All Forum Posts by: Raymond J. Rodrigues

Don't do a 15 year mortgage if you're worried about cash flow. You can pay down the principal at your own pace on a 30 year schedule versus being stuck behind a 15 year schedule. 

Taking a 15 year mortgage will hemorrhage your debt to income ratio and make it difficult to qualify for more home purchases in the future. 

@Jordan Hamilton it’s a lot of information to type out here to be honest and depends on one’s situation. Shoot me a text or email and we can chat further. Infos in my signature. 

Welcome back to Miami @Jordan Hamilton! 

Interesting case you have here from a mortgage standpoint. The fact that you moved from your primary residence three months after purchasing may seem a bit strange to your current lender, especially with you potentially having it classified as an investment property in the same calendar year. Of course, it was due to extenuating circumstances which neither you nor the lender had control of. Depending on the way their company operates, you filing your property as an investment on your taxes may be considered an issue for them depending on how stringent they are. Other lenders as a new relationship may not care as much because they were not the ones that originally funded your loan and would not yet deem you as a risk. Occupancy fraud is not something lenders are too fond of, even if you went about things in an understandable way. Having the property on your tax returns will help to wipe the mortgage expense with proposed rental income, making it easier to qualify for your next primary residence purchase. If not, you may have to qualify with the full mortgage payment against your debt to income ratio, including the new home that you are looking to purchase.

From a tax standpoint, you may want to speak with @Natalie Kolodij. 

@Jacob Glover seasoning period on a cash out refinance for a new construction property starts ticking from the time you took ownership of land with conventional financing, but requires 12 months seasoning. I just did one, so I know this is a fact. Most would think it starts from the time you receive your certificate of occupancy, but that is not the case for conventional loans. Other loans might be a little bit different. Feel free to reach out with any questions! 

Are there any wholesale lenders that will do a rate and term refi on 4,800,000 loan balance,  5 unit property. Property is worth 7.5m and is a short term rental. About 8 months rental history and cash flows about 80-90k per month. Looking for long term financing, no bridge loans. 

@Jillian Alonge fellow local here in Miami. Definitely be mind of the due on sale clause with taking out a HELOC and quit claiming into an LLC. What's your current rate and what rate are you aiming for? Happy to connect and see what you're up to!

@Brett Baker I would recommend reaching out to @Josh Green. He could provide you with some good insight in and around the area! He's an active STR investor and investor focused agent.

@Chris Mason can you assist? 

@Ivan Castanon, I might be able to recommend you to someone that’s local to the area that can help you going in the right direction. He’s a close friend of mine. Send me a pm and we can chat further on this. 

@Lake Lutes any thoughts here?