All Forum Posts by: Steven Rodriguez

@Luis Maqueira I'd be interested in the details as well. Thank you. 

Hi everyone, anyone know a common spot where Real Estate Investors and Agents go to network in Miami? I would like to increase my chance of meeting some investors who can be my lender for my first house buy. It's hard to get government backed lending at the age of 20 with small income and short credit score history. Thank you!!!

Update! I'm now twenty! HAHA

Hi everyone, anyone know a common spot where Real Estate Investors and Agents go to network in Miami? I would like to increase my chance of meeting some investors who can be my lender for my first house buy. It's hard to get government backed lending at the age of 19 with small income and short credit score history. Thank you!!!

@Lorenzo Moreno What is a sub2?

Hello everyone, I'm from Miami but I was wondering if Florida/ Miami has tenant laws which limit the amount of tenants that can live in a single family home assuming it had 4 bedrooms and I would live in one, for a total of 3 tenants and myself. 

Thank you for your responses!!!

Should I go about finding a lender first before finding a cosigner or vice versa?

@Jody Sperling Thank you so much for your advice Mr. Sperling. My dad is currently in the process of buying a house for my family so he is out of the question for being a cosigner. However, I'm sure I can find someone who is willing to be my cosigner. I have a few questions if you don't mind. 

If you've heard of Fannie Mae and Freddie Mac then you'll know they have certain requirements to qualify for them. Does my cosigner have to satisfy the requirements as well and are cosigners even allowed in these type of government loan programs?

What do you consider the easiest way to post rooms for sale?

I'm between an area called Homestead which is constantly having new houses built as expansion to the south of Florida increases and another area called Tamiami next to one of Florida's top universities, FIU. Homestead offers me more bedrooms and space for the price of the house but Tamiami has a never-ending demand of students who need a place to live close to campus. So I'm between Homestead's new market, chance of appreciation, and more bang for your buck aspect OR Tamiami demand for rented rooms. 

Thank you for your answers and advice. :)))

@Rick Pozos I have some questions if you don't mind. 

What's a good rule of thumb to go by when figuring out how much income i need to get a good loan from a bank? Do banks really expect 3 times the mortgage payment as income?

What is owner finance? 

Thank you for the advice as well.

Hello everybody, I've saved up $14,000 at the age of 19 and I've built up my credit score to 780, however, my plan initially was to get a credit card, build my credit, and save up some money. With the money saved up I was planning to pay a 5% or less down payment of a multi-unit house and rent it to make some passive income while getting the unit paid off at the same time, however, the things that concern me are:

One thing I learned with time is that I need to get pre-approved by a lender who will give me an official verdict on my home buying budget which depends on my credit score and income. Although my credit score is good, it has limited credit history meaning I've only had ONE credit card since August 2020 and I've recently in August 2021 starting paying for a car which I had to co-sign with my dad because my credit alone was not enough to make me qualified for a car loan. Another issue is my income because houses in Miami are expensive and the cheapest that I can find are single family homes instead of multi-units and require a mortgage of around $1,200-$2,000/ month ($200-000- 350,000) which is a lot to pay with the little income I make from my W-2 job but it's not impossible, however, in the eyes of a lender it will be seen as risky and insufficient income. 

What do you guys recommend I do regarding my credit score to improve my chances of getting a good loan with low interest rate on a house? Should I save more money for a bigger down payment or simply find a better paying job? Are there areas in Miami with new markets that I'm not aware of with cheaper prices? I have a lot of questions and any advice on what to do will help tremendously. Thanks!!!