All Forum Posts by: Tyler C.

So I'm looking for advice on what type of lender I should use. Initially wanted to go with PNC (my current banker). I inquired about a property a few months ago and the agent suggested I get pre-approved with a local company to make it easier to close (I think it was First Home Mortgage Co). My plan is to be pre-approved and make an offer with 20% down on the right home (walk-out basement for house hacking, and likely within 3 days of listing... market moves too fast here). Particularly I want a home that needs TLC under 250K in the College Park / Hyattsville area of DC. Drawn towards REO for obvious reasons. I have proof of funds for repairs, not sure what thats worth in the eyes of the lender. Any suggestions for a lender given my circumstances?

So I'm looking for advice on what type of lender I should use. Initially wanted to go with PNC (my current banker). I inquired about a property a few months ago and the agent suggested I get pre-approved with a local company to make it easier to close (I think it was First Home Mortgage Co). My plan is to be pre-approved and make an offer with 20% down on the right home (walk-out basement for house hacking, and likely within 3 days of listing... market moves too fast here). Particularly I want a home that needs TLC under 250K in the College Park / Hyattsville area of DC. Drawn towards REO for obvious reasons. I have proof of funds for repairs, not sure what thats worth in the eyes of the lender. Any suggestions? Just a rookie here

 Alright I guess the the "best deal" is subjective. I suppose they don't have the highest profit margin for a flip. Looks like the deal for 305k fell through but it was going for that price and I highly doubt 80k went into it. Id say 40-50k max. As for me, Im looking for my first house. Put 40k into it and either sell in a few years or keep to rent when i'm done with it. Rent potential is decent given proximity to DC, UMD, and Goddard. Not to mention its directly next to U Park (stable community) and the new Whole Foods shopping center and potential Purple Line. To sum it up that area is affordable, close to DC, has a good quality of life, decent tenant potential, and a good chance the homes will increase in value over the years. As for the best flip margins... idk go look in capitol or district heights 

Ive had my eye on the hyattsville/riverdale/collegepark/brentwood area for over a year now (first time buyer looking to make some instant equity). These are the best deals in the area IMO, if you jump on the listing the first day it pops up you've got a chance. Ive seen properties Ive wanted come full circle and now back on the market renovated selling in 300s. For example 3931 Madison in Hyattsville was listed as an REO I believe at 180K but actually sold based on the records, If I remember correctly, 205K. Came back on the market for 330K (renovation is really nice, home was not THAT bad to start with). Still on market for 310K, check it out.

Alright so FHA REO with a walk-out basement? Now what area of DC do you think will be the best bang for my buck? I've been looking at homes along route 1 (Brentwood, Historic Hyattsville, Riverdale Park). Will the Arts Distrtict ever take off, or should I look elsewhere?

The FHA route seems like a good idea... My younger brother is finishing up his Masters of Accounting at the moment and suggests going conventional because of the potential tax write offs. But Idk the FHA seems like a good program to take advantage of, even if i do put down less than 20% and have to pay PMI. I could put a modest amount down and buy something with a walkout basement and turn that into an in law suite, and still have lets say 50k for a future property. What do ya'll think?

 Chester County is pennies on the dollar compared to the DC area (I was thinking Exton/Downingtown in PA)... But yes I'm looking to finance, I made an account with quicken loans rocket mortgage just to get my feet wet with the whole process and they won't lend me much over 175 because of my 60k earnings, only about 43 is guaranteed, the rest is OT (we are contractors for PEPCO). Really in the end I don't want too get too ambitious but still I'm looking to create instant equity...

Hey first post here. I'm 25 and living in DC and thinking of buying a home/apt but not sure the route I should take. Being a landlord has always been appealing to me as I grew up working on homes with my carpenter neighbor. I am very fortunate to have some start-up captial (10k of my own savings and another 75k in a trust fund that my family expects me to use on a home). Homes in DC are outrageously expensive so buying in DC proper is not an option except SE. I have a modest income (I'll make just under 60k this year) as a Vegetation Management Arborist. Now I'd like to buy to rent... But I would consider a flip. Now renovations of a property don't scare me, I've done work myself and I have a classmate who lives in MD that has a contracting license.. I've also done some part-time work with him. I'm looking at properties from DC to Baltimore and in Chester County PA where my family is. I say PA because I would consider moving back up given the headache DC is. So for the DC area i cant afford much except near Hyattsville, MD. Long story short, should I buy courthouse foreclosure, REO, or a turn-key with walk out basement? (In-law suites draw 1k a month easy down here). Footnote: me and my buddies are all looking for a place together mid July, so this could be a really good time for me to make this move possible given the potential rent from 2 roommates.