HMLs and PMLs in Maryland

2 Replies

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.

Sorry about the reference to "Joe", i was initially going to send as a PM to "Joe".

Stephen,

Definitely put the financing in place first. Based on being a new investor, and your current liquidity($10,000) this isn't a deal that will work for you. Unless you have a 401K or some other retirement to borrow against?

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