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Buying Investment Property in Orlando | Property Management Advice


Stephen Fox - Tuesday, September 12, 2017
 

As you know, we have been in the business for nearly 50 years, and we’re the go-to boutique company for anyone interested in buying investment property in the Orlando area. There are two ways to go about it. You can buy a property in cash or with financing. We are getting more and more inquiries regarding finance and investor mortgages. So today, we’re sharing some information that will save you a lot of time.
 

Buying Rental Property with Cash

When you plan to buy with cash, we need to see a bank statement or proof of funds that shows you have the money to buy the property. We need that information up front before we even put a contract in on your behalf because the seller or the seller’s agent will not take you seriously otherwise. So, if you’re thinking of buying in cash, have this information available before you even pick up the phone. We’ll need you to send that information to us. It will stay here and we won’t share it. This is especially important with condo purchases. It’s hard to get an investor mortgage on a condo.
 

Buying Rental Property with a Mortgage

For financing, expect to put 25 percent or 30 percent down. There are certain loan programs that will be 20 percent, but you have to be very qualified, and your potential property has to really be cash flow positive. So, work on the 25 to 30 percent. In that case, we’ll need bank statements showing you have the deposit money available. We’ll also need a pre-approval letter from your lender. If you need a lender, we do have partnerships with brokers, and we can put you in touch with a specialist lender who can get you an investment mortgage. Many people use an existing line of credit or they refinance their own house to get the funds they need to buy.
 

Orlando Rental Market

Please arrange for that pre-qualification letter before you call us. It saves us both a lot of time. It will also put you in a stronger position if we decide to put a contract in on your behalf. This is vital information that we need. We’re not asking for it just because we’re nosy. Our team wants to be serious about who we purchase for, and we want to make it efficient. The Orlando market is hot, and properties are getting multiple offers. More employers are bringing jobs here, and investors are active.  

If you want to make a good, sound investment for the long haul in the Orlando market, contact us. Be serious about what you’re doing and call us with purpose. Narrow your criteria and provide us with proof of funds or proof of borrowing power. That will get your deal closed much faster.  

If you have any questions or need any mortgage and finance contacts, please contact us at Warner Quinlan. We’d be happy to provide you with additional tips on buying rental property and Orlando property management.

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