All Forum Posts by: Jack Bobeck

@Thea Linkfield I agree with @Kyle J., don't bother. You really only have 1 shot with HELOC companies, wait for a new location. They run your credit and you find out about them, you dont want someone wasting your time, so don't waste theirs.

Wait and find something else, there is ALWAYS something else. Any HELOC will be a 2nd on the property, so if you go and buy, fix and flip, you will need to pay back the HELOC. Why not just buy, Fix and flip with a company to do it all in one? I would only do a HELOC on a property you plan to own for a while.

We use Ryan Salem with Trustline Mortgage, have used them for many years. 

We had an LLC and the LLC has "shares" for each participant in the LLC. So in order to take over the LLC, you have to buy out the shares and its there that there is a possible issue. Everyone's valuations are different.

Better to have an LLC with your own ownership or spouse if you need their income for verification on notes.

@Hadar Orkibi I will let you make a judgement on the success of 32206-Springfield and the areas around though the past month's worth of sales data from the Northeast Florida Assoc of Realtors.

@Joseph M.Jacksonville, like many cities, is trying to land Amazon H2. Their presentation was out of this world with space right on the river in downtown. Shad Khan, owner of the Jaguars and the richest owner in the NFL with a net worth of over 6 billion was willing to work with Bezos to make this happen. He too wants to develop the same space and turn it into a city within a city. Either way, citizens cannot lose. It will happen. Even Kraft, owner of the Patriots, is rumored to want to partner with Khan on the development. The goal is to host an NFL draft as well as future super bowls as the development will add many thousands of rooms for hotels. The little city is poised to turn a corner. 

We've used the folks at Armorshine for multiple projects. Very happy with the results! 

@Account Closed I look at Springfield as 12 streets, 1st - 12th and really bounded east west by some core streets or railroad tracks. There are gorgeous homes there, but most were built around 1900. So you have these homes that are over 100 years old and need work, lots of work. Some were converted in the 40s to multifamily, to compensate for the men overseas due to the war and wives needed more income. Here is a page on my wife's real estate website about Springfield, you might find helpful, showing homes in price ranges. My dad had a house on Liberty street he almost went broke with fixing and selling. I remember as a kid in the 80s going to it, the area then was rough and downtown was still downtown. Its a tougher area, surrounded by lots of zip codes that are some of the poorest in the area. I have a link to zip codes and their value if you want to PM me, I'd be happy to send to you. 

@Mushfiq S. Anyone who "claims" to be a Realtor, you can search for their "body of work" on sites like Realtor dot com or Zillow, you want to see who is doing deals and working for investors. There are a number of BP members here that are Realtors, but thankfully you can "google" them and their results and see if they are right for you. Its great to pre-qual them, before you give them the full vet. Best of luck to you! 

@Mushfiq S. - Jacksonville Wealth Builders is a prime example of a turnkey company. They have 1700 properties they manage for investors. They are building new homes or renovating and selling to investors with a 36 month term. 

@Account Closed I believe we are going to hear about the Shad Khan investment in early 2018. The explosion of Downtown, "Shipyards area", "District area" (on southbank) and other projects in and around the river front in downtown will be great factors for downtown growth. 

The bus terminal was shut down, and plans are being made for a new multi terminal for bus and rail in downtown. Also plans to develop the old newspaper site (18 acres of riverfront). Lots going on downtown. 

Town center continues to expand with a new IKEA as well as new apartments up and down FL-202. St. Johns County continues to grow, but Nassau County, to the north is where St. Johns was 5 years ago. So many new developments in Nassau and Yulee. St. Johns was the fastest growing county in Florida for many years. There are opportunities all over Jacksonville.