All Forum Posts by: Raymond J. Rodrigues

Tyler, your seller credit is limited to the maximum that the loan allows, to not exceed the actual amount of closing costs being paid by you that is on your loan disclosures. 

So let's say hypothetically you can go up to 6% in seller credits, but your current total seller credits is 4.5%, you could increase your closing costs by 1.5% by buying down the rate. If you do not want to do that, then you would have to ask the seller to reduce the purchase price by that dollar amount.

@Mohammed Rahman brings up one good point. 

@Anna Catron my pleasure! It would be based on what you paid for it at time of purchase, not what it's actually worth. Feel free to reach out if you have any other questions! 

@Anna Catron conventional financing has a 12 month seasoning waiting period to do a cash out refinance based on after construction value. Anything prior to that will be based on total acquisition cost which is land value plus construction cost. You need a portfolio loan to do a cash out based on construction value. Happy to share some contacts with you if you need them. Feel free to reach out. 

@Daniel Correa I know an investor or two in the area that you can connect with that could possibly help you out. Send me a PM and I’ll share their contact info with you. 

@Clay Hall, I've looked far and wide for a lender that will do HELOCs for properties that belong to an LLC and I have yet to find one. I too am a lender myself. If you find one, please let us all know who it is! Thank you.

@Jonathan Greene can you describe the red tape that you are referencing? 

@Mark Alford I see a few lending institutions that I've worked with in the past that are offering this. The property cannot be in an LLC though. Feel free to PM and I would be happy to share some details.

@Chantell Harris, if you are looking to do short term investing in the Tampa Bay area, I highly recommend that you reach out to @Josh Green. He helps most all STR investors on the BP forums with their STR needs and would be a great person to have on your team! He is an investor, STR property manager, helps with staging and also is a realtor as well! He honestly is a one stop shop.

@Waylon Bruce Moore, I recommend reaching out to @Josh Green for some advice. He is local to the area and can give you some solid guidance. He invests a lot in the area and is also a realtor if you need any possible further assistance from his as well! 

@Ed Ventura, if the property is not zoned as multi-family and has several dwellings on the property, it likely will not qualify for an FHA loan.