All Forum Posts by: Aaron Ingram

I am a relatively new investor with two cash flowing SFH rentals that are building equity nicely. As we all know the BRRRR strategy is the golden goose of real estate investing and I appreciate the many discussions on this topic. Today I want to ask as a newer investor, how are people minimizing costs when they refinance? It goes without saying that refinance is a delicate topic as current interest rates will either help or hurt you in the process, combined with potentially expensive closing costs and a reamortiation on your loan. Cash flow is king and as long as this process doesn’t kill your cash flow I completely get it, as it allows you access to cash that you can use to purchase more cash flowing properties. So if you have personally experience good or bad with refinance I would love to hear from you! Can you do It wIth almost no closIng costs? Does anyone have a recommended alternative to access home equity (like HELOC).

I know this is an old post but are there any updates to this list? I'm visiting for a few weeks for some aviation training and would like to meet some local folks in the REI community here to chat and connect

Thank you @Costin I. I did review the episode and found it very useful, I'll be looking into the series LLC option in Texas. My understanding is my LLC can be in Texas despite my properties being in Florida and I can further layer protection through using a trust.

Jax investors, I am currently trying to set up my real estate business and am looking for good referrals for a real estate lawyer who can assist with creating an LLC and possibly a trust. Any advice is appreciated, thanks!

I have not but @Thomas Yip and I have tried to get a few people from BP together for some meet ups and there has been interest. I would be happy to meet you there if you have the time and place and if nothing else we can chat!

@Eric Martin I would love to meet up and discuss, I'll admit I'm still in the novice stages but I have one SFH that's been renting over a year and currently have an offer for my second deal. @Joey Hamaoui is an amazing resource and will always answer questions as well! 

@Lydia Mary Valiant property managers were very thorough and I have heard only great things they are my back up option currently. I am using @Joey Hamaoui who is a very professional and knowledgeable realtor that has recently set up his own property management. He is still building his team but is a very impressive guy

I have a current SFH in 32210 and would say you have a couple options;

1) Do what I did and buy an older house (mine was a 3br/1ba)  with ability to add value. Purchase a house like this add a renovation budget to get to your end state within your budget (also you will probably get better cash flow this way. For me I converted an old 3br/1ba to 3br/2ba and it worked out well. Property rented for next two years and cash flows. These older properties with renovation/value add potential are numerous in riverside, ortega/venetia area, and san marco and you can't go wrong with these locations for the most part.

2) Mandarin area/ St. Johns County have the best schools in the area, if you want family friendly this is your ideal spot. Mandarin may be pricey for you but if you look in the right places you can get a deal and that area is booming. Not as many older homes in this area so there may be less opportunity for value adds (but they are still out there).

3) I would personally stay away from downtown/northside, westside, and in my opinion orange park.

4) Live out here and rent for a short period of time before you buy, or get your realtor to give you virtual tours of homes in your areas of interest to gauge the neighborhoods for yourself. 

5) I second the notion of checking the school districts in the area and starting your search there, JAX has plenty of houses on the market just be patient until you find the right deal and remember the 70% rule. Good luck!

-Aaron Ingram

Thank you @Howard Johnston I may reach out to you once we have more information. We started a FEMA application in case the worst has happened. I believe for our situation (once it is not a primary residence) what they offer would be a small business type of loan. I'm hoping it's not needed but I should learn more today. The home is in the Venetia just North of NAS Jax

BiggerPockets, looking for help and advice as I'm in for a bit of a mess. Currently I own one rental SFH which received damage and substantial flooding from Hurricane IRMA. I did not have Flood Insurance, foolishly thinking my hurricane policy would cover this type of hurricane related damage (learned my lesson) I'm looking at expensive repairs and possibly a home that my tenant can no longer stay in (they evacuated for the storm as did I) which would be a loss of rental income for the foreseeable future, on top of uninsured repairs. Being as I am just starting out and this is my first investment property this is hitting me hard and I am wondering if any BP friends have advice or useful information for someone in need.