All Forum Posts by: Paul Guimarin

Does anybody know lender that has a little more friendly with condo loans??  Seems like there are lots of stipulations with getting a loan on a condo.

We are looking to purchase with a little down as possible(still newbies and daughter going to college in a year so cash is tight).  I know the owner and have negotiated to about 15% under market value if we dont use agents.  We have another condo there for 3 years and know the market well enough to run some pretty good preliminary numbers.  Just dont have financing connections to ease through this purchase.

Hopefully someone has done this in the FL markets and can provide some insight.

Thanks,
Paul

@Ross Denman

Thanks for the write up.  Lots of good info for me to research there.  

Im really thinking about selling the condo for ~80k and using about 60k to see if I can get 2 houses and use the BRRRR method to grow from there. The HOA fees are already rumored to be increasing so I can see how the cash flow can disappear over time. Although its hard to let go as its has some really good features and they sold for 120K in 2008.

So might just play it safe and pull 20K from my primary house and use that down on a 80-100k home.  Hopefully something that needs work and can appraise higher.  Then rent it out for 6 months, refinance and get my 20K back to do it all again.  In hindsight, if I could do it all again I would have saved 20k from the condo purchase and used that on the next one.

Ill have to research more into the HELOCs as being as fresh as I am I feel like there are more areas, or maybe thats just inexperience.

Thanks again for the info!

Paul

First off, thank you to all the people that share the info you've learned!!

Ok so here is my story so far.  I bought a house for 141K that needed tons of work but in great neighborhood.  Worst house in best neighborhood kind of deal.  Lived in it with my wife and 3 kids for 6 years now and fixed it up little by little.  About a year and half ago we pulled 60K out with a cash out Refi.  We bought a dated condo and spent 3K(from savings) updating it, its now worth around 80K and is cash flowing around $350 a month through vacation websites(its very close to the Kennedy Space Center).  My primary house has appreciated and is now worth about 320K.  Also, I've saved about 10K I would be willing to use for investing again.

I really want another property but don't really know where to go from here.  Could definitely use the advice on what my options are.  Should I use the main house again and buy something small so I only have that 1 loan, or pull 40K(ish) from the condo and use it as a down payment thus getting 3 loans in the process?  I feel like I'm at a crucial step and would really like to make a good decision.  

Any advice and or opinion would be greatly appreciated!!  Oh and hope Im posting this in the correct section(still kind of new here)

Thanks,

Paul