All Forum Posts by: Maximo Hurtado

@Darren Budahn - I pretty much owe the entire amount 143K first loan and 33K second = ~176K - negative equity. It was one of those 100% loans type things. Last I checked, similar condos are selling for around 150k-160k. A basic renovation would only make it break even if that - considering the cost of repairs. I'd say it might be worth 200K after repairs.

@Bryan Weschler - the pressing issues are both LOL It's near country club area in Hialeah by the Walmart. Honestly, I'm tired of living in a condo/apartment - been living here since 2002 or so. I want a SFH because I'd have more room for my photography studio and yard and have no HOA payments, etc. Either way, I need to make some adjustments - looking to cut down my costs and elevate my earnings and savings, etc. I figure with the mortgage going up so high, someone else can pay for it, until I am able to refinance for a better deal and eventually pay off a good chunk.

Here is my situation. I am currently living in a 2/2 condo I bought in 2007 - during the condo conversion craze that spread like wild fire in South Florida just before the market crashed. I was already living in the same unit and figured I should buy it as my first property. My idea was that prices were going to continue to rise and that I would be able to refinance in order to modernize and fix up the condo. Well, we all know what happened in 2008. I bought at $179,900 and at one point, these condos were selling at $38,000. Slowly but surely, the prices have gone up in value since then and are reaching their peak again but not fast enough. I'm afraid that there is going to be another 2008 soon and I won't be able to refinance or sell for a profit. The only reason I've held on to this place is because it is in a great location and would easily rent for $1,200 - $1,400 each month - the area demands it and I know I can get that if not more in today's market. However, I need to really fix up this place in order to yield that kind of rent money. It is falling apart and still under water with negative equity. It needs new A/C, water heater, bathrooms, kitchen, flooring, a complete renovation, minimum $20K-$30K if not more.

I want to be able to buy a new property - single family house for me to live in while I rent my current condo for top dollar after renovating it so that it will help pay itself off to eventually own it free and clear.

What should I do and how should I proceed? 

I have one of those interest only/adjustable rate mortgages and the payment is due to double in March 2017 with the interest rate increase and principal being added. So it's going to be even harder to save money to fix this place up and yet alone buy a new place that may or may not require repairs as well.

Should I try to get a personal loan to fix up this place? But if I do that, it will be harder to qualify for another mortgage to buy a second home under my name I'm sure. But could another person technically qualify for me and place it under their name until I can refinance and put it under my name?

Should I try to do the HARP refinance? Not sure if that even really exists or works.

Should I withdraw all my funds from my 401K to purchase a new home or remodel the condo or try to do both? (currently valued at ~30K - then I have to contend with the tax implications)

Should I try to get a personal loan and "gift" it to someone I can trust to purchase the new home under a different name and have them qualify for the mortgage. Not sure if that is even permitted.

Should I try applying for Home Depot and Lowe's credit cards to help fix up this place?

Should I just stop paying the mortgage, tank my credit and save all the money I can from not paying the mortgage as they do say - cash is king in any market and having good credit is overrated sometimes - show me the money - they say.

Bottom line - I don't know what the best way is or how to get out of this utter mess - literally speaking. I am suffering from analysis paralysis BIG time!

HELP - any suggestions or ideas will definitely help steer me in the right direction!

Thank you!

Currently looking for a real estate agent that knows the Brickell area in Miami well. My license is currently inactive. I'm not familiar with the Brickell area. Any real estate agents that can help find or that have a listing for a 1/1 that is on the low end for a move in by mid January? I'd greatly appreciate it. I will provide your info to the person that needs it or I can provide you with the persons contact if preferred. Thanks in advance.

I would recommend buying 1 property at a time and be mortgage free and own it free and clear while having 100k in the bank and collect more money/month from the rental. When the property value goes up, sell it and make a profit and buy the next one etc. just not sure if this can be done in the 10 yr time frame though. Cash is king in any market.

I would recommend investing in high end quality images to draw in a larger amount of traffic. People are more inclined to want to see a property or schedule an appointment to view a home that has great images that are true to life than those that are not very well executed, blurry, upside down, or that show a messy environment. Prospective buyers like to see the space and like to envision themselves in the home before even visiting the property, etc.

Thank you @Michael S.

Still learning my way around this new website. :)

Good Day 

Just opened my first Real Estate Brokerage firm about a month ago. Looking to build the business and search for investors and investing opportunities.

Any feedback or networking that is mutually beneficial is always welcomed. If there is anything I can help you with, please let me know and I'll certainly try my best.

I'm also a photographer. Very eager to photograph any listings I obtain and post on the MLS. Too many bad cell phone pics that are unclear, blurry, upside down, sideways, or simply just not enough pictures on the listing - ALL drive me insane. I hope I can change that and hope I'm not the only one that feels the same way.

Thanks.