All Forum Posts by: Christian Leon

@Dylan Barbetti  Thanks for the feedback! I didn't see anything on their website but I'll send a message anyway. Cheers!

Hello all,

I am looking to move my properties into an LLC, then have a local Jacksonville bank take over my mortgages. I want to start a relationship with a bank so that I may get competitive commercial real estate loans to purchase future properties via the LLC. Has anyone else used this strategy? Anyone have banks they currently use that work well with this strategy? I am aware that my current mortgage rates may go up some, but if the bank can offer lower rates on future properties with how things are going now, that will be a huge advantage. Any feedback is appreciated!

Hello all,

I am looking to move my properties into an LLC, then have a local Jacksonville bank take over my mortgages. I want to start a relationship with a bank so that I may get competitive commercial real estate loans to purchase future properties via the LLC. Has anyone else used this strategy? Anyone have banks they currently use that work well with this strategy? I am aware that my current mortgage rates may go up some, but if the bank can offer lower rates on future properties with how things are going now, that will be a huge advantage. Any feedback is appreciated!

Tony, 

Thanks for the reply! I considered a HELOAN if nothing else works but I plan to pay off the HELOC with in a year so I personally want to have that revolving door of credit for a future purchase as well. I'm looking at 4 unit buildings at the moment.

Doug,

Thanks for the response! Would you mind sharing your contact? I am applying as we speak to different banks. I am shopping around and would love another bank to speak with! Feel free to private message me with that info.

I have considered private lending, but I fully intend to pay if off in the next year so I'd rather pay myself than someone else. Plus keeping the line open for future deals is a good tool to have in the bag for future potential properties. 

Hello BP Community,

I am looking to buy my first multifamily property in Jacksonville, FL. I have a two properties I want to offer on in the $350K mark, but l need to come up with 15%-20% down payment. My original plan was to use a local FL bank to get a HELOC on one of my investment properties, use that to fund my down payment, and then pay it back within a year or so. Very few banks are doing HELOCs on investment properties right now ( I have called over 20 this week) so I wanted to ask if anyone has done a HELOC on an investment property as an out of state investor recently, and who they used? Any other creative approaches/advice for funding this down payment are also welcome! Cheers

@Scott Mac Tribal knowledge in the field of aviation refers to any information you may have that is not common knowledge. You either learned it from years of experience, or from your peers. In my case I can only learn so much from the internet and am hoping to get some tips from people who have time in said market. Thanks for reminding me that my aviation lingo does not translate to RE! 

Hello BP Community,

I am looking to purchase my first MFH in Jacksonville, FL in the 32209 area and was wondering if anyone has experience in this specific niche? I could use any advice/tips from financing to renting and anything in between. I am in process of securing a down payment, and about to start the loan process for the purchase. I have run numbers on numerous quads in that area but my other properties are in 32225 so I'm not as familiar with typical issues as well as any tribal knowledge. I appreciate any feedback from you all, Cheers!

@Andres Ospina

I was thinking about that as well. Have you ever done a HELOC for a down payment and brrr'd the property to pay back your HELOC? That was another route I was thinking of going too.

@Kevin Cespedes I am looking to do the same thing down in FL. Seems like a great way to acquire another property with no money out of pocket. I also wondering about time frame to get a HELOC. Figured if you can get one and buy a property, once the property gains some value you can always refi it and pay back the HELOC. But I would like to hear from anyone who has actually done this!