All Forum Posts by: Gabriel G.

@Erick Chavarria I would also add that 99% of all houses sold by wholesalers are distressed properties that will need some sort of repairs. Typically banks require the property to meet certain standards in order for them to approve a conventional loan. You might find it really hard to by a wholesale deal with a conventional loan because a) as Ruth mentioned wholesalers want you to close very quickly and b) even if the wholesaler is willing to work with you, the bank may not approve that loan due to the condition of the property. My advice if you want to get a fixer upper but also be able to qualify for a loan, is to look at the Fannie Mae, Freddie Mac and HUD houses. They will usually tell you on the website if you can purchase the property with a conventional loan. Also, Fannie has program called homepath renovation loans which will let you get a loan that also covers most of the upgrades on a property. Anyhow, not sure if your intent was to buy a fixer upper but just letting you know, wholesalers might not be the easiest option.

@Adam Leech Welcome to BP! There is a meeting tomorrow in Gaithersburg if you are interested.

@Ned Carey I am guilty as charged, I was telling @Russell Brazil today that I grossly overpaid for my MF. I barely made it to the 1% rule. Luckily I used the VA loan and didn't put any money down.

@Evan Schluederberg I'm not sure what your income situation is but I found it hard to find a "affordable" multifamily in fed. I think most of them are really overpriced and don't really cash flow all too well. IMO, I'd look at some of the nicer neighborhoods that aren't as hyped up as fed. (IE: Charles Village, Hampden, Mt. Washington, Bolton Hill, Mt. Vernon) however, as @James Green mentioned, the area can change a lot from block to block.

@Casale Ian congrats on doing your first post! I think I am pretty addicted now. I've only been on the site for about 8 months but just recently started writing posts and now I can't seem to stop lol. Anyhow, best of luck!

@Ned Carey Thanks and will do. I figured it was an idea in order to get closer to the 2%... Just curious do you notice that it is easier to achieve the 2 or 3% ratio with SFR vice Multi?

@Ned Carey have you heard of people turning single family into multi families? My triplex in Charles Village is just a regular 3-story row home with a unit in each floor. I've also noticed a lot of cheap row homes in that area... Is it a  complicated process?

@Account Closed Yes, I definitely need to research that more. Only problem is that I just quit my job so I don't have any income to support another property. Also, I believe it gets tricky with VA loans because you are required to live in that property for a certain amount of time and also refinancing to a traditional loan could require getting PMI which you don't need on the VA loan.

@Mark Nolan No I used my contributions into my roth account. Idk if it is common knowledge but you can pull out anything you contribute into a roth account without any penalties. However, you cannot take any gains that have been made on that account. 

@Garrett Diegel Thank you sir! I will definitely keep posting on here! 

@Lucas Kendrick Thanks, and I totally plan to keep everyone updated.

@Mike J. I'm optimistic and I don't think I'll need to bounce back. I once heard some say something along the lines of "you only need to sell something to for a dollar to a million in order to be a millionaire. There are over 300 million people in the US". I think opportunities are out there we just gotta find them.