All Forum Posts by: Neil Da Silva

Hey Neil, I'm currently a newbie in the Kissimmee area and I was wondering whenever you come down to hang or check on your properties if you'd allow me to take you to eat lunch and perhaps give me a few tips and advice and possibly even help me get my first investment property. Would really appreciate it bro, thank you for reading and good luck on getting that refi

Sure man! Shoot me your contact info and I'll send u a Line when I'm down south! I'm by no means a pro but I'll help in anyway I can!

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Originally posted by @George T.:

Thank you @Jeff Dulla for your recommendation. This is a vacation home so not an investment property.

@Neil Da Silva I am from Toronto as well as I have recently reallocated. How easy is for Canadians to get a cash out refinance in Florida? Let me know and we can share our views as it seems like we are in a similar situation.

@Harjeet Bhatti This is my plan for sure. I am planning to go down to Florida and shop around. As a Canadian, it might be a little bit tougher....

I'm a permanent resident the US, the refinance process is straight forward, just provided particulars as usual and I'm currently waiting to hear the details of the refinance.

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@Roy N. & @Paul MacInnis

haha! ya I was thinking of Windsor, Ontario

I've never been to the east coast! or the West coast of Canada, I've only been to Ontario and Quebec. Seems like I should take a trip! "Fly for dollars" lol

cheers!

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Originally posted by @Roy N.:

@Neil Da Silva

In theory ... as long as your lender plays along.

great information, thanks very much.

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Hey BP!

I have a quick flip I'd like to do, I'm buying 30% under fmv and want to turn around and sell this baby asap within 2 months max!

I need to buy this property RIGHT in order to avoid any seasoning periods as this could drastically increase my holding costs and reduce my profits.

From what I gather, If I use private or hard money there is no seasoning period for someone that wants to purchase from me with a fha or conventional loan? Am I correct on this? If not what am I missing?

THANKS!

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@Kalimah Jenkins

Do you have an update on your situation, I'm very interested to know!

Does anyone have any info pertaining to seasoning with different financing options?

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very interesting thread!

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Originally posted by @J Scott:

Originally posted by @Wade Stahle:

Thanks J. What does the 90 days to complete mean?

FHA has restrictions on loaning to buyers if the property they want to purchase hasn't been held by the seller for at least 90 days. Assuming that it took you at least 90 days to purchase, build and put back on the market, this shouldn't be an issue. If for some reason you can build in less than 90 days, then this becomes an issue.

I'm in a similar ordeal. What financing methods do not have seasoning periods for reselling???

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Hey guys any updates on this? Id like to do a quick flip max 2 months in central florida. What is the seasoning times for the different financing options?

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Originally posted by @Roy N.:

@Neil Da Silva

At the time you purchase a future owner occupied property, you would tell your lender / mortgage broker that you have a insured high-ratio mortgage and you wish to port the insurance to your new financing. There will be a fee and maybe a premium top-up depending on the new property you are acquiring.

Great so, I won't be prohibited from obtaining further high ratio mortgages because I'll be able to port the insurance to the new financing?

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All Forum Posts by: Neil Da Silva

Neil Da Silva has started 22 posts and replied 107 times.

Post: NEED SOME HELP ! Refinancing a 100% owned property

Post: Refinance Florida Property

Post: Alternative cities to invest in other than Toronto

Post: 5% or 20% Downpayment? Which must I do?

Post: FLORIDA FINANCING SEASONING PERIODS

Post: Selling a home immediately upon purchase - seasoning, wholesaling

Post: Repaid HELOC - Does it need to season?

Post: building all cash and selling seasoning period?

Post: Help with refinance issues

Post: 5% or 20% Downpayment? Which must I do?