Updated over 8 years ago on . Most recent reply
HMLs and PMLs in Maryland
Hi Joe, i read your message on a post i am following. It's with regards to the subject above.
i am a new REI in Maryland and I have been a little reluctant contacting lenders due to a few reasons. I have a house in mind that is being offered for sale at $75,000 and based on the pictures i have seen, i am estimating repairs to be around $15,000 or less. I checked the comparable homes that were sold on the same street within the last 8 months and they sold between $145,000 and $160,000. I believe this would be a good investment but i have a few questions. 1. Should i schedule a viewing of the place first and go with a contractor so i can get an accurate estimate of the repair cost? 2. should i contact HMLs first to know if i'll get a loan so i don't waste nobody's time (i.e; the Contractor and the Agents) being that it's my first? I am not sure of my chances with HMLs because it will be my first and i can't do traditional loan beause of all the money i'll need to put down upfront. I have $10,000 to put into it. What are my chances with HMLs or PMLs and if my chances are good, please point me in the right direction. Thank you.