All Forum Posts by: Raymond J. Rodrigues

@Renee Ren, feel free to reach out :) 

@Andreu Ferragut, is this property in Miami? 

@Rocio Zamora, perhaps you are working with the wrong insurance agents. I am a lender here in Florida, specifically South Florida, which is in your area, and can probably refer someone to you. Feel free to reach out! 

@Nick Detloff, is this a long term rental or short term rental? In any event, if you are looking to invest in the Panama City area, I recommend reaching out to @January Johnson! 

DSCR is definitely not a loan option that you would want to take if you qualify for a conventional loan.

@Conrad Legé, I know of a few investor focused agents in the area that can assist you with your search. I too am also local to the Miami area! 

@Sean Brown, I hope my idea helps you!

Hi @Amit Doshi, you'll find that with interest rates being where they are now, coupled with higher prices, that cash-flow is not as ideal as it once was. Investors that are looking to purchase in markets like Tampa that are looking at it from a long-term rental perspective, are looking for appreciation more than anything with the understanding of refinancing in the future to put them in a better position to cash flow. Appreciation is really where things pay off, which is what Tampa Bay is known for. If you are looking to work with a realtor that is investor focused and is also an investor themselves, reach out to @Josh Green. He's helped out alot of my investor clients in the past that are in a similar position as you and your wife. 

@Tim Tyrrell, if you are planning on ever transferring title of your property to an LLC in the future, it has to be with a conventional loan. FHA will not allow this. When it comes to buying a 2-4 unit property with 5% down conventional, the guidelines mandate that you have 5% of your own funds being contributed towards the purchase to meet down payment requirement. You are not allowed to receive what would be considered a gift in this case to meet the 5% down payment requirement. Your lender should have made you aware of this. There are ways to meet this down payment requirement on your own, but it does require getting a little bit creative, especially if you have "partners" helping out.

FHA does not have a minimum borrower contribution requirement of your own funds for down payment, but does have what's called the FHA self-sufficiency test, which will most likely not pass for a property in a town like St. Pete. This primarily leaves you only with being able to use a conventional loan. You are not able to close in the name of an LLC, at closing, with an FHA or Conventional loan. Happy to answer any other questions that you may have.

If you are working with a realtor, but would like to work with someone that is more investor focused, reach out to @Josh Green. He has assisted quite a few of my clients with their house hack needs in the areas that you are looking to buy.

Always open to discussing further. 

@Tim Nethers, be very mindful of what your loan officer advised. If this loan is administered through Freddie Mac, which is still a conventional loan, quit claiming is not allowed. It also varies based on the servicer as well. Sometimes asking for forgiveness instead of permission is not something that you should do in this case.