All Forum Posts by: Stephen Kehoe

@Sebastian E. Here is the the zoning map for Montgomery county. 

https://mcatlas.org/zoning/

As you can see there is a lot of Agricultural Reserve land around Clarksburg. If you want to private message me the address I'd be happy to research it for you.

If the property is:

In good shape.

Applicant can do a conventional or conforming loan.

the lowest rates would be from the big house hold name banks. Also Upen Patel has helped out a lot of people around here. You may also need a realtor, title agency and home inspector. 

Baltimore

https://www.baltimorereia.com/

https://www.mareia.com/

DC

https://dcreia.com/

https://www.reimw.com/

@Brad Fallon 

Combining a BRRRR with a 203K loan with a primary residence with a first investment sounds like a recipe for analysis paralysis.I would concentrate on the fact that you'll be able to cash flow your primary residence.

If you don't refinance and pull out some of your money to make this a BRRRR your ROI will suffer. However, having any ROI on a primary residence without appreciation is exceptional.

Additional pros:

1. Long term low owner occupied interest rate of 203K. This is better than any investment loan you can get.
2. You’ll learn a lot in the rehab process.

Things to note:

• The 203k loan is a pain. Eg. you will have to have contractors prepare bids to get the mortgage amount approved.

@L Belle There are more valid reasons for a bad credit score (eg. nasty divorce) than an eviction. So I would concentrate on that. MyRental from Corelogic and the National Tenant Network have incomplete databases of evictions that can be searched. When the courthouse at 501 East Fayette Street opens you could search it's public records. Contact previous landlords. If the previous residences were self managed (most property is) the landlord's name on the application should match the records at https://cityservices.baltimorecity.gov/realproperty/

Good Morning Jeffrey,

Is there a reason you would need a loan officer on the sales side of the transaction? I have a couple loan officer recommendations in Maryland but I only use them to fund acquisitions. 

Regarding podcasts Biggerpockets podcast episode 206 features Joe England who is an inspiring guy in Baltimore. He rehabs and rents out units in the area while being active duty military.

I'm glad to see you utilizing the VA loan. It is a great product for those who can use it. Your nearest large market for multifamily properties is Baltimore. There are normally a couple available in Winchester VA & Frederick too. The 1% and 2% rule states that rent should equal 1 or 2 % of the purchase price. Be careful however as these rules are often only met in the war zones.

I am posting on my husband's account. We used to own a duplex and live in it with a downstairs tenant. This was sold in July 2016. I just received a call from the tenant (who still lives there) saying that her boombox is no longer working. She believes it is due to some water damage that happened over a year ago in the basement. At the time, the boombox had some water on it, but after airing out, it was working fine. It's a very old boombox. The tenant is asking if we will help her buy a new one (she's elderly, money is tight, at the time she paid $150 for it). On one hand I feel like perhaps we should help her out, but on the other I feel she is just trying to take advantage of us. 

Is there a correct way to handle this? There's no way to know for sure that the boombox is no longer working because of something that happened over a year ago. We also don't even own the house anymore. I am afraid if I send her a boombox she may ask for other things later on. What's the best way to handle this? Has anyone had anything like this happen before?