All Forum Posts by: Michael Kieffer

@Chauncy Gray The average home buyer is concerned with month to month cash flow and uses a 30yr mortgage because of the lower payment (at the expense of a larger total interest payment). A 15yr payment is a smarter financial decision, but you need to have the ability to carry a higher mortgage expense. The optimal thing to do is use a 30yr mortgage but treat it like a 15yr. This will allow you to reduce interest expense but you still have the "option" of a lower payment if you are tight for the month.

@Raymond J. Rodrigues you as well! I'm always looking to connect with other Miami locals, feel free to reach out.

@Joshua Schoer, @Patrick Daniel is correct in that you need an LLC for hard money loans in FL. I'd also add the slight inconvenience and few hundred dollars to set it up is worth the personal liability protection. There have been many instances of workers getting hurt on the rehab, and you really don't want those risks. Our hard money line of credit program might be something of interest to you. We also have 30yr loans with only 60 day seasoning periods if you decided not to flip and rent out instead (Brrrrr). If you ever wish to discuss, feel free to reach out.

@Mahdi Mortazavi I sent you a text to the number you posted above. Happy to chat

@Mahdi Mortazavi Absolutely. We are an asset based lender...which means we underwrite the property. No income verification or tax returns required. Most loans are capped at 75% LTV, free free to reach out of you want to run a deal by me. I'm also based in Miami.

@Justin Dominguez I'd consider cherry picking the best duplexes out of the portfolio. The debt to income ratio doesn't appear to support a loan size of 1.6mil if you are only collecting 7kish in rental income (for an asset based loan). You may find that some properties individually may qualify. There are 80% LTV 30yr programs starting at 6%

@Randy Coker Most hard money lenders will require an appraisal which means any closing will take 7 to 14 days. I've worked with a lender who will do a Hard Money Refi, meaning you would have to buy the property cash at closing (auction), but then 14 days later you get 90% of your money back.

@Erica Hatfield Conventional loans are based on the borrower's income levels (for the purpose of a primary residence).   Commercial loans are based on the cash flow (and more importantly debt to income ratio) of the property.  I understand you wish to live in it, but I would consider approaching the deal as a rental first.  Once you close on the commercial mortgage, you could "live" in one of the units while you are trying to rent it out (which might be indefinite).

This could be a creative workout around your low W2 income.