All Forum Posts by: Matt Bamford

Hi @John Wells, unfortunately you would not be able to qualify for an FHA Loan using an LLC. Nice thing with FHA is 3.5% down, but most use it as your primary residence. If you have any more questions from a lending standpoint feel free to reach out.

Matt

Thanks everyone- appreciate the input! @Joseph Scorese @Sue Z. @Igor Messano Going to take a drive down prior to the Eagles draft and take a look at the various areas.

Best,

Matt

@Harjeet Bhatti is correct, minimum is 15% which will require private mortgage insurance to be added on. 

I know of the Kensington reputation, but there are certain spots resurfacing in the community, anyone have experience flipping or buy/hold in this relative area?Properties are cheap (i would assume for a reason). 

Worth purchasing a property in a distressed city- good idea or bad idea?? Any tips for young investors in these scenarios?

@Patrick Kane is correct in terms of investment properties per Fannie Mae guidelines.... 2-4 units minimum must be a 25% down payment.

However, if you are thinking 1-unit minimum down payment is 15% 

Keep in mind if you elected to do a rate/term refinance further down the road with that investment property most you could take out is 75% of the value for a fixed rate mortgage.

A 2-4 unit cash out refinance it would be 70% of the value. 

Hope this helps @Katie K.

Welcome Katie- Newbie here too, looking forward to learning. 

Minimum you need for an investment property is 15% not 25%, feel free to pm me if you want to bounce any other mortgage questions to me. 

I've heard the Pittsburgh area has some good spots for investment properties...a lot of duplexes.

Best,

Matt

Heard Diversified Real Estate Group was a good one- any additional ones? Looking to enhance my knowledge by getting out there and listening to more and more people.

Any input would be greatly appreciated.

Matt

Good afternoon,

Have been following BiggerPockets podcast for quite some time and finally created a profile. 

I have some experience in the real estate game from the financing side as a Loan Officer. Looking to jump into the rental estate game, flipping and rental properties have intrigued me. I currently have another partner who i went to school with looking to get into the game, primarily looking into the PA/NJ area. 

Looking to start small $100,000-$175,000 properties for buy and rent. 

Philadelphia has intrigued me for flips, but not quite sure it is the right time to buy. 

Any help or advice would be greatly appreciated, looks like a great community of individuals striving for similar goals.  

Best,

Matt