All Forum Posts by: Justin Lanciault

Thank you @Justin Lanciault. Yes I have an agent to call "buyer agent", but not yet officially, i.e have not signed the "exclusive right to represent" agreement nor the consent of dual agency. I wanted to stop and ask first :) 

You're right. Apparently, there are 3 licensed individuals involved here. I read around in this forum and see that people are mainly concerned about price. I was wondering if either agent has enough incentive to withhold/share information of the buyer/seller just to speed up the transaction but may potentially go against the buyer's interest. 

Your answer did help. So thank you :)

I requested to tour a house with my buyer agent and liked it (i.e. the event of choosing the house was not initiated by the agent). After my agent discussed it with the listing agent, we decided to make an official offer at a number I feel comfortable with. Turns out they are in the same broker firm (I realize it when signing the offer letter). So I stopped and asked my agent about any potential conflict of interest, they said they never met the listing agent - the firm is big they each of them operate very independently without seeing each other.

The seller already signed consent of dual agency months ago when they listed the house. 

If I already felt that the price was reasonable - not worrying the agent would convince me to go with a higher than the market price, what else should I watch out for if I wanted to proceed with a dual agency? 

Any advice is much appreciated. Thank you!

I have noticed that Navy Fed has some interesting loan products. One is a 15% down investment loan. Has anyone ever used this? Another is Vet specific - a 0% NON_VA home loan for owner ocs. It has a higher interest rate, but is 0% down and rolls funding fees into the loan. Has anyone ever used this? Just curious about the company and the products. Thanks!

Investment Loans

NON-VA Home Loan 0% down.

As the market is showing higher interest rates, owner financing will be attractive to buyers and sellers.

Is there a universal template we are using or does it vary state by state?

Hi everyone, looking for a lender. We're looking for a conventional rehab loan. We have the property under contract and have/had a lender we are working with but just realized the closing costs with them are 12% of the loan. The purchase price is 130k, with an estimated 40k for the rehab. 

 I'm in the DC Metro area, so I'm only looking at a small portion of Maryland. Basically everything within or just outside the 495 beltway. When you say 'if setup correctly' in reference to a single-family home, what do you have in mind? Renting out individual rooms? Air bnb it? Other?

I'm on the Maryland side of the DC metro area and am finding in my analysis that not even the cheapest listings on the MLS are cash flowing. The properties I am targeting are all under $200k (which is rare in this area even for distressed properties). The inability to cashflow seems to me to be the result of two things 1) Low rent prices relative to the purchase price and 2) current interest rates. Is anyone else seeing this in their markets? Even in nicer markets like Annapolis the average rent is only $2000/month, which creates a really low purchase price ceiling. In this market if I am looking to rent a single-family home the old-fashioned way is my only hope to cashflow finding a super distressed property off-market?

 First Post! I`m new to the DMV area and learning the nuances of this market. Can you explain what topa is?

NOT looking for a hard money loan (so I guess that I should assume that no one will answer this).

I don't want to pay astronomical fees for a HML especially if it takes longer to fix up for whatever reason. Is there any way to do a conventional loan on a fixer upper property and somehow fund the rehab costs simultaneously without getting a partner? I'm talking about getting some type of loan somehow.

I have 25% for the down payment.

This would be for an investment property.

I currently have a FHA on my primary residence. Not sure if this would affect anything.

I just purchased a tenant-occupied home via Ashland Auctions in Baltimore, MD. Purchase process went fine, no issues. Listing said tenant is on-time, but on month-to-moth lease. I figured not a problem. Prior to purchase, I reviewed current lease which was signed in 2019 for 1 yr and month-to-month thereafter. I thought no problem. After settlement,  my property manager speaks with tenant and turns out she just signed a new lease in March 2022! The house was sold in bad faith with seller knowing a new lease was signed, but failed to disclose that information. What options/recourse do I have at this point? Keeping this house, as is, is not within the plan at all.