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All Forum Posts by: Lesley Resnick

Lesley Resnick has started 136 posts and replied 1043 times.

Post: Where to get mortgage on a property to fix and Flip in JAX?

Lesley ResnickPosted
  • Real Estate Agent
  • Jacksonville, FL
  • Posts 1,065
  • Votes 1,120
Originally posted by @Rahul Gupta:

We are from MN and have bought our first fix n flip property through a HML.

For our next project we are thinking if there a bank or a credit union in Jacksonville FL who would give us a mortgage on a property that is for a fix and flip?

Does anyone have the name of any lender who would give a mortgage to investors from out of state on a flix n flip property?

Thank you

You are only going to find a private (HML) lender who will loan on a fix and flip. The conventional banks will only consider upgrades to an owner occupied house. It is way to risky for credit unions or banks.

Post: Step by Step BRRR 3.0

Lesley ResnickPosted
  • Real Estate Agent
  • Jacksonville, FL
  • Posts 1,065
  • Votes 1,120
Originally posted by @Jaron Walling:

It looks like you developed good relationships with these contractors. Communication with them seems pretty good and they know what your goal is for the property! I want to establish the same thing. Repeat business keeps everyone happy. 

It is a sad truth, that they are good until they are not.  Meaning, my preferred contractors change regularly.  I spread the work out to make sure I always have a back up.  I am always on the look out for talent.  

Post: Step by Step BRRR 3.0

Lesley ResnickPosted
  • Real Estate Agent
  • Jacksonville, FL
  • Posts 1,065
  • Votes 1,120
Originally posted by @Bill Kramer:

I am finishing up a remodel that is crazy close to what you are doing. 

Put a mini split in that suite and leave the ceiling vaulted. That's what we did. No need for expensive ductwork, and it's a huge win/win.

Nice, Sounds like you have the project well in hand.  

I am going to do a flat ceiling.  If I do a vaulted, the city will require an energy study.  Not sure why, but it is code.  I will have the duct work run.  I have never done a mini split, I have heard they work great, but if the tenant is rough, it will not last.

Post: Step by Step BRRR 3.0

Lesley ResnickPosted
  • Real Estate Agent
  • Jacksonville, FL
  • Posts 1,065
  • Votes 1,120

They brought in the big hardware to bust up the concrete.   

Post: Step by Step BRRR 3.0

Lesley ResnickPosted
  • Real Estate Agent
  • Jacksonville, FL
  • Posts 1,065
  • Votes 1,120

The plumber will be breaking up the slab tomorrow to set the plumbing for the bathroom in the new master. We are going to do a 5 x 10 bathroom. The shower will be a 30-inch walk-in made of tile. I will have room for a 36-inch vanity. This is going to be a rocking bedroom and bathroom. This is going to drive my ARV.

Pouring concrete beginning of the week and framing by late next week.  

I need to follow up with the AC guy about the ductwork into the new bedroom.  It is a blockhouse and I need to make sure he can run the ducts through the rafters since the master is technically outside the shell of the house.  

Post: Step by Step BRRR 3.0

Lesley ResnickPosted
  • Real Estate Agent
  • Jacksonville, FL
  • Posts 1,065
  • Votes 1,120
Originally posted by @Tim Bradley:

@Lesley Resnick will you have any garage at all after closing in the car port? Or a storage shed out back? I have a property where the car port is converted to a not under air room and no garage now. My PM suggested converting it back as tenants need storage and a garage. Thoughts?

There will be no garage or storage. The truth is, while nice to have it does not drive rent or ARV. The space must be heated and cooled to really impact ARV. The number of bedrooms and to a lesser degree bathrooms drive the rent. Most of the garages I own have gotten 3-5k in ARV.

Post: Step by Step BRRR 3.0

Lesley ResnickPosted
  • Real Estate Agent
  • Jacksonville, FL
  • Posts 1,065
  • Votes 1,120

Closing in the car port is not for the faint of heart. It will drive ARV and rent, a great value add. The house will become a 4_2 with an ensuite.

Side view.  Front door is on the side of the house.  Concrete forms are secured.  Spoke to the plumber and city code does not allow him to put the drain on the existing concrete.  He needs to break it up and pipe in the dirt and concrete over it.

One of my goals for this project is to not to do anything twice.  It is a tall order and with so many contractors coming and going, I am not sure it will be possible.

View from driveway. The pipe hanging down will be the stack vent for the bathroom. I had the roofer secure around it, so I did not have to make a hole in a new roof.

The house has some unusual qualities.  The front patio is covered and quite large.  Part of the patio will become a walk in closet.  The concrete will raise the floor to be the same level as the house.  This bedroom is going to be awesome.

It is a common practice to position garages and carports lower than the rest of the house as a means of flood control.    When it becomes living space it should be raised.

Post: Step by Step BRRR 3.0

Lesley ResnickPosted
  • Real Estate Agent
  • Jacksonville, FL
  • Posts 1,065
  • Votes 1,120

Post: Step by Step BRRR 3.0

Lesley ResnickPosted
  • Real Estate Agent
  • Jacksonville, FL
  • Posts 1,065
  • Votes 1,120

A roof was scheduled to be installed on Thursday before Labor Day Weekend. Tuesday Florida was going to get hit with a Hurricane.  Everything was set, I would have a new roof for the storm.  Perfect, what could go wrong?

WELL...

I got a call on Thursday afternoon, there was ROT on the wood plate that the roof trusses rest on. see pics  They told me they could put the roof over it and we would fail the inspection, what did I want to do?  FIX it, of course, "oh no we don't do that".  The roofer said he might know someone who could help out.  I called one of the contractors I regularly work with and he came out and fixed it on Friday Morning.  The agreement was that they would leave off the remaining deck board and the shingles.  They would come back and complete it on Friday afternoon.  Shame on me, I did not check up on the roofers.  It was not done on Saturday when I went by.  I called everyone from the roofer and no one answered.  Monday was a holiday and Tuesday was supposed to be the storm.  OUCH.

On the upside, they did come out on Tuesday morning and took care of it!  The storm was a non-event and the house was fine.  My nerves on the other hand.   

Post: Step by Step BRRR 3.0

Lesley ResnickPosted
  • Real Estate Agent
  • Jacksonville, FL
  • Posts 1,065
  • Votes 1,120

Greetings fellow BP'ers

Back by popular demand!

I am going to document my next project BRRR 3.0

The house is on the West Side of Jacksonville in 32210. It was in a tree accident. By that I mean a tree fell on the roof and made a hole and was not repaired in a timely fashion. Rain doing what it does, destroyed the interior. The interior had been through a complete demo. Interior studs and some electric remain. The power has been off for over a year and will require some additional work to get it back on. This is the largest project I have done to date.

Updates needed:

Roof

Re-plum supply and drain

Electric - all but electric panel.

Windows

Drywall

Kitchen

AND....We are going to close in the car port and make a master suite.

This project is 75% of a new construction home.