All Forum Posts by: Gregory L.

As others have stated, you may have a difficult time getting $1000 a month, unless you come across someone who wants the experience of living in a tiny home and is willing to pay extra for it. I’m also wondering the area you’re referencing. Unless you’re able to purchase the land off-market at a discounted rate, I don’t know of any “trendy” areas with land that cheap. That pricing is always either in sketchy locations, or rural areas. But if so, then sounds like a good deal.

James Gleeson It truly depends on where you’re located and the current market. For instance, with my first primary home purchase I sold it for roughly 70k more than I paid for it only 3.5 years later. It wasn’t a fixer, and was only 5 years old when purchased. I see people getting rich in real estate all around me, literally. You can’t do that renting.

I stay away from granite myself. Quartz is far more durable, requires much less maintenance, and while it ultimately costs more than granite you can still find good deals. I’ll be going for quartz whenever I purchase countertops.

PeTika T. LTV (loan to value) is simply the loan amount you’re requesting in relation to the appraised value of the subject property. The threshold on this differs from bank to bank, so you’ll always need to shop around and find the loan option that suits you best. Some banks will only go up to 75% LTV. Some may go up to 95% (willing to lend you 95k on a home that appraises for 100k). If you have a mortgage balance on the property, then they’ll loan you the difference between your payoff and the value up to their max percentage, so if the property is worth 100k, and you owe 83k, then at 95% max LTV you’ll get a loan for 12k (difference between the 83k and 95k). Of course there will be fees involved, but they should be minimal. HELOCs would be another option. You really have plenty, and it’s contingent upon your resourcefulness and what works best for you. Remember to always do your due diligence and seek guidance when necessary to ensure you have a thorough understanding of what you’re getting into with each option.

It sounds like he has little interest and isn’t being very helpful to you. Unfortunately you’ll come across that at times. Given his profile the figure he wants may not be the best deal for you, but ultimately it comes down to the numbers. What’s so special about this particular house? I owned a home in World Golf Village, before selling it a few years ago and purchasing a duplex (multi-families are largely my interest) in historic Riverside. I’ve essentially done what it appears you seek to do, in that we’ve done pretty extensive renovations to the duplex. I didn’t use a contractor, so I did my due diligence and used handymen for almost everything. It takes more time, but I literally saved at least 15k. The other side of the duplex is vacant, as I have another project I’m working with it. You’re free to PM me for the address to stop by and view the unit.

Good question. In short, I rely on my own answers and research. I’ve seen a number of experienced investors, real estate agents, and even mortgage officers give pretty poor advice on these forums at times. Experience is only one element I consider, as there are others I find far more valuable (intellect, whether or not they’re truly paying attention to your post, etc.). Regardless, whenever I’m told something, I research it myself for either more insight or validity. I’ve learned to never take anyone’s hard word for anything. Ultimately, it’s your butt on the line, so you better be informed and educated yourself.

Good morning PeTika, What side of town are you referencing? Sounds like it’d either be around Murray Hill, Springfield, or the north side. It sounds like money is the issue with the guy. Sitting on 200+ properties, with no real interest in selling, and being unbothered by vacant properties costing him money annually are indications he’ll likely only be entertained by cash offers, or those not complex in nature. I’d say try to contact the smaller, local banks for their mortgage options. Some will finance as little as 50k. You also may want to re-evaluate your 15k estimate. An older home that’s been vacant for at least 2 years will most likely require a lot more than that to simply be brought back running, let alone be updated. I’m not sure the extent of your conversations with the owner, but have you straight up asked what it’ll take to get the home?

@Eric Mott No direct experience renting in such areas, but I’m aware of the many difficulties. Yes, there are those you reference who are quality people trying to simply find a home. Problem is differentiating between them and others. Finding a “quality” tenant in those type areas can take months. Low income, poor credit, and questionable rental histories are far more common in these areas. Collecting rent can also be a monthly adventure. Now, I will say that monthly profits in poor areas can be much higher, given the rents you can command in relation to the actual price of the property, but in general you’ll likely have to truly work for the income.

I’ve lived in Jacksonville since 2000, and I️ track real estate here almost daily. You’ll have difficulty finding a 3/2 or 4/2 for 175k max, and in a good public school district. There are areas with homes that size and in that price range, but they won’t be the most desirable. Someone mentioned Riverside and San Marco, but both areas are amongst the most desirable in all of Jax. You’d be very lucky to find a decent 3/2 in Riverside for under 225k. San Marco is even more expensive. Murray Hill and Springfield are cheaper options, but safety is an issue for some. I’d recommend you check the below zip codes for possible options. 32204 (Riverside in this one) 32206 (Springfield in this one) 32207 (San Marco in this one) 32205 (Murray Hill in this one) 32246 32208 32210 Some of these have very questionable areas, so you’ll have to perform a detailed search to find what you’re looking for.

John, I️ too own a duplex and just went through this exact scenario with my tenants. The FHA is not applicable in all instances, although unfortunately many are ignorant to this fact. I did my own research to find my own answers, but ended up getting a lawyer to ensure all bases were covered. The lawyer also came to the conclusion I️ was exempt. Now, I will say you should also look into your local statutes as well. I’d also recommend consulting with a lawyer, as these scenarios can get messy. Mine did.