All Forum Posts by: Nilesh Makhija

@R.P - Typically if you go to medium to big size banks, they ask for 12 month ownership before able to refinance the loan. Also it depends if you are taking cash-out or if its an existing lien. For existing lien, you do not have to wait for any period.

With small banks or mortgage brokers; they are flexible and can have exceptions based on your assets, credit score and rental income. So the solution that has worked for me in the past is making phone calls to small banks, credit unions, mortgage brokers and understand the guidelines for each of them Each of them can be different, and usually I find one which fits my requirements

@Igor Z. - Typcially it depends on what you are trying to get out of it. I am assuming you are looking to rent this property and build a cash flow. Now lets look at the numbers

Purchase Price - 430,000

Down Payment - 15,000

Closing Costs - ??

Rental Income - 40,800/year (assuming 3400/month)

Expenses (50%) Rule - 20,400

Mortgage Costs - ??

If you fill the motgage payments and closing costs, you would be able to calculate COCR/year and then make a decision if it is worth investing. And then the decision is completely is up to you, because what may work for you may not work for someone else.

@Joseph S. - I would that's a lot of cash to start with. Also the risk is higher if the permits needs to sorted out. We do few deals in the area where you are with less cash. But again as we know every situation is different

@Jessica H. - That's really impressive. One thing I am curious what are the lessons you learned or things you may have done differently considering its was your 1st flip?

I am looking properties around Baltimore area for flip and wanted to understand what I can encounter along the way?

@Anil Samuel - If you do over the weekend, we may have more attendance. Also there is a FB group called Capital REI exclusive for BP members. @Roger Lin  is actively involved in that group. 

What is the best way to find and network with commercial brokers/investor focused realtors in Virginia, Baltimore area? I am looking for brokers that might be able to send me deals on SFR and multi family homes in Baltimore area (as that's what I think would come for my budget).

Someone who is willing to work long term relationship. PM details if you have any recommendations.

Where are we finding the deals? Marketing/websites/Realtor/property managers?

@Ned Carey - I know you had few contacts. Would it be okay to PM me?

@Roger Lin - Thanks for reaching out. Can you please PM your details?

What is the best way to find and network with commercial brokers in my Virginia, Baltimore area? I am looking for brokers that might be able to send me deals on SFR and multi family homes in Baltimore area (as that's what I think would come for my budget).

The broker should be able to guide me with end-to-end process and someone who is willing to work long term. PM details if you have any recommendations.