All Forum Posts by: Christian Leon

Thanks @Michael Baum! My main goal is to continue to do LTR's in the Jax area but I just wanted to get some input from anyone already in the STR game. I figured anywhere near the Jags stadium would be prime for STR but I see what you mean about the cons of a multi for that purpose. I appreciate the insight.

Hello Fellow BP friends,

I am looking to buy a MFH as a primary residence in Jacksonville FL, and was looking at the possibility of doing STR with the remaining units on the property. Anyone currently in that situation that could share their experience and advise? Pros/Cons? Any info would be much appreciated, thanks!

Christina,

So you have a few options. What Scott said with the Hard Money Lender is a good option. Consider the following as well:

1. Since you know the current owner, consider asking her for seller financing for the mortgage. You can agree on terms that are good for you both, and then you could use the equity from your home to do a HELOC for the repairs. Once you fix it, rent it(long term or airbnb) you can refinance and take out money to pay back your HELOC and maybe even have some extra left over.

2. Private money. You could talk to anyone you know that may want to be a silent partner and fund you purchase and rehab. Like the seller financing you work out your own terms that gets you the property, and provides a fellow investor a good ROI.

There is a lot of ways to fund a deal, sometimes you just have to be creative and mix and match different strategies. I hope this helps, best of luck!

Hey Christina,

My condolences for your loss.

Some options come to mind, but I wanted to ask some questions to help narrow it down to your specific situation. 

Would you be planning on living in the Beach house, or will it purely be an investment property? If not, do you currently have a primary residence with any equity?

Investment Info:

Townhouse buy & hold investment in Jacksonville.

Purchase price: $185,000
Cash invested: $45,000

Buy and hold that was near my other townhome rental. Did a conventional loan with 25% down. All funds were from my w-2. No partners.

What made you interested in investing in this type of deal?

I know the area, and it's close to my other property so I can use one property manager. Good condition house with similar features to my other. Good cash flow and minimal maintenance.

How did you find this deal and how did you negotiate it?

MLS. Used a realtor.

How did you finance this deal?

25% down using a conventional loan. I had saved the 25% from my w-2.

How did you add value to the deal?

Minor cosmetic repairs and refenced the backyard. House was already turnkey.

What was the outcome?

I acquired the property for the agreed terms, and now it rents out easily and covers my mortgage plus some.

Lessons learned? Challenges?

Will likely be my last property acquired using a conventional loan. Takes too long to save up and I could be getting much more deals if I just work smarter, not harder. I will also do more research on lenders as this one was not ideal and I ended up wit 5% more of a down payment than desired.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Used an agent I met on bigger pockets, Minna Reid with Killebrew and Company Realty. She was great. The lender was movement mortgage and I would not use them again. Bad communication once the transaction started. Being and out of state investor, this is not ideal.

Hello BP community!

I am currently looking for a reputable property management company and also a real estate attorney to add to my team! I live in CA and I had a family member helping me manage but they just moved and I need boots on the ground to simplified things since I am not there, or always available due to the nature of my job. Anyone have suggestions or contacts they wish to share? I have 2 properties in the 32225 area that I would need to be managed. Any input is greatly appreciated! . Thanks!

@Art Mimnaugh it’s a commercial property as it is a Four unit, and it’s in north linden off Cleveland ave. Thanks!

Hello BP Community!  I am in the process of buying a quadplex in the Columbus, OH area and will need a property manager as I am an out of state investor. Anyone have recommendations on a trustworthy PM? This will be my first time using one and I plan to buy more in this area in the future. Communication skills are vital, Thanks!