Looking to purchase 1st property in MD.

5 Replies

Hey Bigger Pockets Im looking to purchase my first property in MD/DC. My goal is to obtain my realtors license to leverage my 10 years in residential propetty management. I know with some negotiatons, id be able to secure some deals and cash for a deposit on a 4 unit property. Im not sure where to start, or how to go about the next steps so please any help would be appreciated. Thank you!

@Tysheron Grant welcome to BP.  Do you have a specific property in mind? If not first market for leads for properties to buy. Presuming you have a specific 4 unit property in mind, make an offer. This can be verbal to test the waters or put it in writing.

Ned, thank you for your response. Im literally starting from scratch. I have no capital, but i do have a specific property in mind. I guess my fear is , if the seller is actually agreeing to a deal, but i would have no capital to purchase. Do you suggest FHA financing?

@Tysheron Grant I have never used FHA financing. I buy my properties in an LLC which rules out FHA and a lot of other options. If you don't have a clue where the money is coming from, you should be scared, and you shouldn't be making offers.

Your first step should be figuring out where the money can come from. Obviously check banks, especially smaller local community banks. In your area Revere Bank in Laurel or Eastern Savings Bank is an example of the type of smaller bank I am referring to. 

Since you have NO capital, you are going to need multiple sources for your first deal. Start networking and looking for private lenders or partners to come up with the down payment.

You need at least 3.5% of the purchase price, so no capital rules out fha.

Thank you Russel, and Ned. I have much homework to do, but please note ill be back with more questions. Your insight has been more than enough for me to research, as well as play around with a few financial scenarios.