All Forum Posts by: Stuart M.
Stuart M. has started 14 posts and replied 111 times.
Post: Banks that do 80%+ HELOC's on FL SFH investment property?
- Boca Raton, FL
- Posts 111
- Votes 45
Originally posted by @Kristin Kiddy:
I had a good experience with Intracoastal (Flagler and Volusia Counties)
Thank you, I gave them a call, unfortunately they don't go this far south.
Post: Banks that do 80%+ HELOC's on FL SFH investment property?
- Boca Raton, FL
- Posts 111
- Votes 45
I have one investment property, a SFH in Palm Beach County, it is rented. Does anyone know off the top of their heads, before I have to call 100 banks/credit unions, any banks/credit unions that have HELOC's that go to 80% (or more, I can dream right) on SFH investment properties in FL? Penfed does, you can skip them. Anyone else?
Post: 90-95% HELOC with desktop appraisal or low/interest only payments
- Boca Raton, FL
- Posts 111
- Votes 45
Originally posted by @Chris Mason:
HELOC lenders have no federal backing, no Fannie, no FHA, no Freddie. They have to risk balance.
I think you're unlikely to find a HELOC that just mushes together all the (from the bank's POV) high risk & low profit things you like form a bunch of different feature combinations. That would be a really quick way to go out of business.
Like asking for stated income hard money at 5% interest only no appraisal zero points... sure, a HML could do that. And they'd just go out of business by the time their 5th loan closed, no question about it.
I didn't mean to imply that it would mush all of them together in one, I was just looking to see if there were different HELOCS out there that did one or the other that might fit my situation better, that had at least one of these features.
Originally posted by @David de Luna:
You'll get one, two of those features, maybe, but never all, for all of reasons Chris Mason already stated. I got 90% from PenFed using their desktop appraisal. Paying another several hundred "might" have gotten me another 10-15k higher loan amount. The cost for something uncertain to get so little, while relying close to do it just didnt feel like a worthwhile endeavor.
I also dream of the lender you describe. Then I wake up.
I should have been more clear that it doesn't have to have every one of these features, I'm looking for examples that have one or two of these features, maybe one of them could fit my situation better. As for the appraisal, this is just a weird area that is transitioning from old (60's) to new and the automated appraisal is picking up houses that are listed in as-is, handyman, etc - ie, preflips, along with houses that are well kept, along with houses that have recently been remodeled, and all it can do is "average" the sales price of a 350 and a 650 house whereas a human can differentiate what type of house we have here, so it will definitely increase the HELOC by up to 50k. The question is if it is worth paying $475 to do so or if I can find a 95% CLTV that would do so for free, and by potentially even more (70k+).
Post: 90-95% HELOC with desktop appraisal or low/interest only payments
- Boca Raton, FL
- Posts 111
- Votes 45
I'm not interested in solely "the best rate" but I'm interested in HELOCs with good features.
For example, some banks/credit unions/etc do 90-95% CLTV HELOCS with a desktop/automated appraisal. (The property is in Palm Beach County, FL, but I will check if they lend in Florida if you give me a name.) I already have a bank that will do 80% on desktop appraisal of $485k, and I could pay more to get a higher appraisal, but a 95% CLTV will get me a $130k HELOC ($70k more) and if its desktop, I don't have to pay for it. Or if you know of a place that pays EVERY fee - including the appraisal.
Also, if you know of a bank that does low minimum monthly payments, usually interest only, or say .5-1% of outstanding balance, as opposed to 1.5%-2%. My 80% HELOC option is interest only.
Post: Who has the cheapest kitchen cabinets in Florida?
- Boca Raton, FL
- Posts 111
- Votes 45
Kristin, these are 1997 and all the cabinets are good except the sink cab and one cab that has been exposed on the side and front now that a row of cabinets from a pass through were removed (hard to explain.) I figured I can fix the sink cab but the other cab needs two new boxes to replace it. Its hard to find cabinets this poor to match!
Post: Who has the cheapest kitchen cabinets in Florida?
- Boca Raton, FL
- Posts 111
- Votes 45
Dave, those were my first two stops before ikea, this cabinet is even worse than the ones found there! Its crazy Im going to end up paying extra for a custom cabinet to match these cabinets that were probably made as cheaply as possible for a 300 apartment building.
Post: Who has the cheapest kitchen cabinets in Florida?
