All Forum Posts by: Joshua Baker

@William Hauptly if they can guarantee you’ll see no increase in rate and you’re paying no fees I’d take a look at what the recast will offer cashflow wise vs lump sum that will be required to do it and see if those numbers make sense. If it puts you into a more conservative position that also garners more cashflow I don’t see a downside other than losing that lump sum capital for other investments.

@William Hauptly given that you do not live in the property you will take an interest rate hit for being NOO. How long is the current term in the loan and what's your equity position?

@Renee Ren I am located in Florida and can say I’ve seen a slow down with my investor clients in Orlando due to difficulty finding solid deals. They are there but they’re going to come in the form of emerging areas. Jacksonville has picked up a ton in the last 6 months with most of my clients seeing solid success in both flips and buy and holds. Tampa is a very solid market that is still booming as are the submarkets surrounding it. Hope this helps!

@David Pierce you are correct. Most independent mortgage brokers will be able to successfully finance this depending on the time strength. It falls within agency guidelines giving an investor several options for financing. Let me know if you’ve got any questions!

@Keleisha Carter I co-own a small mortgage brokerage based in Central Florida. Feel free to send me a direct message with any questions you’ve got!

@Matthew Dunn

Until you hit the Fannie Mae cap I’d keep using a broker. You’ll save on transaction costs until you hit the 10 loan limit. Once there, it would be wise to find a credit union or use a broker with solid Non-QM/Portfolio options.

@Ali Taghikhani

Just sent you a DM. I’ve got relationships with realtors in Palm Coast, Winter Haven and Orlando.

@Evan Greenfield

Jax is an awesome market, I’ve got several clients buying in Jax currently. If you’re looking for an awesome realtor or any additional information feel free to message me!

@Roger Verastegui

I would reach out to some local independent brokers and start some conversations to acquire MLO specific information. Yes, most banks have “MLOs” that work in house, odds are however, they will be significantly less knowledgeable than your average independent broker. Not trying to dig on bankers, they just work at a different pace.

Contacting a commercial loan officer, banker, and commercial banker may be helpful as mentioned above.

@Sam Shin

If you have no properties, I’d try to stay on the cheaper side of money if you can. There are conventional and conforming loans that can get the job done depending on employment and credit profile.

As others have stated, non-qm is another ball game where you can get some vastly different products but at a significantly higher cost long term.

Private and hard money are also options for short term bridge type loans, probably the most expensive funds available but they’re available rapidly and offer a ton of flexibility if your property needs rehab work done.

Hope this helps!