Looking to purchase my first property in Baltimore, Maryland. Turn Key. Does anyone know of any good lenders in the area? Thank you so much!
You will want someone that is experienced working with investors and knows guidelines well when it comes to investor financing.
Talk to Patti
Joe, I know many lenders, a suggestion try to control, buy properties without the need for out side financing. Creative financing should up you grown your base of cash flow and equity.
Try delayed settlement, with right of possession, subject to mortgage
management with option
co-sign with owners for equity position - split proceeds and control the deed
Control and Roll using auctions
you know you don't need to buy real estate to profit from it. try to do your investing without going to a lender (to be intimidated and rejected), most lenders are not investor friendly - do your deals with out them!
to mention a few ideas.
Do you have any contacts in Baltimore? In my opinion, you need more than a lender to be successful investing in out of state real estate. Do you have a good realtor that knows the area, works with investors and rentals which I assume is what you are buying turn key? Did you consider the lead paint status and certification? Do you have a contractor and will you manage the property yourself, if so, you will need a handyman, or will you use a property manager? What kind of financing do you need? Will the seller hold any paper? Every situation is different and with some, you may not need any as said above. There are various types depending on the situation, from hard money, to conventional to out of state National lenders that work with investors. I just try to look at the bigger picture to be a successful investor, and financing is only one piece to the puzzle. The answers to these questions will help to steer you in the right direction. I hope this makes sense.
The issue that I often face is that buying a 60-120k property, and seeing like 10k in mortgage fees.. that really annoys me.
What cost's are there when going with private lenders... anyone willing to spill the beans.. not only on that but also the good and the bad of going private lender.