All Forum Posts by: Ken Powell

There is a shortage of rental properties in Calvert County and Saint Mary's County in southern Maryland.  Buy-and-hold investors should explore opportunities in these locations. 

@Anthony Sim The Home Buyer’s Choice loan is available to all Navy Federal members. No military service requirement.

The trick when working with Navy Federal is to build a relationship with at least two local loan officer. That way when you have a client, you send them to a specific person instead of into their system. The biggest complaint against NFCU is the lack of communication from Loan Officers. They have some good loan programs.

If you are a veteran or eligible to obtain an account with Navy Federal Credit Union, they have loans similar to the VA loan that does not require a down payment. These loans programs were designed to help Vet who have maxed out there VA eligibility and first time homebuyers.

Wilson,

 my experience is that it will be difficult to finance loans under $75K. Loaners and the financing company don't make money on those loans so it is not worth the trouble for them to process loans that small. I recommend finding a good hard money/private lender and use them to finance those types of deals. You maybe be able to refinance a few of the properties together using a portfolio loan. 

In Hampton Roads 3+ bedrooms are the most desired. The more bedrooms usually equates to more rent income but it can be hard to find a 4 or 5 bedroom at a price that enable good cash flow.

@Steve Emling

I started using cozy.co and it’s ok. If you pay, they will process your payment in 3 days.

I thought I was the only Realtor dealing with these unrealistic investors. I remember writing 8 ridiculous offer for this young investor on New Year's Eve because he was convince that he had to offer no more that 70% of asking price. The information on BP can be misleading. An investor who started investing in 2011 when there were tons of REO properties for sale, could make all type of low offers and get deals. Those days are long gone, at least in the Hampton Roads area.

Welcome to BP Paul! Do hesitate to contact me or anyone on BP with whatever questions you may have. This is a great place to gain knowledge and build relationships! Ken

A painful lesson I learn is not to be too nice! It's business. Young, old, female with babies, whoever! It's business. Do not get emotional invested in any of your tenants. Be prompt in making repairs and be prompt in demanding your rent. Ken Powell