All Forum Posts by: Jon Huber

@Scott DeLuca  Great to have you join. We are pretty anti-pitch, however, we always have a networking session after the meetup so that people can exchange business cards and contact info. I think you'll like the casual atmosphere

Old Chinese proverb: "The best time to plant a tree was 20 years ago. The second best time is now."

@Nelson Leal  I sent you a msg, as I can’t promote the details of the meeting in this forum. Let me know if you have any questions. 

@Ashley Lynn   I have multiple properties with HOAs here in South Florida. I don't mind the fees, as they all take care of the lawn and water for sprinklers. One even includes cable for my tenant. If it is a gated community, it also adds a layer of security for your tenants. I probably wouldn't go as high as the $500 you listed, but it wouldn't be unreasonable as long as the income it brought it made the numbers work. It's only worth it as long as it doesn't eat away your cash flow. The majority of the best properties here have HOAs.

@Matthew Brill  In typical Rich Dad fashion... you found a way to say how can I find the property I want, as opposed to shutting off your brain with the predetermined notion that you can't find it.

@Joseph Kingma   I would also really check out the areas beforehand. While some cities are nice or sketchy zipcode to zipcode... WPB is really block by block. I believe that you can make it happen.

@Victoria Noska   I should preface this by saying that I am a HUGE advocate for getting your own RE license. I have mine, and although I use it for investment purposes only, I have allowed my commissions to be added towards closing costs. My license has paid for itself 100 times over.

However, there is a benefit to using the listing agent in a situation like this. That agent would prefer to represent the buyer as well. Who wouldn't want both sides of the commission? Now, the agent should be completely unbiased and neutral and allow the sellers to determine the offer. But let's be real, they can sway if it benefits them.

Having an aggressive buyer's agent would be the other side of the argument. The right agent can put the right amount of pressure on the listing agent. I suppose test that I would use to determine which strategy to go with depends on the listing price. If I believe that the listing price is set to sell, and there will be no negotiations, I would go with the listing agent. This is a scenario when the first offer is more important than the best offer. If you believe there will be some hard-nosed negotiations, I would use a different agent to represent you.

Also, we have a monthly coffee meetup at a coffee shop in Delray Beach every month. We discuss things like this and other topics. Let me know if you'd like more details.

Good luck!

@Ashley Lynn If I were in your situation, I would max out on a HELOC on your current home if you have a conventional loan on it, or refinance out if you have an FHA loan on it.

Scenario 1 (HELOC on conventional): You will be able to get more on it as it is your primary residence. Being that you wold get 75% LTV on the HELOC, it would be 210k times 75% minus what you owe. Next, I would take the money from the HELOC, and purchase a fourplex as a primary. This will allow you to use an FHA, live in one unit, and collect rent from the other three. Using the income from the other three will also allow you to qualify to a better quality of property. Being that you are only putting 3.5% down, you may have enough left over from your HELOC for another property or some capital improvements on either property

Scenario 2 (refinance on current FHA): Refinancing the loan will allow you to get a 30 year fixed rate on the property you are in and then have the ability to get an FHA on another property. You will get the same amount as the HELOC or perhaps even 5% more cash back, as some banks may give you 80% LTV. I would also get the fourplex and live in one unit.

Either scenario would set you up for success. This way, you would maximize your unit count in the residential space, while taking advantage of the government programs that gives you incentives to buy residential. 

Also... we have a coffee meetup group that meets every month in Delray Beach. Next meetup is this Saturday! Send me a msg if you'd like more details.

Good luck!

@Kevin Horn  We start from 1-1:30pm, once everyone comes and get's settled with a cup of coffee. I would suggest getting there before 1:30pm so you can meet the group and join in at the start of the discussions. However, if that is not an option, just show up when you can and join the discussion.

Palm Beach County Investors (or future investors)...

There was a lot of interest in a pretty casual meeting from investors and future investors, and we've had GREAT meetings... why not another? It will be free to attend (and no pitching), but being good patrons, so they let us to continue to use the space for free, I say we get a cup of coffee.

Gizzi's Coffee: 2275 S Federal Hwy, Delray Beach, FL 33483 (1pm-4pm)

So, anyone want to grab some afternoon coffee in Delray Beach... maybe people from Jupiter, Palm Beach Gardens, Lake Worth, Boyton Beach, Boca Raton, or West Palm? Maybe even Broward County people would like to show...

This meeting is open to anyone that would like to attend.

Also... in an attempt to try something new, I will be bringing in all of the books I have read and will have a "leave one, take one" policy so that everyone will have a chance to read a great book!

SO, DON'T FORGET TO BRING A BOOK!

And lastly, if you would like to be added to the email distribution of this meetup, please send me a message with your email address. Thank you everyone, and I will see you there!

@Jason Eisler  Comgratulations in the move and welcome to the area. There are a lot of great people in the area willing to help. Actually, there is a meetup this weekend at a coffee shop in Delray Beach! The group gets anywhere from 20-50 people and we discuss real estate. No fee, no pitch. Just investors and coffee. Send me a msg if you’d like more info, as I can’t promote the details in this forum.