All Forum Posts by: Charlie Miller

Hi Jeff, I don't have any new build experience in Florida but am interested as I just listed 2 vacant plots adjoining a rental property I have in Deleon Springs, Volusia County, FL.  I'm sure they are going to be sitting for a long time (at least a year) so maybe if contractors are looking for work in this sure to be crappy economy, I may build instead.  What ppsf range are you getting quoted?

I'm up for a Rockland meetup!  Mostly invest in Florida but have rentals in Haverstraw (the next Nyack haha) and Blauvelt.

I'm currently transitioning my properties from one property manager who charged:

1st month rent for placing tenant and half months rent for renewal.  10% of rent for monthly management fee.

to a new company charging:

Flat fee of $499 to place tenant and no renewal fee.  Flat fee of $99 for monthly management fee.  I was able to negotiate a bit on the monthly for duplexes.

Besides the cost savings, they seem very organized and professional (electronic portal, ability to esign documents, routine property inspections and identification of potential problem areas, etc.).  Will see how it goes but we have lots of choices in Florida so if one isn't cutting it, we can change to one that does.

I've used FBC Mortgage for a few purchases and they were very good. Not sure if they do refi's but I'm thinking they would. Also I use Synovus Bank for biz lines of credit on LLC properties. If you have an LLC established for at least 2 years, they'll give line up to 50k with a one page application.

@Brian G.

Hey Brian, in Florida I'm in Central Florida mostly along the I4 corridor in Polk County (houses and duplex in Davenport and Auburndale), duplexes in Volusia County (Deleon Springs), and one condo in Orlando.

@James Taylor @Brian G. 

Hey Guys, born and raised (and still live in Rockland) so we should chat.  I invest mostly in Florida but have a couple of rentals in Rockland (Haverstraw)

House hack!  Best way to start out. Plenty of duplex/2families in your area.

Just checked me emails from the bank and they had sent a checklist for the various biz lines of credit.  For >$50k up to $250k they need:

Completed Application

Copy of all guarantors Driver's license

Past 2 years Tax Returns Business and Personal of all Guarantors

Completed & Signed Personal Financial Statement of all Guarantors

Debt Schedule

YTD Financial Statement

For >$250k up to $500k it's the same as above but it's only a 1 year Line of Credit instead of a 5 year.

Message me and I'll send you my contact at the bank.  Not sure if they will refinance into longer term loans.  

I just (fedex'ing paperwork today) established a business line of credit on a single-property LLC. My paid-off properties are in LLC's. The mortgage bank I usually use wouldn't do HELOCs on investment properties but they referred me to Synovus Bank. As long as the LLC is at least 2 years old, Synovus will offer up to $49,999 just based on your personal credit score and a one-page application. If you want a line above $50,000 you will have to provide more financials. Rate is Prime + 1.5%. The line is reviewed annually with total term of 5 years. Any balance after 5 years jumps to 18% so I'll be sure not to carry a balance after the maturity date. Total fees Florida Doc stamp $173.25, Comm LN Origination Fee $495.00, Comm LN Fee $300, UCC Future Release $10, UCC Fee $35. Total to close $1013.25

I do...will send you a message..