All Forum Posts by: Alan Davidson

@David Tsedaka Sorry. I misread your post. Sure I’m probably not gonna find duplexes at $50 a door. The hundred thousand dollars in cash that I’m willing to spend is in addition to other private money and commercial money that I have access to. So I’m looking for duplexes or triplexes around 200,000.

I’ll adjust my original post to reflect that I have other funding available to me.

Not true.  Here's one I found on Craigslist.  (I can't seem to relocated it.  Sorry). Then looked on Zillow.    This was sold in March.  They are out there.

https://www.realtor.com/realestateandhomes-detail/1239-W-Highland-St_Lakeland_FL_33815_M58068-05888

Have 100k cash.

ISO--Duplex or Tri-Plex in these markets:

• Tampa
• Brandon
• Seffner
• Plant City
• Lakeland
• Winter Haven/Auburndale
• Avon Park
• Sebring
• Lake Placid
• Bradenton
• Sarasota
• Englewood

Minor rehab would be ok.  Not looking for major rehab.  Buy and hold.  Want to come as close to 1% as possible.  Prefer CBS homes not stick built.

LMK what you have. 

Ok BPers. Need some help. I'm taking a HELOC out on my primary residence to purchase a rental. During the application Chase asked if I would like an initial draw. If I took the initial draw I would get a lower interest rate. So I said yes. I would "remodel" my master bedroom and bath. 30k. I have no intention of remodeling anything. And will just return the money to Chase. However Chase is now asking me for more detailed plans on my remodel.

My question. Will I have to endure this type of questioning for everything I purchase with the HELOC? Or will Chase go away after the application and let me use the money as I want?

@Lori Greene I'm in The process right now of getting a HELOC. What I really like about it is that in a tight market it makes you an automatic cash buyer. And then if I'm on comfortable with the terms of the HELOC I can refi into a commercial loan.

Currently I'm looking for my first rental. So this HELOC will be on my primary residence. But after I have my first rental paid off or enough equity in it then I will use that rental as a HELOC and remove the lock from my primary residence.

@David Simard or no appliances. One more thing for you to fix and take away from your bottom line.

I want to go down the path of using a HELOC to get my first property. My question or concern comes in knowing which HELOC to get. The first is a variable rate with no option to switch to a fixed rate? Or the second option is a variable rate with an option to switch to a fixed rate?

The math is easy on this. What I'm looking is those investors who went one route or the and wished they had went the other route. Or was happy with the type of HELOC they took.

@Jason Brown I live in Riverview. Is this information still accurate?

Lastly, I run a meet up every 2nd/4th Wednesdays of the month in Riverview.

NO bs, NO selling (unless they are properties), straight pure real estate. FREE.

All experience levels invited.

2nd/4th Wednesdays of the month

7:00-9:00pm sharp. Come early/ stay late for networking and more learning.

Beef O Brady's 13326 Lincoln Rd, Riverview, FL 33578 (private room in back)

Can i join?

  Hi Melissa-- Thanks for the thoughtful response.  I'm not looking to do much to a rental.  Not that it has to be in pristine shape but something that doesn't need more than 10k in repair.

Looking at the three major markets in Alabama: Birmingham, Montgomery, and Huntsville.

All of them have good things going for them.

If you’ve invested in Alabama which market did you choose and why?