All Forum Posts by: John Kent

@Scott A. for flipping use a short term loan such as hard money or a line of credit. A traditional bank may offer a business line of credit that you can use for flipping but they will require that your business be established and show a positive track record. 

A portfolio loan is just as Wayne Brooks described and generally speaking a hard money loan would be considered a portfolio loan. 

When it comes to short term loans for flipping the interest rate is not that important. The other loan costs and the structure of the loan are the determining factors. Easier loan terms and lower fees are often worth an additional 2% - 3% in the rate for a short term loan. 

A private money lender or hard money lender is the easiest way to start until your business can obtain a line of credit. 

@Marshall Brigner Jr welcome to Bigger Pockets. I am an investor friendly agent who covers Orange and Seminole county.  One of the lenders that I work with will offer long term investor loans with renovation costs included in the loan. While I know a very good local real estate attorney, you most likely are looking for a title company.  PM me and let me know what you need. Also, let me know what price range you are targeting. 

@Shan K. property taxes vary by district. We also have several exemptions which can lower the tax amount based on who is on title. In my area the County Tax Appraiser has an estimate tool on the website for estimating the rate on a new purchase. I am originally from the North East where taxes require sacrificing your first born. From my perspective our rates are generally reasonable. 

@Ron K. if it is likely that the average consumer would look at your marketing and be mislead with regard to your business purpose or offering then it is a risk. 

@Stephen Ghanoo welcome to Bigger Pockets. Nice to see that you are making moves in our market. Are you investing remotely or have you relocated to the sunshine state?

Hello @Michael Smith, welcome to Bigger Pockets. I am in East Orlando. Feel free to connect. 

@Alan Sweeten I'm an agent local to the area. It appears that you may be from California and most likely used a different loan product and a different lender. The Hero program that I mentioned is exclusive to Florida. There is a very small handful of lenders that offer it and some are quite difficult to deal with the two that I work with are straight forward and easy. The LTV for the loan is based on an As Is appraisal.

@Joshua Lyon I have found Navy Federal a bit of a pain to work with in the past but their loan programs are good. The Military Choice isn't attached to the VA cert but you do have to be a member of the credit union. They have a zero down program which is for your primary residence only. There is a Navy Federal office not to far from us on SR 50. Driving down Alafaya, leaving Oviedo, make a left onto SR 50 and it is on the right after the Olive Garden. The last customer that I sent there had to pay $100 fee for a prequalification.

There is also a 100% financing Hero loan that you may qualify for as well from a different source.

If you are looking for hard money to use for fix and flips we can chat about your needs I may have an option for you. 

@Wallace Tranum I am an investor friendly agent in Orange and Seminole. Feel free to PM or call me. 

@Josh Tonecha for financing purposes a vacation home would be considered an owner occupied purchase. Although, it would be a second home not a primary residence. Generally, second home loans are 90% LTV. Properties used for rentals would be considered investment properties. Investment property loans generally start at around 80% LTV. If your plan is to purchase a short term rental home, a second home loan may work if you personally use the property for a certain number of days per year.

If you PM your contact info I can connect you with a local lender who can answer your questions. Most of the literature (origination matrix) needed to understand mortgage options isn't available to the general public. A loan officer who originates for multiple lenders will be able to compare your borrower profile with the matrix from different lenders.