1st Time Investor looking at duplex unit in Lehigh Acres FL

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1st Time Investor looking at duplex unit in Lehigh Acres FL

Sanjay Motilal
Member since 2020 · 4 posts · 1 vote

The unit was built in 2006. The management fees are around 10% . The land here is pretty cheap , around 4-6K, and lot of vacant land in the area, so wondering if it has any growth potential . In terms of cash flow , the numbers do look good. 

Can I finance a duplex unit as a secondary home , given I live in NJ and this property is in FL.

Any thoughts or tips would help a great deal, as I am investing for the first time and this is a remote investment.

Thanks in advance ! 

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  • Lamont Chen
    Realtor · Hudson County, NJ · Member since 2017 · 176 posts · 110 votes
    5y

    @Sanjay Motilal

    You can check with a lender from FL whom may be able to see if you qualify for a debt to income perspective to classify as a second home. I worked with someone who lends to FL for my purchase.

    Feel free to DM me and I can share you the contact.

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  • Sanjay Motilal
    OP
    Member since 2020 · 4 posts · 1 vote
    5y

    Thanks Chen ! I have found a lender, so lets see what he says , if not I will surely message you to get the contact .

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  • Raymond J. RodriguesBusiness Member
    Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
    5y

    @Sanjay Motilal, I am a licensed lender in the state of Florida. Fannie Mae and Freddie Mac (Conventional Loan Overseers), allow 10% on primary residence and only allow 1 unit properties (single family, town home, or condo).

    You can buy an investment property with as little as 15% down on a single family, anything greater than a single unit, requires 25% down.

    I hope this helps. Feel free to ask me any questions about financing. 

    [email protected]619-456-8311
    Helm Mortgage Corp.5127 Reviews
    WebsiteView Page
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  • Sanjay Motilal
    OP
    Member since 2020 · 4 posts · 1 vote
    5y

    @Raymond J. Rodrigues , Thanks for the note . One of the lender has mentioned that he may be able to get me the loan as a secondary home , so is that something to be weary of , because many lenders have said the same thing , since its a multifamily home , it cannot be financed as secondary home and it will have to be investment property and need 25% down .

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  • Steven Foster Wilson
    Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
    5y
    Originally posted by @Sanjay Motilal:

    The unit was built in 2006. The management fees are around 10% . The land here is pretty cheap , around 4-6K, and lot of vacant land in the area, so wondering if it has any growth potential . In terms of cash flow , the numbers do look good. 

    Can I finance a duplex unit as a secondary home , given I live in NJ and this property is in FL.

    Any thoughts or tips would help a great deal, as I am investing for the first time and this is a remote investment.

    Thanks in advance ! 


    Columbus is an awesome market! I am born and raised, and know the local market like the back of my hand! Over the past 5 years I have seen industry & population growth in Columbus explode, and effectively it has raised our housing prices.

    I started investing in Columbus OH about 3 years ago, with an FHA loan. I bought a duplex, fixed it up enough to rent and eventually complete a BRRRR.

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  • Stetson MillerBusiness Member
    Real Estate Broker · Fort Myers, FL · Member since 2019 · 576 posts · 423 votes
    5y

    @Sanjay Motilal Is this an off-market property? There's a few areas of Lehigh that I would be weary of, and I would hate for you to make a purchase sight unseen in an area like this. Let me know if you have any questions, and I would be happy to help!

    [email protected]850-259-2910
    Stetson Miller Realtor545 Reviews
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