All Forum Posts by: Omar Diaz

Hello BP community, I'm wondering if using 5% of the purchase price as a figure to represent closing costs (when running estimates) is a conservative enough number for the state of Florida specifically? I will be using rehab loans if this makes any difference in answering this question. Thank you for any response!

Michael S. I'll be taking it online this time. As far as the price goes I've seen various course packages that jump up in pricing when books and extra materials are included but I'd rather not spend the extra money on items I received the first time if they're still relevant. Thank you and best of luck to you also.

Hello BP community! How often are the Florida pre licensure handbooks updated? My license expired so I'm taking a pre licensure course that charges extra for books, however I still have my 2014 handbook. Can I use this?

Tom S. Very much appreciated, this helps out a ton, thank you!

Henry J. Yes, BRRRR is essentially the plan. I actually didn't think of the 203k loan, thank you for that one! I was set on the FHA loan because of the low down payment but after reading articles on financing, I came across portfolio lenders and liked the idea of lenders having the willingness to negotiate terms with RE investors and the ability to package loans. Ideally, I'd want to live in my first few properties so that I can focus on building funds for larger down payments and create my system for running a rental property business while working my 9-5 job.

Mark Allen Thank you!

Thank you all for the response! Tom S. So they'll work with you on rehab costs but how about a down payment? To my understanding they're pretty flexible with terms but I have yet to see anything in my research regarding down payments. Also who would determine the rehab costs, me or the lender? @John Thedford I am a rookie and haven't acquired any rentals so excuse any questions that may be obvious to you. When you say free and clear, do you mean owning the property out right? And when you say they'll loan maybe .50 on the dollar of rentals you currently own, are you speaking in terms of equity lines of credit to purchase more properties? Tyrone Jackson I've heard of rental property investors going about it that way as they start out, however I was considering eventually packaging the loans and figured that if I initially go through a portfolio lender it won't be such a hassle later down the road as I acquire more rentals. What are your thoughts on going about it this way? Mike Austin I've read the same thing about building relationships with these types of lenders. Would you have any tips on finding a portfolio lender? Or any thoughts on any of the questions I've asked the other responding members?

Hello BP community, I discovered portfolio lenders recently and have been reading on what they are and what advantages they offer. My question is, can I/should I go through a portfolio lender for purchasing my first home in which I will reside for 1-2 years, fix it up, and at the end of that time period I plan on renting out that home. The plan (for now) is to continue acquiring rental properties in this way so I'd like to be as proactive as possible. Thank you all for any help.

Brian Oswald Thank you for the recommendations! I've learned a lot through the blogs but have yet to see what the podcasts have to offer so I'm pretty eager to check that out! I plan on learning and making as much connections as possible in both industries. Thank you again Brian!

Mark Nolan Thank you!