All Forum Posts by: Nick Edwards

Welcome! Where do you work specifically in MD?

And why does it not break the lines like when I am writing it? Sorry about that!

Hi all, Relatively new here and looking at my first property. I got pre approved for a standard FHA loan. I am thinking of buying a duplex, triplex or fourplex while also buying another cheaper property to flip. I will be living in the "plex" while renting out the other units. This is all in Virginia and/or Maryland. So my questions are: 1. What do people think of this beginning strategy? 2. How long MUST one live in the property on an FHA loan like this? 3. These multi family properties don't seem to be as common around here. Might finding a lot and building a plex new be an alternative? Maybe finding a house and converting it? 4. I've read about umbrella loans. I could not buy both properties under this loan? Could I potentially get 2 loans? Any ideas? I hope I hit all the points I wanted to hit. Please share any other issues you see with this plan! Maybe others starting out can benefit from this information. Thank you everyone in advance! -Nick

New as well but from my research it seems as though it may be a waiting game or having to go hunt down a property that fits your criteria. Do you own a any property now?

Everybody ends up having to make some of their own mistakes. Hopefully posts like this can help curb them. 

Unfortunately its the uh-oh panic moment that teaches best. A solid one of those moments will make sure you don't make said mistake again.

Thanks again!

Sorry to hear about all of this. Sounds so miserable!

So helpful! Thanks for this. I'm attempting to compile a list of reminders for any deal and your points at the end make great additions.

You're clearly very familiar with the Baltimore market? I would love to speak of you have the time. Thanks!

This is interesting. I don't have an answer but I speculate it would be best if unsure to just follow protocol. Can't go wrong there, right?

I totally thought that was around Fredericksburg for some reason.

Sounds like a wonderful plan. Have you looked into strategies for achieving this? Have you been able to connect with anybody down there? REIA meetups?

Fantastic little article. Didn't think to actually reach out to the wholesalers behind those signs.