All Forum Posts by: Jack Bobeck

Starting out, I know its tempting to invest thousands of miles away, but see, really dig deep to find a deal in your own backyard. It makes the most sense to work in your own "pond" and learn the business a few miles away vs thousands of miles. People do it though, either way, wish you the best of luck! 

My wife used to enjoy BPOs or drive-by appraisals as she and her friends called them. There are actually a number of websites you can register to perform BPOs. They are a great source of gas money and they get you acclimated to neighborhoods, so you can show properties to people, (know where you are going, without needing a phone).  

Search Google for BPOs and you can find quite a few options. They will become more in vogue when we start seeing more foreclosures and the economy change. So work to grow your options. 

I purchased a great house on auction.com back in 2012, and it came with a lien from the City for mowing/landscape. Buying from Auction back then was like buying a used car, buyer beware. It was a great deal and has tripled in value since my purchase, so who am I to complain. I'd still buy from them, but as @Matt Stewart has shared, I would have my own title company close the deal. 

We just applied for a LOC on a rental property we own free and clear. Capital One is offering 30 year LOC at 4%. Its great for properties you own free and clear. I dont plan to use the LOC except to buy properties, then we will refi them out.

@Jake Recz

The thing with the HELOC is that if I don't use it I'm not paying for it. No fees or closing costs either. There is no rush. Personally I would go with the HELOC if you're looking for short term financing.

Ditto! Thanks for sharing - Jack 

As I look for funds for our new properties, I like the HELOC idea, take what you need to get deals done, and then put it back when it gets refinanced. There is no need to pay 2-3 points and the fees and credit to get a loan against a property, if you can do the same thing with a HELOC. Plus the HELOC sits there until its ready to be used.

These are some very sharp guys. My wife has sold some vacant land to them as she represented the owners. I went to Than Merrill's training with Alex and some of the original guys. Smart and sharp people, I have a friend who is working for them, got out of the big bank churn, but these guys are pretty savvy about their deals. Its a good system for them. 

Ask a Realtor, who should be on your team anyhow, what the rents are in the area. 

I would 2nd Atlantic Coast Bank. They offered us a Line of Credit for $300 on a handshake. 

Did you know that 32205, which contains parts of Avondale, Riverside and Murray Hill, also runs to the Normandy area all the way to I-295. So it stretches from the River all the way out west to the beltway. All kinds of homes and opportunities in that zip code, its unfair to call one area sketch over another. I have seen our properties we purchased in 2013 in Murray Hill triple in value. Even on the sketch side. 

Bottom Line - If you anyone has a question about Jax and parts of town, or wants to know values, just ask any of us who live, own and work in Jax. Its a great city and is growing.