All Forum Posts by: John Kent

@Christian Cuestas the down payment for a portfolio loan is likely to be more in the 25% - 30% range. In addition to your down payment a non-owner occupied loan will most likely want to see 3 to 6 months of payments available as a savings reserves after the closing is complete and all transaction costs paid. FHA definitely requires a 12 month owner occupancy even from a lender that offers FHA portfolio. Keep in mind that the $110k limit is more likely to be a function of your debt to income ratio than your credit score or the loan program.

As Brent mentioned a portfolio lender is a lender who keeps the mortgage as an investment instead of selling it to an investor immediately after funding. 

@Deb Sala welcome to Bigger Pockets.

If the purchase is with a Kiddie Condo loan than you may help your son income qualify for the loan. You may even be able to provide the down payment funds for the loan. Your son must still be able to credit qualify for the loan and must be on title. In this case your son will be on title. As for taking the mortgage interest deduction this is a question for a tax accountant. If your son is making the mortgage payments he should be entitled to the deduction. 

There are tax advantages for a primary residence as well. It would be wise to compare the advantages of primary residence vs investment property with your tax adviser. With the smaller initial investment the primary residence may pencil out to be more attractive.

@Jerry R. I have never seen the state contract not either printed or in pdf form. If you have PDF editor software you can use the Create Form tools to make the contract editable. I use Adobe Acrobat but there are other alternative PDF software tools. 

@Anthony Podloski condotels are best when you are buying for personal use and wish to offset the holding costs. In the Disney area I would suggest luxury units. A few years ago Disney built several midrange hotels that they book with park packages that come with perks.  If looking purely for investment purposes townhomes and single family homes zoned for short term rental are an option and may provide a more predictable occupancy profile provided it is properly managed. We had a rush of new build projects here about 6 years ago. Not so much recently. I have seen, in passing, mortgage brokers offering condotel financing. 

@Jeb Brilliant yes you may. Send me a Colleague Request. My contact information is listed on my BP profile.

@Jeb Brilliant Yes, I am an investor and agent who works with investors. My brokerage is one of the larger residential property management companies in the Orlando area. 

@Saeer Butt welcome to Bigger Pockets. Wishing you all the best as you plunge into the deep end of the pool. 

@Jeb Brilliant

Average it out to about 45 days. In general Florida is a landlord friendly state.

This may be of some help: How long does the eviction process take in Florida?

@Loring Hinds do you have significant equity in your home? Have you occupied it as your primary residence for more than 2 years? If so, you may also wish to consider selling the property to take advantage of the tax exemption for profits on a primary residence. Then take some of the proceeds and purchase a nice cashflow positive property. 

@Richard Davis for contracts, title and closing? Litigation? Landlord Tenant Law?