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Financing in 33179 : Real Estate Advice

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Fri Jan 14, 2011
Carlos Del Amo answered:
Jack, I commend you in wanting to purchase property in Miami. It is the greatest real estate buying opportunity in the Magic City and possibly in our lifetime. I see you want to give a total of 30% down on each purchase.

The down payment is more than adequate for obtaining a loan here in Miami if you are a foreign national,however banks and non-private lenders still require that the income you receive to be in line with the debt to income ratios. If your rental income plus the current income from your line of work are sufficient you should have no problem. If not you may consider a private equity lender were the rates are much higher and usually require a 2-3 yr lockin and prepayment penalty.

If you are flipping and the return is there, that might be a viable choice. If not you may contact me and I can steer you to some lenders I have worked with for many years that will cut to the chase and give you a realistic
answer.

Good Luck.

Carlos del Amo is a Florida real estate broker and President of Smart Growth Realty,LLC with over 20+ yrs experience in real estate and the financial services industry.
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