- Boca Raton, FL
- Posts 111
- Votes 45
I need to match up some cheap apartment cabinets but even ikea is too nice! So I want to know who sells the cheapest cabinets in FL so I can ask them if they have anything that is close to what I have here - 5/8" plain white melamine pressed wood all around, flat, not even shaker style.
Post: Ballpark cost for full gut rehab
- Boca Raton, FL
- Posts 111
- Votes 45
Originally posted by @Will Barnard:
LOL, not quite the equator but it gets hotter than hell here, was up to 118F in summer 2016 and reached 114F last summer. I was just pointing out what my 5 ton units cost me installed.
As for quartz, I get 1/2 slabs from $300 to $550 depending on color and about $400 or so for fabrication/install. These 1/2 slabs will do a 2 ft wide counter top by 10ft long (20 SF).
As far as stucco, I was assuming that approx 1/2 the house would need new (I typically don’t do patches around windows as I do heavier rehabs so I do full walls or the entire house.
So for example, take a 2100 sqft house that is a full gut, has a 10x10 hole where the roof used to be for example, so you could imagine the damage inside. What kind ARV do you need if the house costs 250k for it to work for you? Or alternatively, if the ARV is ~400k, what's the most you'd pay for it assuming you have to full gut it?
Post: Ballpark cost for full gut rehab
- Boca Raton, FL
- Posts 111
- Votes 45
Originally posted by @Will Barnard:
Originally posted by @Stuart M.:
Originally posted by @Will Barnard:
Full gut including new electrical, new plumbing, new HVAC, new interior framing and drywall, new windows, etc would be around $80k for me on 1200 sq ft (this assumes no new roof, no major foundation costs (other than filling in cut slab for plumbing), and no major landscape or fencing. That said, it would probably cost you and most others who have to hire a contractor $100k. This of course is guessing without the privalage of seeing the jobsite and does not account for construction difficulties like hillsides, stairs to property, limited parking/street access, etc.
Well, I'm gonna bump this up to see if I could get some more information, this is the closest answer I've seen to my question so far.
If you bumped this up to 1800 sqft (make it a 4/2 basically) what's your personal guesstimate?
What kind of flooring(s) were you thinking for the kit/bath/br/lr when you estimate 80k/1200sqft? Is that tub in the master or a tile shower? What countertops in kitchen? How much does HVAC run out there per drop, how many tons AC you thinking for 1200sqft?
I'm not using this for an estimate, more of a goal...
$80k for 1200 SF comes to about $67 per SF so multiply now by 1800 SF and you get $120k. Again, those costs are what I would spend and you may be looking at $145k.
My finishes for that would be quartz counter tops, new kitchen cabinets, new GE or better appliances, wood floors (not to exceed $5 per SF in material costs) in most of home (possibly do carpet in kids bedrooms to save), tile shower for master bath, tile floors in all baths, tub shower with tile on walls in guest/hall bath, sand texture stucco, average 30 year shingles for roof, etc. HVAC for a 5 ton system with all new ducting, etc would run me about $7k-$8k labor & materials.
Hope that helps.
That does help, thanks.
When you say sand texture stucco, is your estimate for just avg repairs or are you talking all new exterior stucco too?
5 ton? Where are you located, the equator? 1800sqft is 3 ton in miami! Or is that for a heat pump?
How much are qtz counters total installed for you per sqft?
Post: A look at the south florida flip market/competition
- Boca Raton, FL
- Posts 111
- Votes 45
Originally posted by @Brian Pulaski:
@Stuart M. I think you found your answer... if they are doing 67 houses a year, they can afford to do them for $15k profit. The holding time you see, could have been the fact that they chose to not start the project for a few months, maybe they had other deals going, and holding costs are not substantial.
Competition is crazy in most places. I got a wholesale lead the other day. It went to me and 116 other "flippers/investors". Houses are selling within hours, and houses are going over asking prices, when even at the asking price I couldn't make any money on the deal. I have only seen 1 or 2 out of 50 I have looked at that sold for what I consider a reasonable price. The rest sold for FAR too high to make any money (again in MY opinion, someone elses was different).
A new one here, bought for 330k listed at 385k. So already 85% ARV before a dollar spent. New roof, AC, tile throughout, kitchen, bathrooms, etc. I guess the percentages are out the windows, now its "can i make 15k?"