All Forum Posts by: Collin Sharf

Looking to refinance my property and consolidate my loans. Currently speaking with a couple lenders and numbers in each area (cc and rate) are all different. I have perfect credit and only looking to pull 55k out. Can anyone pm and help me better understand this process.

Looking to either refinance or pull another mortgage out. What are the going rates with a high credit score? Looking for 15yr or 30yr. Depends whats best.

Thanks in advance

I currently own 2 condo units in south florida. Bought my first one back in 2015 for $74k. I owe $50k. Monthly payments are $750. Im renting it out for $1450. Making $700 profit. Currently the unit is appraising for $170k. But i expect it to increase higher due to local development. My second unit i bought in 2017 for $115k. I have a roommate at $850. Current appraisal is at $160k. I have bout $40k in the bank. Credit score is at 790.

My local property values are increasing and id like to buy another one but the average condo is about $150k with rent maybe at $1500 a month. Doesnt seem to profitable for me considering the coc return. Im possibly looking for investment properties in ft pierce but the locations are completely under developed with alot of bad neighborhoods. Its more of a fear factor dealing with area and trying to collect rent.

Any advice on how to make it in the real estate market. I want to keep growing but i feel like the market has passed my current funds.

@Tim Johnson no cash out. At least not yet. Im looking for a conventional 30yr fixed on another condo. Went thru my agents broker and they cam back at 4%. Im just not sure if its a good deal since my credit is 780

@Jaysen Medhurst

Sorry 780 credit score. Yes they gave me 4% quote. I feel like at this time it should be lower.

So currently I am house hacking. Looking to go into a 2/2 condo. I currently have two other properties. Interest rates were at 4.8% (2013) and 4.37 (2017). This will be a residential 30 year conventional loan. What is a good mortgage rate with local brokers. I am in the south florida region. Credit score is 480.

Any advice will help.

@Andrew Postell deeply appreciate your response. I will dig more into acquiring info on loans with my friend. But when i bought my second condo they needed to see a fulfilled rental agreement on my current property which I was able to arrange. I dont see why I cant just mirror image each property from my first condo. As long as I am following hoa rules, and have a fulfilled rental agreement on each property I feel that should be able to apply for more loans. My credit score is impeccable. I have cash saved up. Im just trying better myself on the side by putting effort into real estate.

@Sami Gren in my opinion. The last market crashed due to the subprime mortgage market. It was a crash mainly based off of false mortgage lending. Which caused all the foreclosures and people filing for bankruptcy. Thats why the housing market became so cheap. Dont think it will reach that rock bottom again. You never know.

But I bought my first condo 5 years ago for $74k. I noticed at the peak before the crash there were condos in my community selling for $200k. After the crash they went down to the original selling price at around $50k now in 2019 they are selling for $150k. I recently bought another condo at $115k. I feel that the next crash wont go as low as the spm crash. Currently the price is price is $100k after crash and $50k from before the crash. Id like to believe that when there is another crash my property wont lose more than $20k less value. As long as i can pay my mortgages during the crash im still happy. And if i have cash on hand at that time id like to buy more.

A year ago I bought my second condo with 5% down. My first I put 20% down. Ive claimed residency, lived in the second condo and fixed it up in a year. Currently have a roommate. My goal is to continue this trend of buying claiming residency, fix up, get a roommate, save up and buy more condos with little down and rent out the previous condo.

I have a friend who owns a brokerage firm and he is saying that a conventional / fannie mae loan wont work due to lateral moves. Meaning i can not keep on the trend of putting little down then moving out in a year. What am I doing wrong/ right in order to buy more properties at this rate.

Any advice is helpful.

Thank you!