All Forum Posts by: Mitchell Jaworski

@Share Ross answering the bell like a champ!  @Ryan Jones definitely consider what Share said, if it is your Mom that will purchase (or in Mom's name) then 55 and over is a great option as the prices on those condos tend to be a little lower than all age communities and you do get alot of "stuff" and some sense of community.

The HOA cost is the main thing you want to keep in mind. That will be a big determinant on if you cash flow. The monthly cost of those have a big range, but some offer alot of benefits and amenities.

Also be sure to check the HOA rules. There are ones that don't allow renting the 1st year of ownership and other restrictions like that.

Pay attention to all these items whether doing an all-age community or 55 and over.  I own a few rental condos in PBC and have experienced all the wonder ins and out of dealing with HOAs, sigh.

@Shan Vincent in the end it depends on your goals.   I personally have sold a few of my FL properties that had good profits to buy rehab/value add cash flow properties in my rural areas up North.  I didn't have $500k equity in them though.  In that scenario I probably would have just taken out an equity line and used that to acquire more property so I can keep a star location property.

I love having an equity line, have one on my primary and I use it to make cash offers and then pay it off when I refi out when the rehab is done.

In the end though, I keep my leverage reasonable.  I always have 25% or more equity so I do not have to worry about getting stuck.

Wow, looking back at this thread cannot believe it was 4 years ago.  So much has changed there are so many lending options now compared to then.  This isn't even an issue anymore with all the private lenders that are decent rates now.

@Glenishia Gilzean at a minimum get pre-qualified so you have a rough idea of how much home you can afford, but honestly if you get pre-approved it is better.   Your offer will look stronger as the seller knows there is high likelihood you will be able to close on the home.

Also, if you need any help with the loan process I know to awesome mortgage people in our area that I have used.

@Rolando Caceres obviously alot of that depends on the cash on cash return you are looking for.  Unfortunately, even without knowing that I would say there isn't any best areas in the area range you listed.  

I started investing out of state last year and have sold off some of my FL properties.

If you really want to grab stuff here lake park and riviera offer the best returns, just be careful with many of the neighborhoods in the latter.

Otherwise, off market deals in places like Lauderdale, which usually means some extensive rehab thus the discounted price.

All of this is doable, just a ton of work and prospecting.

@David Coatney let the numbers do the talking for you, then see if the area is high crime.  You should be able to find something in areas that are acceptable in any of those cities.

I'm actually headed up to Jax on thursday to speak at their Jax REIF meeting and plan to look at properties on Friday a bit.

@Thomas Waddle the llc things is tough with many banks.  Community banks and private lenders are best bet.  I will DM you a private lender that has rates not far off from regular banks.

I'm headed to Jacksonville next week to speak at the Jax REIF meeting on the 15th.  Planning to network with a bunch of local investors and wholesalers.   Don't know that I will invest in the area as I'm already spread out in a few markets but am still keeping my eye out.

I agree with @Owen Dashner.  Your backyard would definitely be an option and to be honest easier than doing it where I am in South Florida.   In the end though, it's all about finding sufficient margin.   Orlando area is continually growing (and the town surrounding it, i.e, Kissimmee, etc).

I know wholesalers down here that work the market up there as well since they can find deals usually at a lower price point than in Palm Beach County.

Oh my goodness.   That is the example of all examples.  Even if going to self-manage gotta do a credit check, check employment and have a solid lease.   Ironically, I just wrote a blog post on my scaredycatguide website about why people should manage their first property.

I did that and still manage a couple local ones and have property mgmt for all of my out of state stuff.  Good property managers are worth their weight, but I also know what good property mgmt looks like after doing it myself.

I mean, if they aren't going to atleast read a book on managing a property and have a lawyer look at their lease, then just use a property mgr.  I have my fingers crossed for that person, that sounds like its gonna be a mess.

Trials and tribulations of real estate investing lol