All Forum Posts by: Jack Bobeck

@Eric Mott The Moncrief area has been in the news of late. Some sad drive-by shootings. Its an area that has many drug related issues. Sad, but many innocent people trying to get by and live their lives and caught in the middle of unnecessary violence. That link I posted is to a story where there were over 40 shell casings, between 2 guys who grew up as "brothers". 

I would say 32254 would be better, but that area, the Lackawanna area, has been hit hard of late. This area has over 50 abandoned or condemned houses. There are great deals there, but you need to make sure you do your due diligence. So these guys offering "turnkey" options may be a good option, but know what you are getting into here in Jacksonville. 

I am happy to share my CPA and Real Estate attorney. I know of others, but at least allow these guys to be a good starting point:

Jack Leone, CPA, Cornelius, Schou & Leone, LLC

Brad Markey, P.A., Thames Markey & Heekin

If anyone needs others, again, just ask, happy to help! 

@Steve Fitzgerald I would go half-in with your tenant on the installation of the unit. Its an expense. Contacts break, wires get freyed, once the tenant moves out, its another thing to have to fix. I've installed them in only a couple of the homes we managed. I see them as a long term "garbage disposal", a money waster, I'd see if you can get at least 1/2 or all if you can get it, from the person who wants it and then see if it lowers your insurance. 

@Benjamin Ervin Welcome to BP, a great place to hang out. Make sure you augment what you learn out here with what you can learn first hand in your community from other investors at the local REIA events or even landlording events. So many good people with so much to share with you.

Your concept seems sound, lots of SFRs in your area and lots of demand as the area continues to grow. I could not believe how 30A had grown in a short time, last time I was there. Best of luck on closing on a deal by the end of the year! 

@Christine Kankowski You need a portfolio lender. There are some Mortgage Brokerage companies offering this service. You need to call around where you live, someone is doing this with other investors. Or ask fellow investors who they use. Some in a landlording group may have answers too. Landlordmoneystore dot com claims they will lend on 10+ properties. Never used, so I do not know....

I would not recommend lumping properties together to create a larger loan. It may seem like a great idea now, but later its not fun pulling out 1 property for something, unless you can find a lender cool with that, I never could. 

Best of luck to you! 

@Daniel Klucas You might be able to do more than write it off (ask your CPA). See if there are any electric vehicle tax credits available. I was able to get $6000 of electric vehicle tax credits with my golf cart a few years back. Again, ask your CPA what is available now. 

@Ivan Armas Who has "first" position? I've seen some where the HOA is in the first position and some where the mortgage people have 1st position, it all depends on who is first. Of course, they all want their pound of flesh.

There is a forum on loans, credit lines and mortgages. That would be a great place to start!

John Dellinger you need a pest control person to give you a quote to fix the issue. Then evaluate the deal, finding insects and pests, to me is no big deal, we see it daily here in FL. Look at the deal and see if you can use this info to get a better deal, if it still makes sense. If the termites have eaten exposed wood for an inspection you will need to treat and repair for insurance purposes, but really not a huge ordeal. Look at this as an opportunity to get a great property at a discount? Best of luck to you.

Robbie Reynolds I heard a wise person say once “if your goals don’t scare you, you need bigger goals” so shoot for the stars and hold yourself accountable. Best of luck to you!