All Forum Posts by: Russell Brazil

Welcome to BP Garry. Laurel is actually one of my favorite areas in the DC Metro for buy and holds.  

Welcome to BP. Love seeing more and more people from the DC area joining. 

Hello and welcome to BP @Steve Misler.  Its good to see another Long & Foster agent here.

Most reputable lenders are going to want you to have some skin in the game. So there are not going to be many that lend for the entire amount of the property and repair costs.  The ones that do, I think would charge such an exorbitant amount that Im sure most of your prophets would go to the debt service.  I know one local hard money lender who lends on an 80/20 basis she they charge  5 points and 15% to people they have not worked for in the past.  The best quote Ive gotten in the area is 3 points and 10%, but Im not sure what amount they would lend up to.

Welcome to BP. DC had a great REI scene.

As @George F said mdlandrec.net. It is the website for all and records in Maryland. You have to understand what you are reading, but after you do, you will not just be able to see what they paid, but any other loans or lines that are against the property.  You can also extrapolate what they still owe and what their current payments are.

Consult a lawyer.  Being sued to perform the contract is a real possibility.  You want out of the contract based on the condition of the property, which you admit you did not bother to learn till late in the process.  This seems like a perfect example of when someone can be sued to perform the contract.

I would just turn around after closing and try to sell the property ASAP even if it means a loss, and just consider that loss a payment towards your education.

Homepath use to offer 10% down on investment properties. I do not know if they still do that or not.  There is a catch though. With Homepath you are typically paying all of the transfer and recordation taxes, which depending on your local jurisdiction can be a large sum.

I used Homepath several years ago to finance a property, and Im not entirely sure I would do it again.  Id rather have the equity than the money I spent disappearing into the ether as taxes.

I agree with @Upen Patel who is also in my local DC market, that 5.5% is very high. On a 30 year fixed with 20% down I typically pay between .5% and 1% higher than what the Freddie Mac advertised average 30 year rate is.  Right now the average is a 3.98% which means I expect to get a 4.48% on the low end and a 4.98% on the high end. 

http://www.freddiemac.com/pmms/

I use capital one. My "business" account with them is just a second checking account separate from my personal account.  If you set up an actual business account it will just subject you to a lot more fees.  There is no real advantage to having an actual business account.