Types of Income-Producing Properties

August 25, 2023 by Lending Bankers

If you want to generate passive income and invest toward retirement, one way you can do it is by investing in income-producing properties, also called income-producing assets or income-producing real estate. You might be surprised by just how many types of income-producing properties are out there. Here are some in which you can invest in Florida.

Income-Producing Properties

Single family homes: Applying for a loan for a single family home as an investment property is pretty straightforward, and the property taxes usually are not that high, making it an attractive investment option.
Multi-family homes: If you are buying a duplex, triplex or fourplex, that is a multi-family home. You will be able to rent out to more than one tenant. Of course, it can be more expensive to get started, and approval can require jumping through more hoops than you would for a single family home.
Short-term rentals: These are properties suitable for renting out for short periods of time (i.e. days or weeks rather than years) to people who are on vacation.
Fix-and flip properties: This is an investment property that requires you to do some repair work before it will be ready to rent out. But as a fix-and-flipper, your goal is to flip it after you fix it for a higher price tag than you paid to purchase it and do the repairs.
Turnkey properties: As the name suggests, this is an investment property that is pretty much ready to go when you get it. You can start renting it out right away.
Apartment buildings: An apartment building is an opportunity to invest in real estate with numerous rental units. It is a great way to build up your wealth through economy of scale.
Commercial properties: Residential properties are not all you can invest in. you also can invest in commercial properties like retail or office buildings.

The list above gives you some idea of the opportunities that are out there, but is not exhaustive. With so many options, there is something for every investor.

Invest in Income-Producing Real Estate in Florida

Lending Bankers Mortgage helps investors throughout Florida to purchase a wide variety of income-producing properties with ease. We can connect you with a real estate investment loan that will help you maximize the return on your investment. To get started, please call 786-220-1100 to schedule your consultation.

Hometown Heroes Down Payment Assistance Program Expands on July 1

August 25, 2023 by Lending Bankers

If you are shopping for a home, you may have heard of the Hometown Heroes down payment assistance program.

Great news for all Floridians—this program is expanding as of July 1, and will be available to a much broader group of homebuyers than it was in the past.

What is the Hometown Heroes Program?

Hometown Heroes is a program that is offered by the Florida Housing Finance Corporation. The income-based program is aimed at assisting first-time homebuyers with paying for their down payment and closing costs.

The program provides up to 5% of the amount of the mortgage with a (new) $35,000 cap. It is a loan, not a grant, functioning as a deferred second mortgage with a 30-year term. You must be working full-time to qualify in the same community where you are buying the home.

How is the Program Expanding?

ABC Action News WFTS Tampa Bay reports, “For a while, [the program] was only available to frontline heroes. Now, the Live Local Act put another $100 million into the program and extended it to all working Floridians.”

ABC adds, “The Florida Housing Authority said right now, borrowers can receive a maximum amount of $25,000 in down payment assistance. Once the change goes into effect, the maximum amount will be $35,000.”

Get Help with Down Payment Assistance

We know you may have many questions about the Hometown Heroes down payment assistance program. During your consultation, we can give you detailed answers. We will explain how the program works and whether you are likely to qualify. We can then walk you through the details of how to apply for down payment assistance while we are helping you apply for a mortgage.

If you are ready to begin, please call us now at 786-220-1100 to schedule your consultation.

4 Tips for Choosing a Commercial Mortgage Company

May 22, 2023 by Lending Bankers

If you are shopping for commercial real estate in Miami, then you need to find a mortgage company to work with that will make the lending process fast and easy and connect you with a competitive loan. Here are a few suggestions to help you pick the right company.

