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Updated over 9 years ago on . Most recent reply

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Dan G.
  • Fort Lauderdale, FL
2
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32
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30 year non-recourse loans in Florida?

Dan G.
  • Fort Lauderdale, FL
Posted

I am gearing up to start investing in some rental properties (probably at least 10 single family homes).  I prefer to buy locally here in South Florida.

I want to use leverage to get higher returns, and also, just as importantly, get the tax write off so I won't pay any taxes (as they will be deferred) on that higher return.

I want to protect my assets that are not in real-estate in the event a worst-case-scenario plays out and the houses get foreclosed upon.  I know some states always are non-recourse, and I've seen conflicting information about Florida in that regard.

In Florida, do I need to get a non-recourse loan in order to protect my other assets?  

If I do need to get a non-recourse loan to protect my other assets, can I get a 30 year loan with a fixed rate?  If so, what are the terms?

I called two major non-recourse lenders and they both told me the longest term I can get is 10 years, amortized to 30 years, with a balloon payment due after 10 years. I don't want to take the risk that goes along with a balloon payment, so I am hoping that I can get a 30 year fixed loan. This will not be done in an IRA, by the way.

Thanks!

Dan

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Dmitriy Fomichenko
#1 New Member Introductions Contributor
  • Solo 401k Expert
  • Anaheim Hills, CA
6,283
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17,882
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Dmitriy Fomichenko
#1 New Member Introductions Contributor
  • Solo 401k Expert
  • Anaheim Hills, CA
Replied

@Dan G.

We work with several lenders offering non-recourse financing and if I remember correctly at least one of them offers 30-yr loan. Send me a PM and I'll get you the list of those lenders.

  • Dmitriy Fomichenko
  • (949) 228-9393
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Sense Financial Services LLC
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