All Forum Posts by: Heath Thomas Jr

Evan, 

Just be cognizant of what your DTI will be while looking for a second home and the possible reserve requirements. However, if you are flush with cash, this will also probably be a non-issue.

Barry, since it is a rental property and not a primary residence, Fannie and Freddie requirements do not allow gift funds to act as a down payment. Large deposits like that need to be seasoned and lenders need to look at the last two months statements to verify. What your lender is saying is accurate in this scenario.

Hey Zach, so the 203K is actually more versatile than that. Depending on the level of renovation needed, you could use a 203K limited loan which only allows renovations up to $35,000, but is a bit more streamlined than the standard program. Yes, some lenders may not offer these because of the added risk, but if they do, they may have a list of licensed contractors they may have worked with in the past, as Brad mentioned.

Hi @William Murden

Welcome! Message me about multifamily in Virginia Beach. I would love to know more about what you are looking for as I am actively looking in that market.

@Ola Dantis I am also a little disappointed that Baltimore wasn't on the list (for selfish reasons being a current investor in that market lol)

@Russell Brazil besides three separate localities on the list, Jeff Bezos owns The Washington Post and a house in Washington DC. Reading between the lines on this gives me a strong belief that the Washington DC metro area will get the HQ to have more influence with government, potentially win more government contracts and have a major east coast hub. Since Bezos is already in the city a decent amount, it makes sense provided these other additional benefits.

@Robert Walker

Capital City REIA in Alexandria, VA is a good one with a number of people interested in multi-family. Feel free to connect with me as I am currently analyzing a few properties since my last contract fell through after the inspection turned up some things.

The seller of a commercial property has an existing mortgage of 1.6Million. It is an assumable mortgage and we plan to assume it as the financing is non-recourse and incredibly favorable terms. 

That brings up the question, can you do a "Subject To" deal with commercial mortgages? I know there's a possibility of a due on sale clause for the mortgage of a residential property. I assume that would be the case here. 

Has anyone done a SubTo with a commercial mortgage? It seems it may be even easier than going through the assumption process and paying the 1% fee. 

Would love to start investing in the SE Virginia market. Are there any Wholesalers or commercial real estate agents that deal with multifamily? 

Would like to pick your brain about the 5+ multifam market. 

@Jamal L. Please send pictures to [email protected] Thanks.

@Ernest Chamblee welcome to BP! Keeping listening to the podcasts and immersing yourself in all the knowledge and resources available here.