All Forum Posts by: Ana Coello

Hello Everyone!

New and hungry investor here. I am wondering if anyone knows of good small community banks or credit unions in the Maryland, Washington DC, Virginia area (preferably around Silver Spring-Bethesda, MD)? Also, when I go and check out some of the lenders will each of them run my credit? Any input is appreciated! Thank you!

@Brian Faust Thank you!!! I didn't know we had other options other than FHA for low downpayment.

@Stephanie Medellin I was looking into the Freddie Mac Home Possible Mortgage and it does not let you cash-out refinance your property. So thats something to consider. 

But do they run your credit when you go talk to a lender? Meaning do you have to be ready to jump the gun or can you go to find out a ballpark figure of lending potential? Is there a cap of what a bank will lend me based on my income and debt? Another newbie here. 

@Michael Noto Is your refinance lender different from your original loan lender? Can they be a 2 in 1 or are they typically different? Newbie here...

@Mandi Martinez Hello! I’m also new to real estate investing. The only thing I have done is listen to MANY of the BP podcasts (I do so at work) to try and learn as much as possible. What I understand of ‘buy and holds’ aka rental properties, is that they are an investment in your future. You will not see large immediate returns. Hopefully, if you get a good deal, you will see modest monthly returns but the great thing is that once you pay off your properties (after the 30years or whatever of your loans) you will have an even greater cash flow since you don’t have to be paying a mortgage (unless you get a condo then those HOA fees are forever). Also, if you do the BRRRR strategy like someone suggested and you have multiple rentals, then every little bit of income adds up. Now something to consider is whether you want to be a landlord and deal with that side of renting. If not, then flipping sounds like a savvy choice as well. Sending good vibes on your journey!