All Forum Posts by: Adam Garcia

Thanks for all the replies. I will look into an ARM but i think the 30 year, as suggested gives the best flexibility as you can always prepay if needed.

I have a deal under contract and wanted to get other investors thoughts on the term of the mortgage I should get. The purchase price of the property is 200k and it is ready to be rented so no money will have to be spent in repairs as of right now. With a 30 year mortgage my payments are around $800/month and with a 20 year the payments would be $983. The property is a duplex and net rent per month is at $1800 so either term would be cash flow positive. 

Is it better to take the extra couple hundred bucks a month in cash flow with a 30 year loan or take a smaller cash flow with a 20 year mortgage but pay much less in interest. Thanks.  

I am looking for private money to help fund a condo purchase in the central florida area

The purchase price is 69k and estimated rehab is another 15k

I have experience in this condo complex and have one other unit renting on average for 2300 a month. It is a vacation rental.

This condo is non warrentable due to high investor ownership in the complex.

I have had commitments from a few lenders on this forum only for them to review the deal and back out due to the lower than 100k loan amount or the non-warrentable status.

I am looking for a 4 year term, 30 year amortization with a balloon payment at the end of 4 years.

Please reply to this thread and/or email loan proposals to agvacationrentals (at) gmail.com

Thanks

Don't they still have to comply with the FHA guidelines which prevent this loan from happening?

Thanks! There is a bit more costs involved with short term rentals but still a pretty good return. Because this is a vacation "resort" and over 50% of the units are owned by absentee owners/investors I cannot get tradational financing. Somehow I was able to finance the first one like this but now they won't do it. If you have any other ideas in terms of funding I am all ears.

In my previous thread I asked about getting around fha owner occupancy requirements with traditional funding but the best anyone could come up with was basically taking out a private/hard money loan.

I have a property that I can buy for 71k and needs 15k in rehab costs. 

The loan terms I have are 4 years at 9.5% with 2500 in origination fees. I would only be financing about 55k and would not finance the rehab costs. After the 4 year term is up i could refinance with the same terms or pay the balance in full. 

I already have 1 unit in this condo complex and it is netting me around 2300 avg per month in net rental income as it is listed as a vacation rental and has high occupancy.

I am a noobie investor so looking for some seasoned pros to help me see if this deal is worth it. 

thanks!

 Hey I plan to put down around 20k. The property appraised at 78k but needs some rehab which i estimate to be another 15k

Greg, That would be awesome. Please pass along his info if you could. Thanks!

Hello, I am in the process of buying a condominium as an investment. It would be my second unit in the same complex.

I was financing the deal through a conventional mortgage lender but the deal fell through when the Condo questionnaire came back with over 70% of the units being investor owned. Apparently loans can only be approved with less than 50%investor ownership. This is a vacation rental complex near Disney so that is the reason for the high investor interest here.

Is there any way around this rule or any other ideas on how to make this deal happen. I have proof of income from my other unit in the same complex and it is currently generating 3 to 4 times the monthly mortgage payment when being rented short term.

Thanks for any help!