All Forum Posts by: Jack Bobeck

@Kendrick Smith Well done! What are your goals? Do you know what you want to do next? If so, then go do it! if you don't sit down and figure it out first. Your goals are your goals. IMO, I would keep the cash on the side and build it up. You might need to use the cash or you might find a partnership to do a larger deal and they need your cash. So many things you can do with cash, so few you can do without cash. 

Listen to the @Gino Barbaro podcasts, they say go for it "Lean into" deals, but you gotta have cash to get the wheels moving with the bank, then once you have the "relationship", you can do lots of things. I wish you the best! 

@Vivian Mejias The best deals for your clients will not be in the MLS, instead, they will be ones you find by calling the "For rent" signs or calling owners not living in the properties. You may even find a few pre-foreclosures as rates are rising and at a 7-year high. Look for homes that are in need of "love and care", you can use a number of tools onsite here to track down the owners, but MLS properties, to me, are selling at a retail level. With most, I would try and get a 30% haircut on the listed prices, but in hot markets, you may find the properties move in a few months.

Find homes that are expired listings, people may be willing to make a deal. Properties sitting for 6 months or more may have more motivated buyers. Best of luck to you! 

@Nathan McBride Atta boy! The best deals are the ones that are not advertised, but you did it, you went and found a great deal. I live and die by the fact that "NO" - Does not mean No, it means, "Not right now".  Stay in touch, build relationships, you never know when they have a life moment and need to say yes. Sounds like you got a great project. 

Always get an inspection done, it makes sense to get it done. Start a relationship with the bank, the right way. 

The question you need to ask yourself regarding the bank loan - Is this the last loan you will have on the property? Most commercial loans never go the full term, you may refi in 3 years, pull cash out and go buy another property. I'd look to bump up the rents each year, add value where you can and start building relationships with other owners of similar properties in the area, so you can look to acquire them as well. 

I would leave the LOC alone unless you can use the cash to get a better rate of return than what it will cost you. Having cash is the golden goose, so hold onto as much as possible, as cash becomes a weapon when buying more properties in the future. You don't have to use it, just need to show you have it.

Well done! Thanks for sharing! 

Florida not even in the top 50 of the Realtor.com’s 2018 Top 10 Hottest ZIP Codes

Always look at the data! 

@Sergio Sanchez There are currently 9,025 licensed realtors with the Northeast Florida Association of Realtors (NEFAR). Last month there were 2,656 total sales in their MLS area or 20,214 so far for the year, 8 months out of the year. For all of 2017, there were 28,000 homes sold.

You will find that being an agent will cost you money, either monthly or when you close a deal. There is no free ride in any office. Figure you will spend $500 with NEFAR for the privilege of working in the area MLS and another $100 per month with any office.

Yes, prices are rising in Jacksonville, 10%+ year over year, its been great, but there are so many new Realtors that have no clue how to be a respectable agent. Few "new" disrupter firms offer any training, and many of the "brokers" in these firms compete directly against the agent. Do you think they want to train you on how to take their business away? 

Before you go down the road and drink the Kool-Aid of getting your license, interview the firms in the area, where you need to hang your license, find out what your expenses are going to be monthly and with sales. Take the time now to learn about education, what is offered, what is expected of you (some agencies charge their Realtors to attend training, no matter if they agents do not need it), so spend some time doing the research before you become number 9,026. 

Best of luck to you! 

@John Voychick I do carpet for under $1 per sq ft and most properties last me 5 years.

@Briana Dunne a Realtor can run a list of multi family properties in an area. You can then get the address and mail to them. Use Spokeo to find the numbers.

@Brian Ellis get s Cpa on your team to look at tax advantages. I would let the LLC go and use low cost trusts with the umbrella policy.

@Tyler Psenicska reinvest in real estate, you will always make more in real estate than any stock market investment.

@Lara Fobian I’ve used exterior paint on interior walls to seal the smoke and smell to the plaster or wall board. You can get messed up exterior paint at any paint store and see if it works for you. Good low cost option.