All Forum Posts by: Nick Velez
Nick Velez has started 3 posts and replied 228 times.
Post: Lender - Denver based

- Lender
- Posts 236
- Votes 211
Hey @Elliot Sun,
While Braydin can write loans in multiple states, he is local to Colorado and likely has access to more loan products than any of your other brokers! :)
Post: Loan With Cheapest Down Payment for Non-Owner Occupied

- Lender
- Posts 236
- Votes 211
You can have multiple second homes but they typically need to be in different markets.
Post: Goodbye CT, Hello Tennessee... Starting out advice

- Lender
- Posts 236
- Votes 211
Hey James,
For a conventional loan, underwriters need to know that your income is stable and likely to continue. If you wanted to purchase a new primary residence out of state, an underwriter would quickly point out that your current employment can not be maintained and is not likely to continue if you move. There are non-qm options for primary residences that don't go based off your DTI but they require at least 20% down and don't have great rates. I would look to purchase an investment property now while you still have stable income.
Post: Loan With Cheapest Down Payment for Non-Owner Occupied

- Lender
- Posts 236
- Votes 211
You do not need to own any property to do a second home loan. I just closed on one for a borrower a few weeks ago whom has never owned in his life.
Post: Lenders that use AIRDNA rental projections for debt to income

- Lender
- Posts 236
- Votes 211
I have lenders who will allow us to use Airdna data but the borrower needs to have experience with owning a STR of the property needs to have a 12 month history. Down payments currently are 25% down and we can request an exception to 20% which they have been granting lately.
Hope this helps!
Post: Looking to Replace Nursing w/ Real Estate-- looking for a team!

- Lender
- Posts 236
- Votes 211
Josh is the realtor I would recommend in Tampa! I am sure he can point you in the right direction based off your current goals.
Post: RENTAL IN FLORIDA - insurance estimate

- Lender
- Posts 236
- Votes 211
I have been shopping around for quotes near the coast and its all over the place. From my experience, age of the roof and the building are major factors. Roof's over 15 years are a no go with most carriers and buildings over 50 years often require updating to the plumbing and electrical.
If this will be a STR, the list of carriers gets much smaller. Insurance in Florida is a mess right now and not many insurance agents are hopeful that anything will drastically change in the near future.
For a 54 year old house with a 16 year old roof, my quotes ranged from 8-12k. if I were to get the roof replaced, I would be closer to 5-7k. If you are getting a condo, it should be much cheaper.
Post: DSCR Loan docs question

- Lender
- Posts 236
- Votes 211
Lenders need to know that you are on time with your mortgages hence why they ask for mortgage statements. While it is in an LLC, you still are guaranteeing the note so your credit worthiness is important.
As far as personal bank statement's, the cash out proceeds should be sufficient for reserves so I am not sure why they are asking for personal statements, unless rent receipt is deposited into your personal accounts.
Post: So close to obtaining a perfect property

- Lender
- Posts 236
- Votes 211
The second home route would be the only way to stay ay 10% down. As you mentioned, you would need to occupy this property at least 14 days out of the year. Wesley chapel is not too far from the water so perhaps you can make it a little vacation!
Either way, you need to be working with an investor friendly agent if you are purchasing out of state. I would recommend you chat with @Josh Green. He has helped several out of state investors purchase properties in the around Tampa area.
Post: Gainesville Florida Investors

- Lender
- Posts 236
- Votes 211
If you go on facebook and type in Gainesville Fl, Bigger pockets investor meet up, it should pop up!