All Forum Posts by: Emily M.

@Jody Powell, nobody cares. I'm looking for opportunities in Jacksonville, FL, and mentioned a ton of neighborhoods in Jacksonville, FL, not some podunk town in IL. This is not rocket science. Anyone an agent in Jacksonville FL please PM me. Thanks.

@Michael Pittman, JAX = Jacksonville. 

There's an airport and everything.... that's where the call letters come from. I can't help it if you're an idiot.

@Michael Pittman looks like you can't read. Reading is pretty important for real estate development. I'm looking for agents in Jacksonville, in neighborhoods like Springfield. Which is a neighborhood in....you guessed it. Jacksonville. Why on earth would anyone want to buy property in IL, much less in among the most economically depressed places in the state?

@Rich Stancato, I messaged you! Thanks.

I'm looking for an agent or several in JAX to start sending me property. Basically I want the MLS under 300k. Single family, multifamily, etc.

Looking for a couple of reasons: 

1. My parents are looking to move to JAX. They have a Realtor but she doesn't seem to have experience working with investor types. And she may not be a very good agent. They're looking to rent @ first and then likely BUY something in Avondale, Riverside, Ortega, maybe Springfield, or elsewhere. They're also interested in some multi-unit properties. What do you have in those areas? Nothing flooded/previously flooded. Are there other places they should be considering? They need a 2-car garage or the ability to build one.

2. We live in IL but want to start investing down south. We own some multifamily here but are curious about opportunities elsewhere, better returns, lower taxes, etc, etc etc. What's going on down there these days? Up and coming neighborhoods?

Hi everyone. We have a three flat that we live in and rent the other two units. 

Right now one floor is occupied by a paying tenant and another is vacant but almost ready to go.

We have a baseless lien that we're litigating on this property for about 30k.

Some numbers:

We're carrying about 110k in unsecured debt due to additional renovations, student loans, etc. All kinds of stuff. About 50k is due to the house; the other 60k~ is student loans.

Current total mortgage: about 278k @ 4.25%. It's FHA so we pay $200/mo in MIP, which would go away if we refi'ed.

PITI: 2800/mo

rent for one unit, currently occupied: 1500/mo (if they renew, 1550; if they move, market is probably 1650+ for this unit)

rent for other unit, once rented (not rented currently but could be ready to go in a month of weekends): 1750/mo or more

rent for our unit, if we wanted to go there?: ~1800?/mo

property is worth 600-700k when finished/totally fixed. Still needs 15-20k worth of work to be sale-worthy, mostly basement and common area fixes. 

we need to take money out, obviously, at the very least, and would consider trading it as well.

Should we sell? Keep? Trade? Try to releverage once we're out from our baseless/nuisance lien?

Should we bond over the lien? That could require 175% of the lien, which is a significant chunk of cash, and I don't want to put that money at risk if I don't have to. I'm just concerned we have too much in this property. 

Wintrust.

Wow - mobile home rehab. That'd be new for us. I guess my issue is that aside from a lifetime ago when I managed a portfolio of section 8 rentals, I don't have a ton of experience in dealing with B/C/D properties in lower income neighborhoods. How did you end up making that jump? Our entire focus has been largely the upper part of the market, which is nice in some ways (tenants always pay on time) but can require extra maintenance (if a light goes out in a hallway I'm the first to know).

hey, we were definitely looking at Tucson! 

@Steve Hodgdon, interesting. Right now all our residential is stuff we would live in. How did you make the switch?

@Sastry Srini, who is Sarah? And what about Jacksonville?