All Forum Posts by: Chuck Masters

Welcome Greg. There are lots of local investors in the area to help. Good luck to you in your investing.

Chuck

Hey @Account Closed,

What ever became of this deal, did you buy and if so how did you take care of the mold?

Chuck

No Worries @Dan Waugh I've been busy with my rehab in Baltimore City.

Chuck

Hi @Brian Hart

Check out the BWI Meetup https://www.meetup.com/BwiMeetup/ held at the BWI Marriott

Chuck Masters

Hi @Shadonna N.,

I found this recommendations for a stager on the BWI Meetup mailing list. I have not used any stagers but reach out to them to see if they can help you out.

Home Stagers of Maryland http://homestagersofmaryland.com

Chuck Masters

Yes, most of the time, and I say most cause there can always be exceptions to absolutes, that rates will be higher for non owner occupied mortgages.  

Hey @Edward P.,

I'm not an expert in financing by any means so my comments are strictly from my own experience.

If the house purchased is owner occupied by an investor and mortgaged by a FHA back loan the rate would be the same as if you were buying the house to live in it. The world investor is only a term you have in your head that no one needs to know. The rate which you finance the loan is based on your credit and a host of other things they look at debt/income ratios etc. There may be a stipulation on the loan that you have to live in the house for a year or more before you could become an 'investor' and move out and rent the house to a tenant. I believe you will hear the term on the podcasts for this known 'house hacking'.

So the rates you see published are available to the ones with the best credit and the finance institutions deem a safe risk.

Now if you buy the house as an investor or non owner occupied your rate will be higher than the published rates you see even if you have great credit because the banks look at non owner occupied purchases as a higher risk. 

So use the rates you see published as a guide and then find a bank or mortgage broker to talk to about your individual situation to see what sort of rate you can qualify for. 

We haven't even talked about down payment, this can affect things like PMI etc.

Chuck

Hi @William Elchert ,

Welcome to BP. There are some local REIA's in the Washington area you might want to check out. If you can make it up to the BWI area you may want to check out the BWI Meetup https://www.meetup.com/BwiMeetup/ that always has a large turnout with investors from the Baltimore/Washington area. Good Luck

Chuck Masters

Hi @Edward P. 

Doesn't Bankrate give you all of this info? http://Bankrate.com

Chuck Masters

Hey @Jeff Bridges,

I've been looking for contractors in the area too and I've been speaking to once in particular but don't have any projects currently to try him out. When I first met him I asked him if he worked with real estate investors and his response was 'you guys want things for a cheap price' I said yea, and if you do a good job I will keep you busy so what's more important steady work or one project. I had him give me an estimate on a roof and his quote wasn't in line with my budget so I moved on. Fast forward a few months and he calls me saying that he would like an opportunity to work with me. I said nothing has changed good work at a decent price equals continuous work. He said ok. I can give you his contact info and you can call him to see if his cost are inline with your budgets. Let me know.

Chuck Masters