Looking for a reliable FHA/203k Broker

[Mike Bonadies]

Hi DC BP,

I'm rookie to REI but I'm looking to house-hack my way into my first investment buy finding a tri or quad-plex in the DMV area. One of the financial options I am looking at is getting a FHA/203k loan. Do you know of a reliable FHA/203k lender in the DMV area that works well with investors?

PS: I'm from NJ but went to college and lived in MD for about 6 years. Based on insane housing prices in NW DC area what do you think the best markets for <4 multi-family units are? I'm taking a swag and guessing PG county or SW DC - just not sure how friendly they are to property managers.

Best,

Mike

[Russell Brazil]

@Mike Bonadies Multifamily properties exist in only the tiniest numbers in the DC area.  The areas you mentioned have virtually none.  NE/SE is where the greatest concentrations of them exist. Specifically in Trinidad, Hill East and Anacostia. You will get a few here and there sprinkled in some parts of NW as well such as Petworth.

Also be aware that due to the tiny amount of multis that exist, and that the highest and best use of them are typically as condo conversions, that it will be very hard to acquire one.  Also using a rehab loan to get one is going to make it even harder.  So have realistic expectations for your endeavor.

As for a mortgage broker, you should try reaching out to @Upen Patel