All Forum Posts by: Mark Munson

I'd also consider being a hard money loan officer, as the guidelines are far less stringent and it can be more lucrative. Worth exploring, in my opinion. 

If you are trying to time the market to wait for the perfect time, then you will be waiting forever. Just run your numbers and buy at the right price. Look off-market if needed, as there are still deals out there. When it comes to condos, just be aware that condos can be deemed warrantable and non-warrantable, the latter limits the funding options available and can be harder to sell when the time comes. 

David, I'm in Orlando, but I can put you in contact with a few local meetups that do coaching. All the books mentioned above are great and, of course, Pace's training and community can be helpful. I'd avoid big costs to "gurus", but you should be able to meet people that are in the same boat at your REIAs. I'm happy to connect further to point you in the right direction. 

I run a mortgage company in Central FL that lends only to investors and I work with the largest wholesalers in the state, so I'd be happy to hop on a call. Feel free to message me. 

Is this an investment property or your residence? If the former, you can cash-out up to 75 or 80% LTV, depending on the DSCR. You would have to pay off the first lienholder and any net proceeds after payoffs, closing costs, and financing costs would go to you to use as you see fit.

Danny, if the property is in Charlotte, it may qualify for an 80% LTV cash-out refinance, assuming the DSCR works. Everyone's real estate goals and strategy is different, but assuming you are accessing the money to scale your portfolio, then I'd use a portion of the proceeds as a down payment on the next purchase. That way you aren't locking up all your liquidity in one asset and you can buy more properties by leveraging the $100k. Happy to connect and help if I can (I'm a vendor at the Charlotte REIA, mortgage company). Good luck!

I can second Colleen Pacheco with Secured insurance, as many investors that I work with here locally use her. I own a mortgage company in Orlando that lends to investors, and she is used quite often. If you need more recommendations, let me know. 

Hi Damian, welcome! I'm in Orlando as well, I'd suggest joining the GOREIA here, if you haven't already. It is run by a STR Investor and there are numerous STR investors that attend every month. Happy to connect and help if I can.

Julianna, we work with a number of investors in the area on the lending side, so happy to connect to see if we can work together in any way. I'd encourage you to join the NCREIA if you haven't already, it is a good group to network with. 

Danny, I'm happy to connect to run through your options. It is difficult to get a HELOC on an investment property, so cash-out refi into a DSCR loan may be best. In my opinion, I'd leverage the cash-out proceeds to buy more than one property, if scaling is the goal. Leveraging your capital is a faster way to scale, opposed to keeping the equity in the property, but it just really depends on your goals.