All Forum Posts by: Cory Cannon

Has anyone been able to get one lately on an investment property? I haven't been able to get one on even a property that doesn't have a mortgage. Very frustrating.

Property is in Florida but I don't live there. I have found places that do them but they are credit unions and you have to live in a state they service (which I don't)...

I have one multifamily in Jax but I can see why someone might have recommended single family over multi in Jax. Just seems like there are a lot more multi family in other cities... I would start with a good realtor to help you out and look at what has sold in the last 6 months. If you don't see anything that you would have bought you will probably need to adjust expectations or you will be looking forever. 

@Jim Ambrose Any update? How did it turn out?

I'm looking at a triplex in Daytona Beach. It would be okay as a LTR but would kill it as a STR. Zoned R-3 but I can't get the city to call me back on the possibility of turning it into a 5 plex and / or STR... 3 Blocks from the beach near Daytona Lagoon. There are hundreds of Airbnbs listed now. You think they just don't enforce it anymore? Should I maybe list it as a 30 day rental or do you have to do 6 months there? I think I'll still put in an offer even if I can only use it as a LTR but just wanted to see what you all thought.

@Cory Cannon

Lol. Never mind. You are the lender. I’ll send a PM.

@Zack Karp

Thanks. RCN Capital might be where I am going - they seem to know what I’m talking about (unless he is just telling me what I want to hear to get me to fill out the application).

I would like to know who you have used in the past though.

@George Despotopoulos

Thanks. If I can’t get 30 yr fixed now for about 100k I will just wait the 6 months - I’ll just use other funds for the next deal - I don’t want to be paying closing costs twice.

@George Despotopoulos

I’m really just looking to secure the long term financing - 30 yr at a decent rate without waiting 6 months if I can. I have the cash for the purchase and rehab - but I want that money back to do another one.

80k purchase. 23k rehab (21k on the HUD) ARV 135k.

Thanks

Has anyone done delayed financing in Florida?

I have talked to quite a few lenders - even some that say they can do delayed financing but everyone says it’s based on the purchase price (without the rehab) - not helpful.

I put the rehab on the HUD but that hasn't seemed to help. The rehab will be done in a couple weeks I would prefer not to wait the 6 months - it was a light - Med rehab - only a few weeks.

I talked to a local lender in Utah and they said the way I set it up was right with it on the HUD and that's how it would be done here but they don't lend in Florida. - she said it should be the same though since it is Fannie Mae (federal program).

Thanks