All Forum Posts by: Jacob Curtis

Looking to build out a MD team for commercial multifamily investing. I'm new to the market so I was hoping the community to share their best referrals for the following:

• top few commercial brokers for Baltimore Metro and Anne Arundel County
• Insurance Broker
• Mortgage Broker and/or local/regional banks/lenders
• Real Estate Attorney

Thanks in advanced. Hopefully this helps others build their team as well 

Like everyone has already said, get in the game, don't wait. Wealth is built over time and the longer you defer the later you will have wealth. All add by saying start talking to lenders, you can start comparing the different products and requirements to get qualified. Ask about first time home buyer benefits, etc. Since this is a heavy military area, if you have family that is military you may qualify to become a member of Navy Federal Credit Union, they have great products for members (and I'm not talking VA loans). They have a conventional product not requiring 20% down with no PMI, hopefully they still have it and you qualify to be a member. If not, no biggie, talk to lenders, both the big guys and local banks (especially credit unions) and find out the different products they have. Ultimately though, the least amount you have to put down the better. You will likely have PMI regardless so just make sure its in your cash flow calculations, and do the math for when you'd hit the 80% LTV mark, you should appreciate by that time and can always refi if you really wanted out of the "permanent" PMI of the FHA.

Also, consider your goals for this first purchase. Is it for cash flow or appreciation for a future exit? I'm guessing cash flow, at least at first, since its a house hack. If you plan on using it to build equity from cash flow/reduced housing expense and appreciation to sell (or cash out refi) into a larger deal, just map out that plan.

TL;DR Get in the game now, don't wait. Talk to lenders and compare products. Do you qualify to be a member at Navy Fed? Get prequalified.

@Sean Monahan Good to know. As we get closer to completing our basement unit, I'd appreciate some advice in offering it in that group.

@Ned Carey I have been considering this same thing recently. Is your neighbor active on BP? I'd love to connect to discuss the process and tips for becoming a hard money lender. I figure I can put this money to work while I work on my next deal to fight off some of this devaluation.

@Sean Monahan Do you know the best areas for those traveling nurses?

I'm in Severn and my strategy was as mentioned, rent by room, and now looking to remodel the basement into its own unit for more privacy.

@Dan Marl sounds like option one comes with some significant penalties when option two does not. If you use BRRRR with option 2, depending on the gap between the purchase price and ARV, you can always recoup the equity cashed out and pay off the increase principal with enough to keep investing. I'd just keep investing the entire amount to help scale faster, the increase in payment will be covered by cash flow fairly quickly. There is also the HELOC option as a third, which differs slightly from the cash out, just need to identify what is the better option for you.