All Forum Posts by: Account Closed

@Andre S Walters What kind of portfolio loan are you looking for?

Find a direct lender as there is no need to deal with bank overlays and it can complicate your deals. If you are wanting to get the sweat equity you will have a seasoning time frame. If you just want your initial capital you can use the delayed financing before then.

Yeah for flips that is probably one of the hardest markets in FL to find them. If you are willing to put some miles in I have seen some people finding deals on the south west coast. The demand is just not as high and some of the areas have more inventory giving you a bit more time to catch the deal.

Welcome @Clement Aikens! Wish you the best of luck getting started.

Being that this is your first start you may need to be a bit forgiving. If you are getting out of the crazy rent market you have one step in the right direction. If you are going FHA I would assume you limited like most entering that cash down is the issue. In that market if you can even find a reasonably priced SFR that meets the basic FHA, or you could solve the small problems it might have. You could push some equity with just a few improvements over a year or two. Then sell move on with some more equity hopefully some nice appreciation as 5% is the safer guess right now. With values on the rise and interest rates expected to go up it could cost you quite a bit to wait to find a perfect deal.

So maybe if you alter you entry strategy to lower cost and build equity slower to build that long game wealth. It could get you in the game now vs not entering or waiting and it costing you extra. Add up with you will save vs rent the added cost of if rates rise by %.5 or %1 and the possibility of %5 year over year appreciation and any simpler home improvements you could do to add equity. Then take those numbers and look at a house hack or true investment property in 2 years. 

Getting into house hacking can be hard in markets with very high rent demand. Some markets mulit family is all but forgotten about by anyone other than investors other markets people see the value and drive the demand higher. 

As far as 20k for investment a condo is likely your best starting point if you are convinced that a multi family house hack is not for you. Prices are a major limit in that market everything is high since demand is there. While condos have there own set of risk and buyer pools in Miami they are a better option than many other places.

There are some portfolio lenders that will do a 24 month bank statement for self employed or rental cash flow. The rate will have the risk factored in but as long as the deal works with it.

However I am unfamiliar with lenders in that area of the country.

I big question for FL is how far are you willing to commute? While there is healthcare work nearly everywhere the pay is closely linked to cost of living as best I know. I know people who drive 45 min to an hour each way to bring in more money. Your list of qualifications do not take out many locations. Beaches yeah we got plenty.  Rentals for cash flow also does not take much off the list as well. As for night life there are many south Florida people that feel board anywhere north of palm beach county even if things exist there. 

Hey welcome! love seeing other treasure coast people on here.

1. This is a very personal question as to what kind of equity you have and how much risk you are willing to accept. A cash out or heloc will have reasonable rates without selling. 

3. Financing under an LLC becomes a major problem. You will find much better terms with your name on it.

You will have to close the TX deal fully as they will run credit just before funding and any changes could be a major wrench in the process. I am guessing that approved you got is a pre-approval not a loan approval with closing in just a few days. If you are closing soon in TX you might be able to juggle it but sounds like you need a partner to make it happen.