All Forum Posts by: Ryan Koehler

Anyone in this thread have a strong opinion on Baltimore? 

 Ian - do you have a similar opinion on Pigtown?

Anyone have an opinion on the Butchers Hill neighborhood? I like the proximity to Hopkins and Fells Point, but am concerned about my exit based on a 5-year hold period.

Great stuff posted in this thread.

I'm curious though - anyone have changed opinions regarding specific Baltimore neighborhoods? 4-5 years is a long time in a hot real estate market.

 All units are relatively updated for this property. Thanks for the help though Dan.

 Yes I completely understand that - just checking if there was a legal way around it. Don't want to break the law. Thank you for the response Gwen!

Thanks Wayne. How does FHA verify that the Borrower is actually living there though?

Here is my situation: Currently looking at a 4-unit deal, the property meets all necessary qualifications for the FHA program and I meet the requirements for the loan. Assume that all numbers work and the deal is a slam-dunk from a financing perspective. Is there a way I can still get the loan without living in one of the four units from day 1 (leaving one of the four units vacant and renting elsewhere)? Perhaps still listing my address as the FHA property but choosing to live elsewhere for the first year? I work about 50 minutes from the subject project so the commute is still realistic.

Thank you in advance. I really appreciate any advice!

 Josh - if you are looking for a company with the best training programs for multifamily underwriting, I'd recommend the GSEs (Freddie Mac and Fannie Mae) or the large multifamily Servicers (Berkadia, CBRE, Wells Fargo, HFF, Walker & Dunlop, Prudential, Arbor, KeyBank). If you are looking for the most hands-on experience, I think looking into firms that trade and invest in multifamily is a great route to take. Let me know if this help.  

I know that Freddie Mac Multifamily (where I work) is currently hiring underwriters in our DC, Chicago and LA offices.

Jason - buying on actuals is the way to go but this is clearly a unique situation. I would recommend reaching out to the broker to get a background on what is currently happening at the property as well as 2-3+ years of operating statements. Perhaps units are being rehabbed and were taken off the market? Low occupancy is causing a property management change? Or, maybe a local corporation relocated and this property had a handful of renters who worked there? Something is definitely up for that substantial of a drop so definitely do your due diligence.