AboutMelinda Gossard Expertise I can address the aspects, how-to's, and tips when buying/selling homes in Maryland & Pennsylvania.
Experience Licensed Realtor in the MD and PA area over 5 years.
Organizations Rebac, CRS, NAR, MAR, Pen-Mar (local board, currently Treasurer of)
Education/Credentials Bachelor of Science - Sociology
Accredited Buyer's Representative (ABR)
Graduate, Realtor Institute (GRI)
Internet Professional (E-PRO)
Associate Broker - M
Awards and Honors 2006 Pen-Mar Realtor of the Year
Graduate of the 2006 MAR "Leadership Academy"
Question Hello, My name is Guy and I recently passed my real estate exam. I'm currently working for FedEx however I'd like to buy a 3 family house in Maryland. I want to live in one unit and rent the other 2. My problem is I'm 24 years old and I don't have the funds. How can I go about getting a loan? Can I repay the loan and the mortgage by leasing out the other 2 units for $1500.00 a month? I don't know where I can get information on this subject matter.
Answer Guy:
Yes, you can do that.
You need to talk to a bank or mortgage company. Pick a few different mortgage companies or banks in your area. Call them, speak to a loan officer and tell them that you want information on an investment loan. Tell them your story; that you want to live in one unit and rent the other two.
There are many many mortgage products out there, keep looking until you find one that will help you with what you are doing.
