Home Buying in Tampa>Question Details

Behappy, Home Buyer in Miami, FL

Would invest $80,000 cash, condo/townhouse in Tampa, must be able to rent it, any suggestions? Thx.

Asked by Behappy, Miami, FL Mon Feb 18, 2013

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Answers

4
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You may find that you can step up to the 150k range and buy a much nicer property with access to better loan programs!

Below are some of the best programs from A to Z available, including the all new Stated Income Alt Loans for Self Employed borrowers

After reviewing these programs below, please email me at Steve@pro-option.com with the ones you'd like more info about:

1) 100% LTV- VA - pay off debt at closing on a purchases too!

2) 100% LTV- USDA - 12 mo. into Chapter 13 BK…OK Too!

3) 99% LTV- FHA

4) 97% LTV- NEW- No PMI -No FHA 1.75% MIP Fee!

5) 95% LTV- NEW-No PMI!

6) 95% LTV- NEW-CONDO Loan

7) 90% LTV- NEW-No PMI -2nd Home

8) 90% LTV- New-Jumbo w/cc

9) 85% LTV- NEW- No PMI to Super Jumbo

10) 80% LTV- Rental Property

Stated Income Alt Loan programs

11) 80% LTV- to Super Jumbo

12) 80% LTV- FIX n’ FLIP Invest. Prop. – No min. credit!

13) 75% LTV-to Mega Jumbo

14) 75% LTV- Foreign Nationals-to Super Jumbo

15) 75% CLTV-after Short Sale, BK, Foreclosure to Super Jumbo

16) 70% LTV- Hard Money to Jumbo

17) Lot Loans / Land Loans Too!

Go to: http://WWW.PRO-OPTION-COM or call 888-662-4404
0 votes Thank Flag Link Fri Feb 22, 2013
Hello Behappy,
Make sure you have talked the tax implications over with your tax accountant. Using the money to buy something for 80k that generates income with only a few expenses will add to your taxes. Consider that mortgage interest on the rental offsets rental income and it could become tax neutral, with depreciation helping to offset potential gain on the resale. Talk this over with your tax accountant.

For the real estate, there generally is higher demand for units with 2 bedrooms, and even higher if there are two bathrooms. Location matters, style of complex matters, amenities matter for both the ability to rent and for appreciation for resale down the road.

Other aspects to consider are financial health of the association. Healthy associations will be able to hold fees stable, those that are not may increase fees regularly or assess owners for repairs. Many complexes do not have financing available for the purchase, which can be good or bad depending on if you buy it outright or seek financing for the benefits of taxes.

Some areas of Tampa, such as South Tampa, do not have very much inventory, or condo's for sale at the cash price you have available: at least not with two bedrooms. So, there will be competition from other investors when you move to the offer stage.

Good luck, feel free to contact

Robert Adams
robert296@aol.com
0 votes Thank Flag Link Fri Feb 22, 2013
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TAMPA MORTGAGE BROKER, INVESTOR, LANDLORD responds

The nicer property you buy, the better it will appreciate, the better loan terms and better renters you'll have. And stay away from Condos, rather consider townhomes or even better, stick with a 3/2/2 free standing block home.

There are more renters looking for 3/3/2 homes than there are condos. And with all the Foreclosures, Short Sales and BKs people have gone thru over the past years, there's a good demand for rental properties.

Also, with rates so low, why sink the whole 80k into DEAD EQUITY?

Most Mortgage Brokers, Mortgage Lenders and Loan Originators have forgotten or don’t know what "RECASTING" a loan is or that it can be done. If a borrower only put down the minimum at closing, then a few months or years later decided to pur more money down, you don’t always have to refi the loan to get the lower payment!

Banks allow borrowers to put a big chunk of money down and they will “RECAST” the loan balance and adjust the payment down to the new balance.

See program #10 below and please email me at Steve@pro-option.com or call me after 1:00 today

1) 100% LTV- VA - pay off debt at closing on a purchases too!

2) 100% LTV- USDA - 12 mo. into Chapter 13 BK…OK Too!

3) 99% LTV- FHA

4) 97% LTV- NEW- No PMI -No FHA 1.75% MIP Fee!

5) 95% LTV- NEW-No PMI!

6) 95% LTV- NEW-CONDO Loan

7) 90% LTV- NEW-No PMI -2nd Home

8) 90% LTV- New-Jumbo w/cc

9) 85% LTV- NEW- No PMI to Super Jumbo

10) 80% LTV- Rental Property

Stated Income Alt Loan programs

11) 80% LTV- to Super Jumbo

12) 80% LTV- FIX n’ FLIP Invest. Prop. – No min. credit!

13) 75% LTV-to Mega Jumbo

14) 75% LTV- Foreign Nationals-to Super Jumbo

15) 75% CLTV-after Short Sale, BK, Foreclosure to Super Jumbo

16) 70% LTV- Hard Money to Jumbo

17) Lot Loans / Land Loans Too!

Steve McRory
Pro Option Mortgage/ Florida
steve@pro-option.com
http://WWW.PRO-OPTION.COM
Ph: 888 662 4404

Prior Service U.S. Marine Corps
===
0 votes Thank Flag Link Tue Feb 19, 2013
Happy,
If you are looking for something on the cheaper side that you are trying to rent out, you should look closer to USF. You always have college students needing a place to stay. There are quite a few condo and townhouse complexes around that area.

Please contact me if you would like any more assistance.

Thanks,
Marie Barakat
Coldwell Banker Residential
813-992-1217
mbarakat337@yahoo.com
0 votes Thank Flag Link Mon Feb 18, 2013
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