All Forum Posts by: Jack Bobeck

Find a good CPA that works with investors AND has investment properties ask them about tax rates and a business model that works for you. They may be able to save you $$$ on taxes.

The laws for STRs here in Jax are the same as in Tampa. Leases are 7 or 12 month. Airbnb is very popular and local govt has done nothing to clamp down on STRs. In fact, thanks to Hurricane Irma, the STREET market is booming as people who’s houses got flooded, have needed a place while their primary is getting fixed. I have many friends with an STR. Not for me, i’d rather have a 12 month rental.

Least expensive 18 cu ft you can find. College kids are hard on fridges. They can buy ice at the convenience store or trays. I find a lot of fridges on FB swip swap areas.

Samantha Schwartz ask the “lender” if you can collect the 13% property management fee just as you would if you outsourced the management of the tenants. It never hurts to ask and someone needs to take care of the tenants, for a fee. It’s 13% now where I am in NE Florida.

Pat Jackson I posted today about a few National and local lenders. You should be able to do a search for HELOC. I’m working to add to the list daily.

@Larissa Luna If you can refi and do a HELOC on your primary residence for the purpose of your real estate investment portfolio.....go for it! Just dont use the funds to buy toys or use the house as a piggy bank, its tempting. Be disciplined and put the money back once you get the cash-out-refi for your flip. Most HELOCS are half a point above prime, so its cheap, cheap money. And, you get to write off the interest expense on the HELOC. A win-win. Best of luck to you!

@Max H. If the deal is good enough, I would stick with it and not worry about the age. Lots of people like older properties, built at time when craftsmanship was more so than it can be today. Plus you can add the "Historic" marker to the house, provided you maintain their standards. 

@Sade McLean I am in the process of building a HELOC thread and have posted a number of companies that will or will not offer this for investment properties.

Most of the big companies WILL offer a HELOC on a primary residence, if one of the two homes are primary. If not primary, you can get a non-recourse loan, or apply for one, with a bit higher int rate 6-7% and get a loan on the properties.

Most want to see cash flow on the property. Are you working to get them rented? That would go a long way to satisfy cash flow. There are lenders who will offer you cash against the properties, you just need to find them. Every one of them is different. Just keep asking. Best of luck to you!

@Caleb Rigby Congratulations on the ones you guys did well and the ones that were not up to your expectations. Not every deal will close what you think it should on the deal. But, we persevere and move forward. This business is all about moving forward, not backward, thanks for sharing. 

One thing I always let people know is that deals on paper are worth nothing, you need to do a deal, experience it and then come out the other side to really know this business. Starting any deal, requires action. Again, thanks for sharing and best of luck on future deals. 

@Sam Marcos if making 100k is your goal, make sure you look at your goal first thing in the AM, at bed at night, put it in your wallet, everywhere you see as a reminder. You will get there! 

@Paul Tibok I can send you a blank one I use here in Jacksonville. Hit me up on my profile. Thanks, Jack