All Forum Posts by: Tarik Larue

Yes. This is my first rehab. I have a second property that I also purchased from Home Path. I'm currently saving up $20K to rehab it. Do you know any lenders, private or conventional, that would take a second note for repair cost? My HML only gave me the purchase price of $40K but the appraisal came back at $101K. Otherwise I'm waiting for my tax refund in March. Thanks again for your response. Looking for tenants ASAP.

Hey Nathan,

I believe most of those lenders are scam artist. Many of their applications look home made and very unprofessional. I have never paid money upfront to a lender unless I spoke with someone and verified its a legit company.  Like J. Martin advised look for someone local. Good luck.

I put 10% down as Earnest money per Fannie Mae guidelines. Found the property on Homepath.com for only $24K. Lender provided $15K for purchase and another $15 for repairs which was my entire budget. I paid closing costs on my end. Pretty affordable overall. Hope to refinance ASAP.

I will definitely add APGFCU to my list. Thanks Heather

There are several lenders that will do Buy and Hold financing. I just searched the web and called everyone listed as a Maryland hard money lender. Vizio, Lima One, Dominion and PLG all had programs. The hard part is finding people to loan money in Baltimore City for under $50,000. I got a $30K 5 year loan with points upfront. He loaned part of my rehab as well. Email me at [email protected] for contact info.

Greeting BP family,

Just finished a 2 unit rental in beautiful Baltimore city using a hard money loan. I'm looking to refinance into a conventional loan ASAP. Can anyone recommend a good local community bank or credit union in the DC or Baltimore area? I was thinking of MECU, Bay-vanguard, Midstate or Monument to name a few.

Is there usually a minimum credit score that the banks require or is the process mostly asses/ income based?

Should I get signed (long term) leases done BEFORE I look for a refinance loan?

What's the minimum amount of time I need to own the property? I've heard it was 6 months.

Thanks in advance for any responses.

Larue

Greetings BP family.

I recently completed my first townhouse rehab in Baltimore City. The average house in this area (21216) sells for under $30,000 so its definitely a rental and not a flip. My delimma is choosing a company to do tenant placement and monthly mainternance. I'm also leaning towards Section 8 or MBQ tenats for steadier and higher rents. Has anyone dealt with these 3 companies? If so, please give me good or bad feedback?

1. Aspire Property Management (Towson, MD) is run by an investor who oversees over 200 units and offers a one year tenant guarantee. He has over 8 years experience and is very familiar with Section 8.

2. Price Property Management (Perry Hall, MD) is run by a former investor who only does PM now. Currently oversees 80+ units but ONLY deals w/ tenants in Baltimore county or city. Familiar with MBQ and Section 8

3. Renters Warehouse (Columbia, MD) is a nationwide company with a local franchise. Offers free rental evaluation and has a 9 month guarantee. Extensive marketing and tenant screening. Positive reviews on Yelp. Charges $80 per unit flat rate.

If you don't know any of these companies or are not in the Baltimore/DC area....please feel free to tell me which company you would choose as a landlord and why. Thanks in advance

LaRue

Please send me that list. Thanks

I would just put them all under one company. Having multiple LLCs mean paying multiple yearly renewal bills. Most people separate rental property and flips into different entities. Don't use your name because you want privacy when someone does an asset search. I like to make my companies sound local like DC Capital LLC or use the address as the name ie 3806 Maple Drive LLC. Congrats on your rapid success.