All Forum Posts by: Hugh Thompson

I can assist.  I am an active licensed Realtor serving Broward, Palm Beach, Martin and St Lucie counties on the east coast.

So I have spoken to a few "investor friendly" lenders for the past few weeks. Rates for Non-QMs, Hard Money, DSCR loans etc...are ranging from high 9s to just below 12%. That is with fairly good credit and at least 75% (maybe 80% ltv). 5+ units and LTV is even lower. I'm scratching my head trying to understand how that makes sense on a property where the CAP rate be 4,5 or even 6%. Here in SE Florida.....a cap rate of 7%+ is non-existent. The only possible upside (in this area) is equity appreciation and that may not be enough to pull the trigger these days with loan rates where they are. Of course rates are lower when obtaining a fully qualifying documented loan, but of course after a few of those Non-QM is only option.....................

Appraisal fee seems very excessive if this is not more than 4 doors.  I think they are way too many lenders out there to deal with that won't have an engagement fee much less of $4000.  Then can decide for whatever reason not to fund the loan and keep that engagement fee.

I think Savion hit the nail on the head.  However, especially with the FB posts, a lot of posts will advertise low ltv, ltc, interest rates to get your attention.  If you reach out to a lender and eventually they disclose they need fees to be paid up front or prior to closing....and the funds will be deposited into your account..then you should RUN in the other direction.  It is a SCAM.  No legitimate lender, direct lender or broker will require you to pay fees up front with the exception of an appraisal fee if required.

I read this post, shook my head after rolling my eyes and wondered how come I've never up with the brilliant idea of getting real estate investment advice from my doctor while he taking my blood to check my cholesterol level. 

make sure you educate yourself on the new "surfside" law going into effect 2024 that will affect condos up and down SE or SW coasts of Florida. Condo association fees will rise significantly to cover mandated reserves that normally could be addressed with deferred special assessments.

On a side note....

In the past two years I have flipped several new construction SFR builds in Port St Lucie, FL.

Sign contract with builder with 20% down--->wait for construction to complete 10-12 months---->watch equity appreciation---->close and re-sell at retail market price......easy peasy......

Wow...Pace M. is a marketing genius if he's pulling in $8k on the low end for his training.  Those paying that $8k on the low end...........well, I got a spreadsheet that you can use to track your sub-to multifamily expenses. Its only $2,987.50 on sale this year only.  I'll provide instructions how to use for an additional $150 if you buy it before I finish writing this post.....................

Hmmmmm............pay off my own RE debts!!!!!  Now why in the world would I do my tenant(s)'s job?  What's next pay their utilities for them.....? 

SMH!!!!