All Forum Posts by: Javier Guanda

Jonathan Dunn Welcome to BP!

Welcome to BP! Jon

Hi! Tony Oliver I tried to connect but I can't see anything on your profile to connect. If you can send me a PM, I give you my cell and email. Regards, Javier

Hi! BP friends,

                         I found this property (6620 Cecil Rd Cocoa, FL 32927) $79,900. I'm analyzing it for a potential flip. Any advice from your top of your head will be appreciated. Also, if you'd make an offer, which would be a fair offer. Thank you! Javier

@Will Pritchett

                        Thank you for the idea. Clear example of my lack of experience. I will research about that.  Thanks! Javier

I visited some websites mentioned above and they offer HELOC to second homes.

@Eamon Conheady I own the property and I'd like a HELOC for a new one. The strategy is as follows:

1) Cash Offer 90-100K

2) Advanced Cosmetic repairs

3) Fix /Improve / Sell 

4) Pay HELOC and costs

5) Take Profits

6) Repeat

My issue right now is to find a good deal. After calculations, the purchase price should be low and I'm looking for in South Florida areas which I don't see a good inventory right now with that characteristics. 

The profits would be generated from a good purchase price and fix it myself or low contractor work. I'm expecting to make 10-15% profits after the cycle is completed.

Another option would be to buy and hold, but I don't like the idea of HELOC under this strategy.

Please, your feedback will be highly appreciated. I'm a pharma guy with very poor experience in real estate.  

Thanks! Javier

Thank you! guys. I made my first call to Bank of America, they told me that they don't approve HELOC to second homes or rentals, I explained to them that my Townhouse has no mortgage but still they don't do it. I will appreciate if anyone is aware of lenders approving HELOCs for these scenarios (Florida) if possible?

                                                       Thanks! Javier

Hi! BP people, I was unable to find an answer for the following question. I own a Townhouse (no mortgage), which is being rented. I was wondering if I can do a HELOC ? I understand that banks don't like HELOC when is not your primary residence, but mine is already paid off. Advice will be appreciated. Thank you! Javier

Hi! Tony,

The issue with SFH is that rent is much lower compared with its market price, on the other hand for townhouses, rent is much closer to 1%. I don't know if my rationale make sense. For example, Hialeah Townhouses average 130K and rent for $1,450 and SFH with price 370k rent for $2,600 Capex are little higher (My personal view). Any feedback will be appreciated.

Inventory also is extremely low right now, a least in Hialeah area. Right now, I'm thinking on partnership with a more experienced investor and share profits accordingly. 

Thanks! Javier

@Marietta Mont,

                             Thank you! for the chart. Even though, the chart includes all type of properties, it is a good indicator of the current scenario. Thank you!

@John Thedford                    

     Thank you for the info. If the market is not flattening, I have the perception that it would be in the short term. Thanks! again.