All Forum Posts by: Patrick Orah

Can their be legal recourse against a lender who preapproves a loan and then later deny the loan after I have entered into a ratified contract?

I am finally in the process of purchasing my first real investment property and I was preapproved for $200K. Based on that preapproval I entered into a contract to purchase a home for $175K. While in the process of doing due diligence and finalizing the loan, the lender is stating that they cannot complete the loan process due to debt to income ratio. However, none of my information has changed since the preapproval. Now I am in jeopardy of losing this property due to lack of financing. Can any legal action be taken against the lender if I lose this deal and my earnest money deposit?

@Bobby Romadka welcome to the community. BP has been a great learning tool for me. I am also an investor in MD and I hope we can learn from each other.

I have been looking for my next deal and anything that I identify as remotely close to a good deal is gone in a few hours.

How close are you to your first or next deal? What part of MD are you looking int?

@Tim Jacob thanks for your response. I guess it will require a trustworthy form to assure that you are not cheated on rent collections or they don’t run away with your money. Thanks again for your response.

@Steve Archer thanks for your reply. I see you are a California investor but I am assuming that you have properties in MD and the PM companies are one that service Baltimore, MD. I will look into them. Thanks again.

Does anyone know a great property manager and handyman in Baltimore, Maryland?

I am also looking for clarification on working with property management in respect to rent collections. Does the property manager collect the rent and pay the property owner less the management fees or does the rent go directly to the property owner and then the PM gets paid, or either way?

@Ozzy Sirimsi thanks for your reply. I am not familiar with the Baltimore neighborhoods. I am not sure what areas to stay away from and where to look into. From the research I have done Baltimore, in general appears, to be one of the stronger cash flow markets which fits my strategy but it does not appear to be the best appreciating market. Am I wrong in that assessment? With properties currently propped up, are there still good deals? If so what are the best ways to source for deals in this market. I am primarily looking on Zillow for small multi family, starting in Baltimore, but anything remotely close to a good deal is scooped up quickly.

@Candace Noel, did you purchase any property in MD? Are there any other zip codes or blocks in Baltimore that are good to invest in?