All Forum Posts by: Jacob Ansbacher

Are any banks or credit unions doing a 30year amortized loan right now for single family rental property?

Anybody have a good contact for Credit Union?

I have potential tenants that are in recovery for drug and alcohol use.  They seem good, have good credit, have jobs and no history of eviction.

BP do you have any recommendations?  Any experience?  And how should i accommodate their recovery (I currently live in the upstairs unit)

Thanks

I'm investing in single family homes using opm but my cash flow sucks.  I'm not losing money, but I'm not making money either and I still have my day job.  What should I do?

Congrats Cory and Thanks in Advance BP Nation

@Theresa Harris

Thanks Theresa, I am appealing the tax assessment now. Baltimore city property taxes are a killer, I might stop investing in Baltimore because of that

I recently completed a BRRR in Baltimore. The deal worked great 6-months ago, I was able to construct a beautiful house, rent it out very easily and I only have $15k in a house worth $500k. I have a property manager and I am still able to make $500/month.

Cut to 6-months later, my property taxes have doubled and I am now making $100/month.  This does not seem like a good wealth building strategy anymore and I am concerned that I will lose money when appliances start to break.

Should I rent out the property for more money and keep it or sell the property and find something else to invest in?  I like the idea of having a cash flowing property, what is a good cash flowing asset to 1031 exchange my profits into?

@Cody Snow @Rob Poole @Beth Hazen

Very happy to hear about Cody's successful flip.  I am very interested in dundalk and it would be great to connect with like-minded individuals who know the area better than I do.  Does anybody have any leads for multifamily?

I am also a Hard Money Lender based in Baltimore City looking for quality investors. Best,  Jacob Ansbacher

@Sunny Burns

What a nice family, I really like the personal touch.  I am a house hacker and Hard Money Lender in Baltimore.  I recently closed on my 2nd property, a duplex, and am now searching for a 3 or 4 unit.

I appreciate your motivating success story.  Keep up the good work!  

@Quentin West I am a small investor based in Baltimore City. I did FHA house hacks on my first 2 properties, a single family and a duplex. I am now looking for a tri-plex or four-plex with which I can get an FHA 203k loan. Do I have to reside in the property if i get an FHA 203k loan? What if my construction phase exceeds the minimum time needed to live in the property?

I am also a Hard Money Lender looking for deals up to $5M in DC/MD/VA

I also just purchased homeserve insurance for exterior sewer lines.  Is this a hoax?  Does anyone have any experience with an exterior line claim?

Thanks

Hard Money Lenders are no longer issuing 100% Financing. The typical hard money loan is 65% Loan to Value and 85% Loan to Total Cost (Including points, legal and closing costs). You can borrow the 15% from friends or family or use a self directed IRA. Most Hard Money Lenders require a 1st lien on the property. However, some lenders will issue loans w/ no monthly payments.