All Forum Posts by: Jon Huber

@Dustin Dummer  You also want to make sure who is paying the utilities. If the landlord pays, make sure it is factored into the rents. Also, is the land zoned for Multifamily, or is it an unpermitted quad on a single family lot. The numbers straight up look decent, however, I am always cautious when I see good numbers. And lastly... a much lower price is ALWAYS to be considered. Listing prices are a starting place in negotiation. Sellers generally don't list prices at their bottom line.

@Lawrence Perry  I would focus on the deal. If you find the deals... the cash buyers will find you. We are in South Florida. There is more retirement money down here than anywhere else I can think. There is no shortage of capital contribution, just a shortage on good purchases. If you are still unsure, find a deal, post the details here/craigslist/etc, and if it is TRULY a great deal, you will be beating down buyers with a stick.

@David Lewis Would I buy the lot? Probably not. But that is only because my investment strategy is cash flow. A vacant lot is only an appreciation play without any means to get income from it. You could build from scratch, but you'd have to check with the zoning boards to determine what you can build. I think the money put towards an appreciating asset that also provides income is a better move. Just my opinion and what works for me. This may not be your strategy.

my vote goes to @David Shoultz . He finished a project for me that another GC ruined and stopped showing up to. Dave was quick, honest, and extremely thorough.. picked up right where the other guy left off. 

@Chris Mury  Awesome, Chris. Always glad to have some fresh insight. A few of us come from Boca Raton. Delray Beach is a good central location for the people in Palm Beach county

There is only one NYC... only one San Fran... only one Los Angeles... 

Look into those locations because they may appreciate.

@John A. Preach on... couldn't agree more.

@Brian Garrett  Welcome to the community. You are going to find a lot of resources here for you, and a lot of people willing to help. You have the right mindset. As far as your strategy, you will find that there are many paths for you to take. Flips leading to buy/hold can certainly work for you. If you are interested, there is a group of us that meet regularly in Delray Beach to casually discuss real estate over coffee. Either way, good luck out there and keep educating yourself.

@Tim Healey  I've got an amazing contact for you, but can't promote it in the forum. Sending you a private msg now

@Joe Rinderknecht If your remaining balance is 160k, and the appraisal came in at 210k, your LTV is over 76%. Assuming you would only get a ref of 80% LTV, I'm not sure if a cashout refi of 4% would meet your needs. I've discussed HELOC's with US Bank, and they would go up to 90% for a primary residence. I don't know your financial situation or credit score... so I am going off of assumptions here.

Given that math... the HELOC at 90% LTV against 210k would give you 189k... minus the 160k first position mortgage... you would get 29k. That would be better than the 4% refi giving you $8.4k.