All Forum Posts by: Nam Doan

@Chris Mason thank you for the reply. Both lender took a closer look and they're confident that it can be finance as residential. Even though it's zoned for commercial the previous owners occupied the entire property as residential. Although they were confident they did admit that it's not 100% until the appraisal. 

$2100 for a 3bed/2.5 bath townhouse in Burke VA. It has a spectacular lakeview!

I have a ratified contract for a purchase of a mixed used property in Baltimore,  MD. What are my options in financing this property? I've spoken with two lender and the first lender said it has to be a commercial loan. The second lender said it can be a residential loan. Who is correct? 

From my internet reading, FHA does mixed used financing with commercial space in the property up to 49%. This is fine for the property I am purchasing since only the ground floor is commercial and the two top floors is residential space.

Lastly, can anyone recommend an experience lender working with mixed-used properties? 

Thanks,

Nam

@Torin Murphin my situation is a little different than yours but similar. My wife and bought an investment property with the mindset that we will move into it later on. Right now we have no kids so we rent a 1 bedroom apartment instead since we don't need the extra sq. ft. The house we bought is being rented and we'll move in when the time is right. The house has appreciated some so i'm glad I purchased it when I did. 

It's hard but possible. I am a part-time agent with a fulltime job in the IT industry. Using technology helps a lot especially with my previous clients preferring to use text messaging as a way to communicate. Showing wasn't ever a problem for me since I get to work pretty early and is typically out of the office before my client to meet them for a showing on a weekday. Like with any second job you'll find yourself working long hours, but with real estate it's more flexible. The decision for me to become a part-time agent was that I was constantly looking at real estate anyways, so why not make some extra cash from it. 

@Brandon L. and @Peter Schaub thank you for the replies, this is a good starting point.

I purchase my first property in 2009 to live in as a primary resident. In 2011 I sold that property, took the profit and has been investing in multiple rent and hold properties since. I have a full-time corporate job and do investing part-time and manages the rental properties. I am also a licensed Real Estate agent working for my family brokerage firm part-time. 

My previous deals has all been through conventional financing and now I am at the point where my debt to income ratio is too high and can no longer qualify for a conventional loan. My primary reason for joining BiggerPockets is to learn more investing strategies and network with other investor in my area.

Thanks,

Nam