All Forum Posts by: Mark Fein

There are HeLoan products out there as fixed second mortgages on investment properties, which would allow you to get cash out and give your low arte on your first mortgage. Feel free to DM me if you want to connect.

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Quote from @Steven Hu:

In general, Florida is trending down (inventory up), from these charts. You guys would have more first hand information.

? Based on these charts, invetory is well below pre-pandemic levels. Inventory is "up" seems like a recency bias.

1 Vote

Miami, Florida

Try Spring Equity, they offer fixed second mortgages.

1 Vote

Quote from @Lisa Mauritis:

Hi,

I have 4 condos that are completely paid off. I would like to buy another larger property and pull the equity out of the 4 condos (which are all rented). How can I find a lender in West Palm Beach, florida who will give me a good interest rate?

https://mortgageadvisors.53.co...

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Have you looked into foreign national loans?

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Quote from @Armand Sepulveda:

Quote from @Theresa Harris:

Sell your property and buy a rental where the numbers make more sense.

Thanks for your reply

I rather hold on to the property because over time the value will increase and in turn so will my net worth. Also selling isn't easy because at the time of purchase my lender offered me a 2nd mortgage to help with down payment assistance that now acts as a lien. In order to sell the property I need to pay off the $10,000 lien first and the market isn't as hot as it was when I first purchased the property so it might take a while to sell and maybe at a loss. Given those factors I figured it probably best to hold onto the property.

Be caredul with the second lien, these programs typically require you to occupy the property as your primary residence. If you move out of the property you may be required to pay it back. I would research if you wlll be required to pay back the silent second lien if you move out of the property. This knowledge may halp you make your decision.

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Orlando, Florida

Hi Ivan,

The State of Florida offers down paymnet assistnace to essential workers, such as nurses. The program is called Hometown Heroes. Feel free to DM me if you wu;d like more info.

https://www.floridahousing.org...

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Fort Lauderdale, Florida

Is the AirBnB market rental market slowing down in general in your area? There are reports that this is happening. The slowdown may not be due to the lack of a pool.

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Fort Lauderdale, Florida

Hi Jason, You can take cash out of a manufactured home. The products available to you will depend on the age of the property, if it has been moved sites, etc.

I am a lender in SW Florida. I have contacts that finance all types of manufactured homes if you wanted to DM me. Happy to help.

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Cape Coral, Florida

Quote from @Benjamin Aaker:

You should ask for the commercial banker at the bank that has the mortgage on the property.

If you own it outright - congratulations! Local banks that have commercial lending would likely talk to you.

The reason people have such trouble finding HELOCs is because most banks don't want to have second lien on a property. If there is a mortgage already, then you have the best chance in getting the HELOC from the same bank.

I realize that your question was about a good credit union, which I don't have. I hope this helps anyway.

Sprimg Equity offers fixed second mortgages on investment properties, they do not offer HELOCs though.

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All Forum Posts by: Mark Fein

Mark Fein has started 2 posts and replied 81 times.

Post: Refinance with today’s interest rates

Post: South Florida Real Estate Market 2023

Post: HELOC help man i want help so bad

Post: Looking for a Lender for Condos in West Palm Beach, Florida

Post: Non-USA citizen looking for a co-borrower

Post: Mortage higher than market rents

Post: New Investor in South Florida

Post: Airbnb: To get a Pool or not in Florida

Post: Ways to get equity out of my home.

Post: HELOC on Investment Property?