All Forum Posts by: Erik Cardero

Quote from @Erik Cardero:

It's Tropical Financial CU , got 54 k 8.9% $500 fee , just enough for down payment. Was limited by DTI Otherwise could have done better deal.
first case was offered 12% 100k and 7k fee!!! First one was an out of state broker, perhaps they were being greedy, i never called them back. My fico was around 660. 

 Now I’m looking to see if I can refinance the Airbnb, got a 8.125 interest as a vacation with20% down, how are the rates looking now ? Can I refinance as an investment property or even Roa cash out? 

It's Tropical Financial CU , got 54 k 8.9% $500 fee , just enough for down payment. Was limited by DTI Otherwise could have done better deal.
first case was offered 12% 100k and 7k fee!!! First one was an out of state broker, perhaps they were being greedy, i never called them back. My fico was around 660. 

Quote from @Erik Cardero:

Hi there,
Looking for some advice, I recently decided to get a condo in Orlando for investment and vacation , so and Airbnb type. I have 25k saved so not a lot, I applied for a heloc but due to credit limitations I qualified for a second mortgage, still in the process to get around $60k . I’m a bit hesitant, any ideas I’m favor or against it? 

Appreciate any insights from someone with experience doing so. 

Thanks

I have an update, was able to secure a HELOC from a credit union and was able to use it as a down payment for an Airbnb and so far is working great , I use my cash for closing cost and repairs and and credit to furnish the apartment, been renting it about 85% of the time, pricing it to focusing on longer rentals have a 2 months rentals now.

I'm also looking into it, almost done with the getting a heloc and then will have a realtor show me a few apartments, I've been doing research and Airbnb still looks better than regular renting. It all comes down to location and staying under your budget, just in case things get too slow. I'm looking to get a place max $250k furnished , close to the parks , fingers crossed… I saw those same apartments go from $176k to $250k in like 8 months, as long as the parks keep expanding there will be a need for more STR.

seems like a dead end , received a heloan minimum $100k and 12% interest + 9k fees. So not good. Then was declined by a credit union, but I feel the Aplicación online is not the best, decided not to pursue. The fact that my income is trending lower doesn't help bec I usually make more the second half of the year… 

Quote from @Frank Avallone II:

Hi @Erik Cardero, It would really come down to what the plan is for the money you are looking to extract.

Do you plan on investing into more real estate?

Have you talked to multiple lenders?

I want to continue to invest, I live in Miami, the market down here is more expensive so I’m trying to minimize cost and down payment, thinking of an apartment or townhouse under 250k in Orlando as close as possible to attractions for an Airbnb.. but a second mortgage is not flexible like a HELOC so.. just looking for the best angle to use that money …

Hi there,
Looking for some advice, I recently decided to get a condo in Orlando for investment and vacation , so and Airbnb type. I have 25k saved so not a lot, I applied for a heloc but due to credit limitations I qualified for a second mortgage, still in the process to get around $60k . I’m a bit hesitant, any ideas I’m favor or against it? 

Appreciate any insights from someone with experience doing so. 

Thanks

Thanks for the advice, I have some equity but bought my home I’m March 2021 and I think I have to wait at least 9 months to refinance?.. I’m making some upgrades too so I can maximize and then do a  heloc for my second investment property. I’m a bit weary of buying 1/1 for short term rental or located in a no so desirable area which will affect rental outcomes. 

Hi everyone, 

I’m looking to buy my first investment property, I tried to purchase a vacation home in Orlando but was told my debt to income ratio it’s high, and that I have to put down 20% instead of 10% or purchase under 130k which there not much options. Any ideas?… would love to do a short term rental .  

My credit score is low 590 I saved 7k and should be at 15k in 3 months ,why is the best approach? Am I able to purchase anything with subpar credit?