Choosing a Commercial Mortgage Company: Some Advice

Go local. While there are plenty of nationwide commercial lenders, they do not know the market as well as a local Miami mortgage company. A company that is locally based can help you navigate the challenges you may face that are specific to the FL real estate market to quickly close on your ideal property.
Work with a company experienced with the type of financing you need. Commercial lending in general requires expertise that residential lenders may lack. Not only that, but sometimes commercial lending requirements are really specific. Say, for example, that you need energy financing or aviation financing. The reality is that most mortgage companies just are not going to know how to handle that. Find a company that has experience with loans for businesses in your industry.
Choose a mortgage broker in FL, rather than a lender. When you work with a mortgage broker, they will shop around on your behalf to find you the most competitive loan offers. If you work directly with lenders, you have to shop around, which takes a lot more time and effort.
Investigate the loan process. It can be helpful to familiarize yourself with the underwriting process and the steps involved in applying for a mortgage through a particular broker. Make sure that process is a fit for your business.

Buy Commercial Real Estate in Florida Now

Lending Bankers Mortgage specializes in commercial loans, including aviation loans, energy loans, vacant land loans, international loans, retail and office loans, multi-family loans and more. As a local Miami mortgage broker, we have established relationships with lenders throughout the area. To schedule your consultation, please call us today at (786) 220-1100. We can help you buy commercial real estate in Miami or elsewhere in Florida.

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karolina m

01:46 29 Nov 23

Lending Bankers Mortgage (Danny Perez and David Otero) was recommended by RPM Luxe Realty. From day one, Danny made me feel comfortable. I went through the pre-approval, approval, clearing to close, etc. processes with Danny figuratively holding my hand the entire time. There were times when I was literally crying because I was so frustrated and scared and Danny made me feel like everything would be okay. In general, I think RPM Luxe and Lending Bankers Mortgage make a great team. Danny is very relaxed and I’m not sure that he ever feels stressed, which is something unfamiliar to me. I think it’s because he has been doing this for quite some time.Additionally, Danny treats his clients like family. If anything is wrong, Danny takes it personally as though it was his own personal situation.If you are looking for 24/7 concierge service, Danny and David are your guys. After the Thanksgiving holiday, Danny was inflight and texting and emailing the entire time. I was grateful that American Airlines’ Wi-Fi was working so well.

jazmin campo

17:18 23 Oct 23

Rodrigo y David nos ayudaron de principio a fin y se aseguraron de contestar todas las preguntas que teníamos. Los recomiendo de corazón y volveremos a trabajar con ellos en la próxima casa que compremos.

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21:40 17 Oct 23

Gracias Juan G y David por su asesoramiento y ayuda para poder concretar la compra de mi unidad! Todo fue muy simple y claro desde el comienzo.

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15:04 17 Oct 23

Our experience with Danny Perez has been nothing short of PHENOMENAL. In a last-minute decision, we wanted to move our closing date up by two weeks, and Danny made it happen with absolute ease. The team is not only fantastic and responsive, but they also efficiently handle all queries and swiftly get everything organized. With Danny, what we anticipated to be a nerve-wracking experience turned out to be a breeze. A huge thank you to Danny and his team for their incredible assistance! We will undeniably come back for your top-notch services in the future!

Juan D. Peralta

14:28 17 Oct 23

Gracias Lending bankers por toda la ayuda, Excelente servicio y muy agradecido con David Otero y Gabriel quienes ayudaron a que todo el proceso fuera fácil y lograra la meta! 100% recomendados

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02:06 17 Oct 23

Thank you to David Otero and Gabriel Corriente for making the process as smooth as possible. I highly recommend working with them.

Leon Francois Properties LFPF

23:36 16 Oct 23

Everything was on schedule and on time. I highly recommend Dany he made our transaction as smooth as possible! Looking forward to working with Danny and the LB team again!

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Danny Perez was excellent, I highly recommended him.

Vanessa Charles

16:33 16 Oct 23

I had the pleasure of working with Danny Perez. He is extremely helpful and professional. He answered all of questions throughout the process and made it so easy. Without hesitation, I would recommend their services to anyone seeking a mortgage professional.

Emmy Rosati

16:17 16 Oct 23

Danny was super helpful and easy to work with !