All Forum Posts by: Joey Hamaoui

Hey guys,

I am looking at doing my first BRRRR property and I called up one of my local mortgage lenders but he told me they can't do cash-out refinance for investment properties in the name of an LLC.

Is this accurate or unique to his institution? An advice how I can do a refinance on a property in the LLC name?

Thanks,

Joseph

Hi @Eric Moreno 

I'm in the Jacksonville, FL market and its great for buy & holds. We deal with a lot of out-of-state investors here and it's really not that hard to get started. Especially if you're considering financing. 

If I was in your shoes I would look into using FHA or VA loans to acquire a small multifamily and house hack or find a good deal in a market that will give me a strong return and partner with someone also looking to invest.

Feel free to reach out if you need any help. 

@Joshua Smith I'm in the Jacksonville, FL market and our buy & hold for SF is great. MF is decent here as well but you can probably find better deals in other markets for MF unless you're going into rougher areas. 

I hear Atlanta, GA is great for MF right now and I'd look into it more if you're looking at the MF market. 

Other areas in Florida that are good for buy & hold are Tampa and Orlando. 

South Florida is good for flips but it is extremely competitive and as an out of state investor it will probably be very difficult to find a good deal. Orlando and Tampa are also becoming more and more difficult but deals can still be found. 

I don't know much about other markets so I can't speak for any of the other areas you mentioned. 

In summary I recommend the following in this order:

1. Jacksonville, FL - SFR , Atlanta, GA - MF

2. Orlando, FL - SFR

3. Tampa, FL - SFR

4. South Florida - SFR

Feel free to reach out directly if you need any help. 

@Seavron Banus How hands on do you need to be in their process?

Hi @Glenn Bennett! Welcome to BP and real estate investing. I'm in the Jacksonville, FL area now but I know a lot of people in Miami investing locally and in the Jacksonville market. 

Feel free to reach out. 

I have not heard of JAX Investments or had any experience with them. I have heard of JWB. They are one of the larger turnkey companies here. 

What makes you want to go with a turn key company as opposed to finding a property yourself through an agent?

Orlando has a couple of good multifamily properties. How much were you thinking of spending?

@Brandon Reed What kind of investment strategies are you considering? 

Hey @Account Closed

If you're considering places like Saint Johns would you consider buying from one of the builders developing there? There's awesome homes available and being built in communities like Durbin Crossing and by Orange Park at Oakleaf. 

What makes you want a private lot as opposed to a community lot?

Hey @Account Closed on this 100%. Before I got licensed and involved in residential real estate I worked for an investment company. We worked on a project where we were purchasing a lot to build a 30,000 square foot commercial building. 

There is definitely a lot that goes into a project like that where you are building from the ground up and if you can avoid as much of it as possible by just "Renovating" a tear down house it would make your life so much easier and save you money. 

Feel free to reach out if I can help in any way.