All Forum Posts by: Raymond J. Rodrigues

@Josh Green

Hi @Samuel Garnatz, welcome to the forums and congratulations on taking your first step. Based on the information that you shared, if you haven’t already done so, I recommend connecting with a local expert. If you’re planning investing in the St Pete area, I recommend connecting with Josh Green. He is an investor/investor focused realtor. I’ve recommend all my clients to him in the area for the last few years and they have had great success. 

Hi @Colin Ford, welcome to the forums and to St Pete! It's my favorite city in Florida! The BRRR is a great strategy, but you will have to search hard to find a distressed duplex that you're able to force appreciation on in this neck of the woods. Multi family isn't as common as you'd find in other parts of the United States, but there are some good properties here to be had! I recommend connecting with @Josh Green and his wife who are also investors/investor focused agents that can help you strategize a plan! 

@Bryce Gubler feel free to reach out. 

@Patrick Brown reach out to @Josh Green. He has the long term rental investment strategy that will help you maximize your ROI in the Tampa Bay area. If you are looking for short term rentals too, he has that covered. He is the go-to realtor/investor in your local area!

@Jay Hinrichs whether you know it or not, all lenders/brokers/banks are paid through the spread in the rate. I've seen lenders have higher rates than brokers, vice versa. Lenders/banks very few and far between will negotiate off their base rate, and if they do, the consumer pays the difference. A broker has the flexibility to reduce their commission at their own will, at NO cost to the client, to offer more competitive terms. All lending institutions operate the same at the end of the day.  

I will say that when it comes to non-conforming loan limits/jumbo loans, banks, not lenders, often have more competitive rates because they often portfolio the product due to lower risk involved. 

I was a direct lender and used to make 4% on deals, now I am a mortgage broker and make a maximum of 2.5%, who is saving money here? The client obviously... Lenders are allowed to charge junk fees, brokers are tied to only being allowed to charge an underwriting fee, which is charged by the wholesale lender, not the broker. There is a reason why there was an exodus of licensed originators that went from being a LENDER, to a broker, when the rates started increasing. Not hard to understand why either... 

@Joshua Herrera congratulations on taking the first step. From alot of investors on the forums, Orlando appears to be a saturated market with more barriers to entry in order to have a performing property in that area. If you are open to purchasing in the Tampa market, reach out to @Josh Green. He is our local expert! 

@Rachael Shad, my company offers them, but property must be in personal name and not LLC.

You either get borrower paid mortgage insurance or lender paid mortgage insurance(higher rate, no PMI). Doubtful you'll find something with low rates, no MI, and low closing costs, as you wish to receive. Maybe you can get a non conforrming portfolio loan with no MI, but those always have higher rates.

@Katie Camargo where are you purchasing? Try to get an idea on what the flood insurance premium cost will be from now, rather than too late in the process. I've seen insurance premiums for flood go up to 5-6k on a regular single family home depending on the area.