All Forum Posts by: Raymond J. Rodrigues

@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. 

@Melissa Thompson what is your business relation with them? What type of property are you purchasing? 

@Jesus Rodriguez it's a pleasure to meet you and welcome to investing here in Florida! If you are looking to invest in your local neck of the woods, I recommend reaching out to @Judson Osbon. He is an investor and realtor that can help you throughout the process! 

@Ryan Leary, is this a 2 bedroom condo in Miami? I live in Miami too and am also a mortgage lender. I don’t think we will see 3% rates any time soon if you want me to be honest with you. So hoping for that, I would say is wishful thinking. Hoping for future rent growth to help favor your situation a little more might be a bit more realistic. I would rather rent at a slight loss than to be vacant for an extended period of time. For each month that you don’t have a tenant, you are losing $2300. I would rather lose $200 per month than $4600 for the year. Where is this property located? 

@David Kanter I would agree that the south Florida market is not doing as well for investments. However, I do know a few investors that are doing quite well in Florida depending on your price point. Happy to share their experiences with you!