All Forum Posts by: Raymond J. Rodrigues

@Brandon Weis, the reason and the only reason why they cannot use the rental income on the other units for a conventional loan is because you probably live rent free and don't have a housing expense. That is what the national guidelines call for. FHA does not have this rule.

@Account Closed is our local expert and am sure can strategize a plan for you. 

@Nicholas Bourgeois, connect with @Lake Lutes. He has repeated the process in which you mentioned with success. He is local to the areas that you mentioned. 

@Brandon Weis just an overly conservative bank. 3.5% down with FHA on up to 4 units. Must meet self sufficiency test for 3-4 units on FHA though, which alot of properties in higher cost areas do not meet.

Conventional allows 5% down on 2-4 units. Anything above and beyond what I mentioned is a bank and its own overlays. 

@Davis Barrow they didn't want to extend your rate lock because they wanted you to buy more expensive paper which is a bit unfortunate. We do not treat our clients like that.. Definitely a bad way to do business. 

@Dustin Seager if you are buying with hard money, then you will have to put it in an LLC. If you were not purchasing with hard money, and had the option of putting it in an LLC, I would.

@Daniel Hartless for any condos that allow STR, you will not be able to get away with 10% down as a second home, because conventional loans do not allow financing for a short-term rental and will require a minimum of 20% down. However, if you do buy a single family, you can get away with 10% down as a second home, with conventional financing. @Josh Green is the go-to realtor in the area that is also an STR investor, property manager and can help you with all things short term rentals in the area. Reach out to him! He will give you the proper guidance that you are looking for. 

@Viji Venkatachalam what's the address of your home? Any insight @Josh Green? 

@Himateja Madala, you’d be better of purchasing in the Tampa Bay area which is very close by. @Josh Green is probably the best realtor on these forums to assist you with short term rentals in Tampa. He is an investor, investor focused agent that specializes in short term rental, can assist with the staging process and also has a property management company as well. He has helped quite a few of my clients with their STR needs and is an expert at what he does.

@Rafael Ramos I have a buddy cash flowing about $1500 per month on properties in the Tampa Bay Area that were built around 2018 and have very little maintenance. Happy to connect you to help spark some ideas for you.