All Forum Posts by: Ivonne H. Magdaleno

Quote from @Geoffrey You:

@Ivonne H. Magdaleno, looking more for a TH or Condo, something that is easier to rent out than a larger SFH.

THs and SFHs are both easy to rent in moCo. Remember, condos may have rental restrictions and the condo fees may put you at the monthly price of a TH or SFH. Focus on where you want to live and look there for a property.

Honestly it depends on your price range. Average price for homes in MoCo are in the Mid $500s. Rockville homes in older neighborhoods are in that range. Are you looking for a SFH or TH?

Hi Geoffrey. Congrats on your new job. Montgomery County is an area of high affluence, a great variety of activities,  tons of different  cuisine  to choose from, and so close to DC and NoVa.  Properties in Moco appreciate. The rental market is and has been strong. You will find that properties  in MoCo are expensive compared to your  Baltimore market. However,  any property  you buy here in MoCo will most likely continue to increase in price over time. When you decide to move to another home, it is highly likely you will rent it at a good price and will continue to take advantage of market appreciation.  Good luck I'm MoCo. If you see something you like, you will need to move very fast here. Properties go under  contract in less than 5 days (if you are lucky).

Hi Welington.  Welcome to investing. Will you be living in  the property and renting part of it? What type of property are you looking to purchase? The best interest rates and loan programs are for those who live in the property. In other words, a house hack.

Hi Jake.  Welcome to investing in the DMV. Can you give some details about property types you are interested in buying and what price range or budget?

Hi Sergio. There are a few ways of paying down a loan faster. Make a full extra payment per year along with your regular payment (the full extra payment should be applied to the principal of the loan) to shave off about 7 years off the loan. You can also divide the amount of the extra payment by 12, and add that amount to each payment (indicating it must be applied to principal) and you can easily accomplish the same thing. For example: regular payment is $1,200 per month, make your payments for $1,300 instead each month, and indicate the extra hundred goes to principal. Another option is to make any extra payment amounts along with your regular payment(s) to be applied to principal, and you can pay off the loan faster. You can actually do this with almost any loan to pay off faster. Hope this is helpful. Let me know if you need clarification.

@Raj Modi

Hello Raj. I don't know exactly how much you want to spend in a property but I don't think finding tenants in the area will be a problem. If you want to cater to students you can easily advertise on campus within the Germantown Campus of Montgomery College, the Rockville Campus, The Universities at Shady Grove and Johns Hopkins University Campus. We also have Strayer University nearby. If you would like help finding the right property and don't have an agent yet, feel free to contact me and I will gladly help you. I have been an active agent in MoCo since 2004. Although the market is hot, you can still find properties that can work well for your strategy. Many people look for roommates in Craigslist as well. If you want to connect, send me a request and let's chat.

Hi Martina. Great start to an investing career if you are already thinking about it at 19. It is possible to go into a home with very little money down. However, that is relative to where you want to buy, the market, and the type of property. The best way for you to obtain that 1st property is to house hack. You can definitely buy with an FHA or Conventional loan where you put only 3.5% down. In the right market, the Seller can cover all or part of your closing costs. There are programs thru some states, cities, or counties that will give you a grant to cover closing costs and downpayment. Find yourself a great agent who works with 1st time buyers who will guide you through the process properly. In the meantime educate yourself in the matter. House hacking is a great way to begin. Also check out BPs new book by Scott Trench and Mindy Jensen "First Time Home Buyer". They are both experienced house hackers.

Hi Joel. That's awesome that you have been able to pay off all your rental properties. Are you looking to get cash out of those already paid homes or are you asking where you should look for new loans to purchase new rental properties? It seems to me you are in a very good situation (based off what you stated) because you have equity in all 5 properties. Have you thought of developing relationships with local community banks and credit unions? Maybe it's a good time for you to visit a few local community banks in your area and speak to an experienced senior loan officer or banker. If I were you I would talk to several.  BTW, I don't mean big national banks. You have to seek out banks that are local in your community or area where you invest. You could also open equity lines of credit on each of your properties to use as quick cash source when needed. You don't have to draw on these unless you need to. You may want to look at First National Bank of South Florida. They have been around for a long time and have a good reputation in the area.

Good point Mark. Seems like they have a good following. It doesn't seem like that is the case but one never knows.