All Forum Posts by: Nick Velez

@Colby Burt

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. 

@Radley Buxton

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!

@Josh Green

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.

@Brec Bassinger

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.

@Bridgett J Bell

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. 

@Louis Louisius

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.

@Jordan Hall

If you go on facebook and type in Gainesville Fl, Bigger pockets investor meet up, it should pop up!

@Luis De Jesus

Hey Luis, I am actually from Ocala, I lived there most of my life!

I have heard that some people are crushing the returns on STR's near the new world equestrian center. I think the 1% rule overall in Florida is extremely hard to come by.

@William Arnold

Hey William, this is a lender we broker loans too. This product is no longer available from them with the most recent tightening in the Non-Qm market. They were one of my last lenders to offer 15% down.

@Bernard Joseph S. @Danny Jimenez

Correct, I meant as you shop around for different lenders, make sure they will lock your rate. There are a lot of DSCR lenders who will not lock you right now until you have the appraisal back or are clear to close. This is just asking for trouble in today's rate environment.

There is no lock and shopping on the Non-qm side that I know about. If there is, we need to add that lender to our roster lol.