All Forum Posts by: Joey Hamaoui

@Hadar Orkibi I looked at some of the other forums but they are more a review of the company in general. I'm specifically interested in learning more about their activity and interests in the Jacksonville, FL area where I operate.

By the way, I received the CD! It's very nice and I really appreciate it. 

@Andrew Ashby I did notice the real estate is crazy there. When I was there last I stopped by a home depot and there were what seemed like 50 snipe signs "WE BUY HOUSES" at every corner. A lot of my investors have come to Jacksonville to avoid the insane competition and prices in the Orlando area.

Hi @Fran OBrien I looked into something similar to this to purchase a property with an investor from Israel. I wasn't successful in getting it done before the deal expired. This was the story...

I found a property in a B-Class area that needed quite a bit of TLC. I believed the house would sell for about $110,000 CASH. My problem was I didn't have that kind of money.

The property needed about $23,500 in renovations.

The estimated ARV was about $163,000.

We would have about $30,000 in equity and the property would rent for at least $1,200/month.

Our initial plan was to form an LLC together. My foreign partner would put down the $135,000 initial investment. I would cover soft costs, manage the project and manage the property. In exchange I would be given a substantial equity share and a share of the cash flow.

After 6-9 months we would refinance the property (4.5% at the time) and pull out 75% of the appraised value which would give us back about $122,000. This would leave us with about $10,000 in the deal.

With rent at $1,200/month we calculated about $2,400/year after expenses leaving us with a return of about 22% COC.

The problem we faced was that the bank wouldn't give us a cash out refinance for an LLC.

Our first thought was we could buy it in my personal name and do a quit claim to the LLC.

This too was shot down because we were told that the mortgage company could call the loan if we deeded the property to an LLC.

At this point we were researching other options and the property sold.

I've been told afterwards that one strategy we could have used was to purchase the property in a trust with myself as the trustee. We would form a shared LLC and after getting the refinance we could change the trustee to the LLC. This wouldn't trigger the mortgage company because from their side the ownership hasn't changed. It is still owned by the same trust. The only thing that changed is the control.

At this point that is the best option I have but our problem is more for financing.

Hi @Farhad Shir if you haven't already found someone your comfortable with I would recommend you reach out to @Daniel Hyman.

Hi all,

recently during an initial meeting with a potential investor I learned that @Account Closed's Morris Invest was offering turn-key properties in our area. I was unaware that they were even in our market as a turnkey provider. This is the first time someone has brought up a turnkey company in Jacksonville, FL to me that wasn't JWB.

I'd be very happy to connect with anyone who knows more about this. I'd love to learn more about how large the operation is, how they are as far as working with agents, what their track record is here and if it's worthwhile recommending them for investors that won't quite fit our model but need a turnkey provider.

Any and all insight is helpful.

Congratulations @Andrew Ashby and thanks for sharing!

Why did you guys pick Orlando as opposed to any other market in Florida?

@Brent Hill I'm still happy at RE/MAX WaterMarke. I've been here from the start of my career and haven't moved. At this stage in my business I just haven't seen a reason to jump ship. We do have fees and in the beginning it was a bit tough but I think overall the support and infrastructure that RE/MAX in general and our particular brokerage offer is worth its weight in gold. I've gotten several clients just from being a "RE/MAX Agent". It's not enough to build your business on but it helps.

What is a dialer?

No problem.

Hi @Perez Leanne,

Can you message me Jon Nail's info as well as Craig Speranzi's?

Hi @Rebecca K.,

Can you clarify what the issue was with tenant placement? What did they charge you?

Typically in Jacksonville tenant placement is 1/2 of first month's rent.