All Forum Posts by: Mark Munson

Hey @Alex Springer

What sort of loans are you seeking? If you are seeking a DSCR loan, then no lender will keep that in-house, they get sold on the secondary market. You can always use the Find a Lender tab up top of the website here, but no guarantee anyone is local. How to vet them is somewhat predicated on what sort of loan you are searching for.

 I sent you a connection request, happy to elaborate and help. 

Hi @Reagan Amnay

      Welcome to BP! There are a lot of good resources here and you are in a fantastic market. 

Ho @Sole Angel

I would be very cautious of a lender offering you 100% on a DSCR loan. Most cap at 80% of the purchase price. If they want any money upfront, run the other direction.

Hi @Brandy Horkey

     I'm also in Orlando, so happy to see how I can help and run some numbers for you to see if refinancing even makes sense. There are a lot of well vetted lenders you can find through the Find a Lender tab up top too.

Firstly, do you know if the condo is warrantable or non-warrantable? I ask because that can impact what loan programs are available to you and a non-warrantable condo can come with a higher interest rate. I'm not sure what interest rate you used when determining cash flow, but getting a quote may help to decide concretely what the best path is. If you refinance, you can always use a DSCR loan on the next purchase if you think the refinance will impact your Debt to Income ratio. Most investors utilize DSCR loans, so I wouldn't necessarily fear not being qualified for the next purchase, you have options.

As for the second scenario, I would ask yourself this: If your current condo was on the market today, would you still buy it? If not, I would suggest selling it. The reality is is that if you can take the cash from the sale and pick up 2 properties that both outperform your current condo, then that route makes the most sense. It is generally best to hold onto any real estate, but a condo will appreciate at a slower rate and your HOA is eating into your cash-flow, and that is not something you can control. Feel free to connect if you need any advice and I would suggest getting plugged in to some of the Real Estate Investor Associations locally if you want to seriously scale your portfolio.

Hey @Chrissy Smyth

      You can use the Find A Lender tab up top to source vetted lenders. I'm in Orlando as well, feel free to reach out, I'd be happy to help. 

Hey @Priscilla Rodriguez

       Welcome to BP! I'm in Orlando as well and work with investors on the financing side of things, but we also are in the wholesale space too. I suggest joining the Greater Orlando Real Estate Investor Association in Altamonte, you can meet a number of investors and wholesalers there. I'd be happy to connect and see how I can help. 

Hey @Rob Miller

       Welcome to FL and BP! I am a member of the Tampa Real Estate Investor Association. Feel free to connect!

Hey @Dave Anderson

       If you want to make this scalable and repeatable, I would highly encourage you to start with your end goal in mind. Ask yourself how many properties you are wanting within a given time period and then reverse engineer what is needed to get there. That approach brings far more clarity then approaching things from the other end. Feel free to reach out if you need any advice. 

Hi @Jack Woodward

       Welcome to BP!