All Forum Posts by: Mike Bonadies

Thanks @Stephen Lee & @Russell Brazil! I've also heard the government is very helpful so that's good to hear.

Hi Maryland BiggerPocket Members,

Whats the word on the street on Brunswick MD? I'm looking at a pair of mixed use properties and I am wondering if there is any positive or negative buzz on the area. Based on its location and the fact that its on the MARC it looks like it has a life-line to the DC metro area which would help keep it afloat in rough times and drive growth in good times. I've heard that there are some revitalization efforts as well from a few RE contacts.

I go am going to the area this weekend to scout it out but would love to know if the BP community is present there.

Best,

Mike

Thank you @Brendon Foster, @Michael Cohen, and @Jared Bouzek for the info. I also called my REA to double triple check and they confirmed what you all said.

-Mike

Hi BiggerPockets!

I have a question about Direct Lenders vs Bank/Broker Lenders. I'm a rookie and I'm trying to pick up a multi-unit/english-basement house to in order to save on my mortgage expense and get some PM experience. I'm shopping around for lenders and I've come across a new type of lender I haven't read much on - Direct Lenders. The direct lender that I spoke with said that using a direct lender gives your offer letter more credibility verses a bank lender since the do a full pre-approval verses what they said is a "BS" pre-approval from a bank/broker lender. They also mentioned that since they are a direct lender that they have a better pool of appraisers to use.

I was wondering if someone could help explain the pros/cons of using a direct lender verses a bank lender? Is what the individual I was speaking with saying something valid?

PS: I'm looking at getting a conventional loan product or using a FHA/203k product.

Best,

Mike 

@Russell Brazil - I've been thinking about this more. Is there a legal distinction between renting out multiple rooms in a house verses renting out multiple units on a property?

For instance, could owner of a property zoned for only having up to two units just change his lease to indicate that you are renting certain rooms in his house? The owner could then "restructure" (IE add extra doors) the house to maximize privacy and give it a feel of a separate unit. The house would then be a de-facto multi-family unit.

@Russell Brazil You certainly taught me quite a bit about the due diligence process through this exchange. Thanks a bunch!! One more pitfall for me to catch.

@Russell Brazil well I'll be damned, the zoning shows some of the properties I know are multi-family as not permitted. Is it possible that zoning changed or legislation changed and certain properties were grandfathered in (I'm completely unfamiliar with the zoning process)?

@Russell Brazil Wow, that's nuts. The ones in SS are all 2-4. They are all on Easley street. I live in one, but there are at least two others that I know of, plus I saw another house that was applying for what I think was a "separated apartment" (probably not using the right nomenclature for that).

@Cara Lonsdale thanks for the suggestions! To answer your question. Yes I am talking about home owner occupied, but I was referring to tenant laws in the DMV area. Since I am a renter already in the area I know that for instance the Takoma, MD area particularly favors tenants in ways that can negatively affect landlords. Trying to avoid the toughest areas.

@Russell Brazil Thanks for the insight and suggestion. I'm a little surprised to hear about the lack of multi-families. I personally just moved to Silver Spring and there are at least 3 multi-families on my street (I live in one of them), I would have thought PG county (especially around the University of Maryland) would have quite a few. IAre there more prospects if I expand my search outwards to places like Colesville, Fairland, or even somewhere like District Heights?

Hi DC BP,

I'm rookie to REI but I'm looking to house-hack my way into my first investment buy finding a tri or quad-plex in the DMV area. One of the financial options I am looking at is getting a FHA/203k loan. Do you know of a reliable FHA/203k lender in the DMV area that works well with investors?

PS: I'm from NJ but went to college and lived in MD for about 6 years. Based on insane housing prices in NW DC area what do you think the best markets for <4 multi-family units are? I'm taking a swag and guessing PG county or SW DC - just not sure how friendly they are to property managers.

Best,

Mike