All Forum Posts by: Mitch Polatin

@Jonathan Taylor

Thanks. We have not been denied.

Just Haven’t found any banks willing to lend this way. Maybe we’re not looking at the right places.

Found Space Coast Credit Union and seems they offer:

HELOC

Or

Second Mortgage Fixed.

We bought a home 6 months ago in Boca, FL

$950k

30 year fixed around 2.9 %

20% down

Appraised at sale at $1.1m

Did many upgrades including floor and new kitchen.

Six months later.

Why will no one give us a HELOC or consider Refi?

Some say they won't do appraisals and only do HUD purchase price now? Don't even understand this.

Wife and I both have good W2 jobs.

We also own a $1M l+ home in Los Angeles and rent it.

Anyone here who can help us?

Thanks.

Please PM me.

@Corey Perdue

I have the same dilemma.

@Mitch Polatin

With rates going up, seems a HELOC might be our best best otherwise we risk losing our 30-year rate at 3% for a jumbo.

So much to figure out.

@Zach Westerfield

Thank you. This is what I have read about and it seems to make the most sense to me. You provided a great explanation.

Please. Any help or advice is appreciated.

We bought a home in Boca,FL October 2020.

Purchase about $950k

20% down

30 year fixed around 3%

At time of sale it bank appraised for $1.1M

We’ve put in all new floors, tore out and redid kitchen among other things.

About to hit 6 month mark and we’re told that’s when we can refi- hoping to recoup close to our down payment.

But now our mortgage broker is talking about HELOC and second mortgages and such? Like they think we're crazy for wanting to refi? Are the rates that different now? Can someone please chime in. What is the right call here? I thought it was refi?

Thanks. First BRRRR

We bought a property. SFH in south Florida. We've moved in and are redoing the floors and kitchen and some other things. Well, my job is relocating and we will have to turn this home into a rental come Spring/Summer after living there for 6 months while we improve it.

Maybe a dumb question but can I get any tax benefits from this remodeling if I lived there but it becomes a rental?

@Greg M.

Thanks for this, it’s funny I looked at photos from comparable places, and it’s tough to tell from the photos what the floors are actually made of.

Maybe that’s a good thing. 

Hello. New to this landlord thing. We have one luxury home and may soon have another to rent.

This property is in Boca Raton, FL. About $1.1M in value.

We were going to do wood floors but they say it’s bad because of the climate, which makes sense.

We looked at LVP floors. Organic. Higher end around $5 a sq foot.

Questions...

Is this “nice” enough for a rental that may eventually fetch $8k a month?

Can LVP be in a high end home?

Anyone with experience with wood floors in South Florida near the beach?

Thanks!

@Richard Hadley

So I'm new to this. Kind of doing BRRRR with higher end properties. We have a SFH rental in Los Angeles and may have one soon in Florida. These are $1m homes but I'm still trying to figure out the ROI on updating the properties.

For instance, If I spend $50k to update the floors and kitchen this is good because...

-I could potentially raise rent for new occupants.

But what else?

-depreciation? I don’t fully understand but seems I can write off the cost of floors over 5 years with a CPA?

-appreciation? I will want to take out money after six months or so, so these updates could possibly increase that?

Why else would I want to take it from an ok kitchen and floors to much nicer items...Thanks for any advice.