All Forum Posts by: Justin Lanciault

Joshua, you are talking about downpayment assistance programs which is different than FHA loans. You can get dpa for conventional, fha, usda and even (in some areas) va loans, so it isn't an FHA thing. Another common misconception is that they are first time homebuyer programs; while being a 1st time homebuyer may or may not be a criteria, the majority of these programs are income driven. Also, an FHA loan is not a first-time homebuyer loan, its for anyone that qualifies. If you use dpa, do not expect a "deal" - whatever that means. They will be hitting you with higher fees and a higher interest rate, a lot of these programs are now 2nd position loans, meaning if you sell or refi within the allotted time you are supposed to be owning you pay that off before you see any profits - there is no such thing as free money from the government, but your employer might have grants available. Last I heard SELP only does sfh, but I do believe you can use the Maryland Mortgage Program on multi-family units so long as you live there. Bear in mind there is 1 multi-family on the MLS in Baltimore County right now and its an auction - you may find it hard to get what you want without compromising on something.

Just because some one did it one way, it doesn't mean you can do it that way too... the taxes here are high and it has you paying your MIP up front. But frankly, who cares, does the deal make sense with these numbers is a better question?

Virginia is a caveat emptor, so it will be very tough to get anything done. I am not sure how the inspector would have caught the plumbing issues unless they didn't run any water, but they are just looking at if its functioning at that time, not code, etc.

You'd need to talk to an attorney to see if they could help you determine if these are latent defects.

No FHA under an llc, also you can have multiple fha if your family size changes, you move and I always forget the 3rd reason but there is one.

I have rentals in Baltimore and a primary in DC; the two areas are completely different beasts. I also bought 3 rentals before I bought my primary, if I could go back and do it again, I'd buy a primary 1st.

No such thing as overpaying. If you are willing to pay x for a property, then its worth x.

Add closing on top and call it a day

so he is down the street from the house and not in it? I'd call that a win. 

1) no you don't need a realtor, you can contact an attorney

2) you aren't technically paying cash, you are technically getting a loan, and that has nothing to do with using a realtor

2a) if you want a realtor and the estate doesn't want to pay fees it sounds like you'd have to pay for the realtor's services 

@Lorin Mones was helping folks invest in Baltimore. I believe he has a listing there still.