Newbe Florida investor

[Roger H.]

Hi BP members,

Wanted to introduce myself.

New investor learning the ropes and concentrating on SE Florida area. Reading the beginners guide to familiarize myself with the information contained in it.

Just found a condo (short sale), made an offer and waiting to see if it's accepted or if I need to go higher with my offer.

Here's where I'm hoping for some help. Looking to get pre approved for ~$90k and will be putting $22k down. Seems in FL some or many lenders do not finance condo's for investment purposes. So a couple of questions.

1) Have others run into this?
2) What have members done to get around this?
3) Can anyone point me to a listing of lenders that may entertain loaning at conventional or very near conventional rates for investment.

I can go all cash with this deal but obviously this wouldn't make sense from an investors standpoint. as it would reduce my reserves for further investment properties

Any suggestions??

Many Thanks,

Roger

[Chad Ballard]

I have a condo in Utah that is a rental for students. I have not had any problems with financing since the banks have a pretty good idea of what a condo is worth just by looking at other units that have sold. This also makes short sells tougher. With a SFH values can vary greatly depending on square feet, condition, etc even if they are right next door to each other. Condos are pretty much all the same and banks know how much they can get for a unit and might pass on a low offer.

Be sure however to check out the HOA. Go above and beyond here since with condo you give up a lot of control with your property to the HOA association and a lot of investors don't like that.