All Forum Posts by: Christine Nieva

@Shawn Gageby Thanks for the referral Shawn! If youve ever heard of the podcast called Best Ever Real a Estate Investing podcast, Lima One Capital was brought up as well. At the moment they offer 3.5% origination, 12% interest. 

For a first time flipper, are these fair rates? I'm interested in finding an HML with ARV covering more than 70%+.

 Many thanks Karen! I will be reaching out to them within a month. Looking forward to keeping in touch with you as you're in the area!

Christine

Hello everyone I am looking for Hard Money Loan referrals in the Maryland (Washington DC Metro) area. I will be rehabbing in the city of Gaithersburg, MD particularly, and would love to receive some local HMLs others have worked with. Thanks in advance, looking forward to hearing from you all!

 Fantastic, thanks Justin! Looking forward to the next meet up in January 2016! 

 Hey Russell, I've been researching what the word is on where great Flip markets are in Maryland. Can you explain why you are partial to Frederick? I've found in other threads with your old posts that Frederick is a great flip market (you also mentioned Ivy City, Petworth, and Trinidad). I've been studying J Scott's The Book on Flipping Houses and Estimating Rehab Costs and for sure I want to step my foot into flips in the upcoming months, once our winter season passes. Would love to hear from you!

Thanks, Christine

Hey Justin, are you still holding this REIA? I live in Gaithersburg.

Hi everyone I am looking to purchase my first property as a first time Homebuyer and willing to take advantage of the FHA loan for a 3.5% down. I have excellent credit 740+. An Annapolis MD property built in 2006 is an REO that I found on Redfin. Yes I would be an owner occupant. It's priced at 275k, and well taken care of based on the photos. Meanwhile its next-door neighbor comp is at 350k (a $70k difference) but surprisingly beat up and was not well taken care of being that it was also built in 2006, and even the exact same BA/BR/sqft like the REO. This REO has reduced from $299k, DOM for almost 90 days, now at $275k. So far I haven't found any hidden fixes needed in the Redfin description for this REO to justify why it hasn't sold considering that it's been well taken care of. I am learning my first niche of being a buy & hold investor.

My question is: Can REOs such as this $275k property, if held for 5-10-15 years make a comeback to market value such as its neighboring comps? And then eventually years down the road sell this home for profit?

Thanks friends!! And please feel free to network with me, I love meeting new REIs here!

Could some folks share recommended REI-friendly lawyers and CPAs in the Gaithersburg, MD / Rockville and vicinity area? I currently already have my LLC but need legal advice in beginning my buy & hold, and flipping business. Thanks everyone!

Wow 5% on a conventional loan? That is impressive, congrats! I hope the same for myself since I have a stable nurse W2 position and 740+ credit. Which lender/bank did you decide to work with? And finally, I have minimal knowledge on PMI, except that it is applied anytime a down payment is <20%. It sounds like a large financial load since you are trying to rid of it. How is your PMI? The price range of homes I'd like to purchase is <$250,000.

Russell you're awesome! Got it, noted on my calendar for your timeline recommendation. Since FHA is only a 3.5% down payment, is there a catch I should be mindful of? For example possible issues to arise should I choose to sell that FHA property in the next several years?