All Forum Posts by: Abiona Burrell

Hello,

I recently came across an opportunity that I'm hoping to take advantage of.  A local non-profit holds the mortgages for a few properties occupied by low-income residents.  The primary representative servicing these mortgages is elderly and no longer has the energy to keep up with payment collection.  They are willing to sell me these mortgages for a huge discount.  The problem is: I don't know what is involved with holding someone else's mortgage or what is required (licenses? certifications? legal?) Can someone point me to any resources to help me evaluate if this is something I want to get into?

Thanks,

Abiona

@Marian Huish yes, i do.  I'm not looking for too high of a price point at this moment.  My main goal is
primraily to A. Get my feet wet with my first investment. B. Recover my upfront costs as I'll be using a HELOC for down payment, closing costs, renovations, etc...

Thanks for all of the advice everyone!  Just for clarification, I'm looking to start small with, say, a condo or small townhome and work my way from there.  I'm also open to surrounding Prince George's County, MD and not just DC proper if I feel I will get a better deal there.

Hi. I'm looking to acquire my first investment property with a Heloc for upfront costs using the BRRRR method in the Washington, DC area. I've familiarized myself with the process but wouldn't mind any other input or insights from those who have done it similarly.