Dan:

Make sure to check out Caza Investment Group in Warrenton. Nhan Lam heads up the Warrenton group I think. He teaches classes and has transitioned full time into real estate. They have a meeting in several areas (Reston, Falls Church, Alexandria) but Warrenton is closest to you. 

@Anthony Angotti:

Hi Anthony:

Thank you. I will make sure to mention the sub-groups to her. I find those to be very valuable. 

Thanks for taking the time to respond.