All Forum Posts by: Mel K.

@Bill P. I have been to the Sarasota REI Meeting before. It was a good chance to meet local investors. And I would love to meet up to bounce ideas with a fellow investor!

@Vivianne S. I will try to make the REI meeting in Palmetto in the near future. Thank you for the info.

Thanks everyone for the kind words and motivation!  I will definitely be taking your advice as I try to learn and build relationships through BP.

Hello Everyone,

My name is Mel and I wanted to take a moment to introduce myself on the Forums.  My wife and I have called Lakewood Ranch, FL home for the last 5 years, but we are very familiar with both Manatee and Sarasota counties.  

My wife and I work in careers that are not in real estate, but we both have always had a passion for it. As everyone else has said on the forums, I consider REI is one of my tools towards financial independence.

I am a relative newbie in terms of real estate experience.  My first priority is to learn as much as I can, particularly about creative financing, multifamily real estate, and fix/flips.  I hope to purchase some multifamily properties in the next year, and expand my portfolio each year.

Thank you for taking some time to meet me.  Looking forward to meeting some great colleagues in the field of real estate through the forums.

Thank you for the response Ryan Gillette!

I believe it is considered unwarrantable because it is less than 50% owner occupied.  A solid amount of people in the condominium are renters.  Perhaps my definition of unwarrantable is incorrect (which could be because I am a newbie, haha), but is a property considered unwarrantable if it is not at least 50% owner occupied?

I understand what you are saying in regards to this not being a good long-term deal for me.  I was just excited at a seller financed deal coming along my way.  As you suggested, I'm going to reach out to some local lenders and get an idea about being able to refinance before I move forward.  I may end up walking away from this deal if refinancing is not an option for me in the future.  Thanks again!

Hello Everyone,

I am considering purchasing a cash-flowing Condo by seller financing. I know the seller , being a family member, will be okay with financing it for a few years but will want a lump sum payment in the next few years. My plan is to try to refinance in a year or two. Will a Portfolio Lender be the only one that can help me? How difficult is it to refi a condo as I have never done so before. What sort of LTV can I expect for refinancing a non-warrantable condo?

I am interested in the property because it has a long-term tenant and will cashflow easily $200/month.  Thank you.

Mel