All Forum Posts by: Raymond J. Rodrigues

@Jose Leandro Gobea, I am in Miami. I used to be a lender, but now am a broker for obvious reasons. A current client was recently working with a mortgage lender and was being offered a 7.5% interest rate, I was able to offer them a 6.99% interest rate with less closing costs. People think working directly with a lender is a good idea, they just haven't met a good mortgage broker to find them the best deal. Someone stating that you are paying more by working with a broker versus a lender clearly does not know what their talking about. Regardless of whether you are a lender or a broker, we all get paid the same exact way. So it's just a matter of who wants to give their client the best deal at the end of the day.

@Kris Tagliaferri, are you Jakes brother? I'm good friends with Scott and Josh. I may have a good recommendation for you. Reach out to me and ill share some info! 

You're most welcome! @Bradon Grondel@Josh Green

@James M., reach out to @Josh Green. He is in your local area! 

@Nathan Roodzant, I highly recommend reaching out to @Lake Lutes. He's in the Airforce and will be a neighbor of yours. He is also an investor/ investor focused realtor in Pensacola! Great guy all around. 

@Donald A Brownlee Jr. send me a message. Interested in hearing more details. I’m also in Miami. 

@Gopichand N., I recommend reaching out to @Josh Green. I’m sure he has some solid recommendations! 

Hi @Gabriel Martinez, refinancing your FHA loan into conventional may not make sense given that you have a low interest rate and very little equity, which will result in you having a higher interest rate and still not getting rid of your mortgage insurance. In your case if you do not wish to deploy a lot of capital, utilize 5% down payment on a conventional loan and purchase another primary. Conventional & FHA recently changed their guidelines on student loans. If you are on an income based repayment plan and your payment is $1, $1 will be used towards your monthly debt service, not 1% or .5% of the balance. If you are not on an income based repayment plan, then different guidelines will apply. If you need solid guidance, feel free to reach out to me.

If you need a solid investor/realtor on your team in the Tampa Bay Area, reach out to @Josh Green.

I hope this info helps! 

Hi @Bradon Grondel, thanks for introducing yourself. Most people generally do not break even on having their rental income cover their living expenses in a live-in house hack these days, so asking for cash flow in addition to that might not be feasible until you move out of the property. There are certain circumstances where you do, but you'll need a solid realtor to help you find those types of deals. When it comes to financing a property with an in-law suite, this is generally considered a single family property and will allow you to finance with 5% down payment. I've financed quite a few of these in the past. Conventional loans will not allow you to use the rental income from an ADU property to qualify as if it were a 2-4 unit property, but FHA loans will. There are specific requirements that need to be met in order for an ADU to be legally classified from a lenders standpoint. If you are concerned with having protection and not being able to hold your property in an LLC, get an umbrella insurance policy.

Side note- not sure who you’re working with as your real estate agent, but @Josh Green is the go-to investor/investor focused realtor in the area that has helped many clients of mine in the past successfully house hack. I recommend reaching out to him! He always provides solid advice, guidance and is also one of the best negotiators I have met when getting our clients the best deal. 

This is not a pitch. 

@George Flores, thanks for introducing yourself. I am also a fellow local to the south florida/Miami area. The second option sounds like a better idea. HOAs are unpredictable these days and can require up to 25-30% down payment when financing. If you are looking for an expert realtor in the area that works with investors, I recommend reaching out to @Malgorzata Sadowska.