All Forum Posts by: John K.

John K. has started 10 posts and replied 297 times.

Quote from @John K.:

In the past, getting a cash-out refinance or a home equity loan was the traditional way of getting equity out of your home. However, since most homeowners don't want to give up their low rate with a cash-out and don't want to fix a high rate with a home equity loan, HELOCs are becoming more popular than ever. Here's why it's the best option to take cash out of a property right now:

- Available on Owner Occupied or Investment Property

- Won't affect your 1st mortgage

- LTV up to 90%

- DTI up to 50%

- Interest only for the first 10 years, and only pay when you have money drawn out

- Variable rate, so your rate will automatically adjust down if rates drop in the future

- Very low closing costs, often an appraisal is not needed

- Can borrow from and pay it back as many times as needed during draw period

- The cash you take out can be used for anything--renovations or a down payment on an investment property, consolidating credit card debt at a lower rate, buying a new car etc.

Feel free to call or email me anytime to calculate how much you could take out!

Do you think I can get up to 80% LTV heloc on an investment property? If not what's the best available now?

For investment properties, 70% is the highest LTV available. Primary residences can go up to 90% however.

John

0 Votes

Orlando, Florida

Hi Cillian,

For investment properties you can take out up to 70% LTV. Rates for investment properties start in the high 10s and go up depending on credit score and property type. Underwriting is a simple process involving a review of your credit and income. I'd be happy to go over things in more detail for you--feel free to give me a call anytime.

John

1 Vote

Orlando, Florida

Hi Jackie,

Welcome to South Florida! Both South Miami and Homestead are quiet and peaceful areas. South Miami neighborhoods such as Pinecrest and Kendall will have more to do and are closer to downtown Miami with all of its attractions. As far as whether to rent or buy, it depends on your personal situation, though as it's a new area it may be a good idea to rent for the first year while you decide where you'd eventually like to purchase. Feel free to reach out with any questions!

John

0 Votes

Miami, Florida

Hi George,

When you are purchasing for a primary residence, there are plenty of options for 0%-5% down payments. However things change dramatically when buying an investment property, as down payment requirements do not go lower than 20%-25%. In the past there were more options to get creative with seller financing etc to put down less than that, but now the primary lender in general won't allow this as they want to assure you have sufficient skin in the game. Feel free to reach out with any questions!

John

0 Votes

Jacksonville, Florida

Hi Dakota,

This sounds like a wholesaler who is looking to reassign the contract to another buyer for a fee. In the Florida FarBar contract (the only contract I would use--don't accept a different generic format as there are many protections missing) there is a part where the contract states whether it can be assigned or not. I always check to make sure that the "contract may not be reassigned" box is checked.

John

2 Votes

Miami, Florida