All Forum Posts by: Nick Velez

@Andre Calabro

Welcome to the forums! Central Florida is a great market and you can definitely find cash flow, you will just need to figure out what route is best for your situation. Whether you decide on LTR, MTR, or STR, will drastically influence where in Florida you look and what the numbers can be. I personally prefer STR's, but they will be the most capital intensive.

Whichever route you choose, it is extremely important that you have a team that is knowledgable about the specific strategy you plan on implementing. 

@Robert Kemp

I think Tampa/St Pete is a killer market for a house hack. 10/10 recommend connecting with @Josh Green, he is the go to man for anything in that market and an investor himself! 

The HELOC's do not, the HELOANS occasionally do.

 We are licensed in over 40 states including Michigan, pricing is relatively the same with most of our lenders :)

@Chris Lo

7.5% is fair but definitely not the lowest you will find. Rates are constantly fluctuating but I have been seeing high 6's for higher FICO borrower's as of lately. I agree with Caleb , steer clear of large online lenders, that are notorious for advertising extremely low rates just to get you in the door. 

@Caleb Drake

We have HELOC options for 1-4 unit investment properties, but title being in the LLC is the sticking point. There are a few fixed HELOC options that will allow title to be in a LLC, but you receive the funds in a lump sum.

I personally have cameras around the entire exterior of my STR's and I will never not have them. I have had guests try to throw a party and funnel guest's through the side fence to avoid the front camera's. While I am sure they are a turn off to some people, they are fully disclosed and and worth the peace of mind to me.

Conventional loans are pretty cut and dry for the most part. If you are buying this as a second home, they should known the numbers did not work very early into the process. If you are being credited rental income from the appraisal, the value could have come in lower than anticipated and pushed your DTI up. Either way, the exact issue and remedy should be communicated to you clearly. If the numbers are truly close, there are always a few ways to shave some dollars off your DTI.

@Lisa H.

There is zero reason for an attitude shift. If you have plenty of assets, there are all kinds of way's to make the numbers work via sub 1 DSCR, STR data, ect. DSCR loans are often much easier to work with than conventional, my guess is he is just not comfortable with that loan product.

Best of luck!

@Lisa H.

That is a strange situation, does this lender offer DSCR loans? It is true that getting a DSCR of 1 can be challenging in some markets, but there are a plethora of ways around that. Depending on your income scenario, you may be able to even utilize a different Non-Qm product besides DSCR.

I personally would not work with anyone who treats you less than ideal.