Ken Lambert

Hello June- Good answers here in general, but a couple caveats.
While generally mortgage rates are pretty low (anything under 7.0% should be considered "Low"), that is not really the case for investment properties (non-owner occupied, etc.). Especially if this is more than a 2 family home you are interested in buying. It is still feasible, but the rates will not be that great in today's markets. The lenders that are doing them charge you big fees- I've found in the last 6 months- and they will continue to do so until the market rebounds.

My only other opinion is that in general I think southern Maine is a good and growing RE market, I'd guess that the people that want to live in York County but commute down to Boston are a declining bunch. Due to high gas prices. I would just watch out for that. Focus on where the jobs are- Portland, Portsmouth, etc- but I wouldn't give a lot of stock to the 90 mile commuters anymore.
Thanks, and Good Luck,

Ken L. - Mon Aug 18 2008, 08:55

Hello H- I am pretty familiar with fha's 203k loan products and such- can you tell me why or who told you it wasn't eligible for a 203K loan? From my understanding of HUD, the 203k is the ONLY way you could really purchase one of these kind of homes that likely needs some significant repair. If you'd like to contact me directly, please PM or email me. (I am a licensed mortgage broker in Maine and NH). Thanks, and Good Luck,
Ken L. - Mon Aug 18 2008, 08:48

Hello Steve- Be very careful with this purchase. I'm a mortgage broker and I deal often with people wanting to buy condos that they can't physically get a mortgage for. If you're not working with a broker yet, I'd be pleased to help you. You need to make absolutely sure that the actual address is approved by a specific lender- not just the mortgage broker you talk to.
Most lenders nowadays do not even give mortgages out for your kind of situation, a 2-family building that was converted into 2 condo units. Because the lender knows that there is no true property management and maintenance company.
Thanks, and Good Luck,

Ken L. - Mon Aug 18 2008, 08:03

Hello Prinee- I've seen and worked on and around many of these triple deckers with the porch sagging off the building. (I've been a builder for 10+ years.) Depends on the town that its in exactly and how strict the town is with their ordinances, and their local Code.
There was some report in Cambridge or Somerville that stated that about 75% of these kind of porches were built incorrectly and inadequately (usually by non-qualified people), plus these porches were not meant to support a 30 person party, etc. So be careful.
The cheapest way around this is for the seller/ HOA to get a good and local carpenter/ contractor to physically view it and give an estimate on repairing it, or making it sound. If it is just a "repair", you usually don't need a town building permit for something like that. That's just my 2 cents. Good Luck,

Ken L. - Mon Aug 18 2008, 07:57

Hi Lydia- I'm not a realtor. I am a mortgage broker, as well as a real estate investor. I could at least provide you with a starting point and some rough numbers and thoughts if you'd like. There's many ways I would do this, and there are different tools to help (including here on Trulia, etc.). Feel free to let me know- no immediate need for a house-visit, etc. Good Luck,

Ken L. - Thu Aug 7 2008, 07:37