All Forum Posts by: Jack Glazer

Hey BP - I'm moving to the Jacksonville area from Los Angeles next week. Transferring out there for work and looking to dive into the REI game upon my move. I'm currently under contract for a spot in San Marco that I'll be renting out that is mixed residential & commercial, and will continue to look into multi and single-fam rental properties (using BRRRR) as well as land and potential building oppty's. Open to any and all opportunities and just looking to network with like-minded people to start.

Under contract for a Duplex (1/1 back unit currently rented by a tenant, 3/1 front unit currently zoned for commercial use and fit for a small business) looking for any advice or tips about renting to a business.  The front unit is nicely suited for 4 offices, and has been used as such over the last number of years.  The seller's business has been operating there for a while and she is leaving, but I'd like to maintain the front unit for business use.  Any best practices for finding commercial tenants? Jacksonville location. 

Thanks!!

Is it true that if you're buying a duplex you have to put atleast 25% down for a conventional loan? Any alternative recs (can't do FHA won't be living in it)? Thanks!

Looking for a home inspector in Tampa/St. Pete for this Saturday, July 13th.

Hey All, 

About to make a cash purchase for $21K on a 2/1, and put about 100K into it. Comps in neighborhood for same size property range from 155-185. 

How does it work with refinancing (for BRRRR) on a cash purchase since there's no existing mortgage to refi?

Thanks,

Jack

Hey everyone - working on my first offer and I've been pre-approved by one lender for a conventional loan on a triplex.  I'm out of State investing. CA to Florida.  I have top tier credit and around 55K to put down in cash including closing costs.  The lender I've been working with is in CA and has given me approval for 25% down (since it's out of State investing on multi-unit) and said that all in with closing it'll be roughly 52K needed in cash. (Offer I made is 168K)

I'm interested in getting different quotes on loans because my immediate reaction is that 25% down is high.  Is that normal for an out of state investment on a multi unit rental?  If not, is it standard to get multiple pre-approvals from diff lenders on the same listing?  And if so, do you guys have any recommendations or suggestions as to best practices?

Thanks!!!

First time buyer/investor here - Looking at getting an FHA loan for SoCal because of the high cost of entry here. Planning to rent this property that has an existing renter already and won't be difficult to fill should they leave. When I run the numbers on the rental calculator, my Cash on Cash is -72% because it doesn't take into consideration the fact that I'll be paying the remaining expenses including mortgage every month. Currently renting a place I pay 2300 / month right now, and after all of the numbers stack up, my monthly payment on a loan would be ~2000 (see attached pic) so less than what I'm currently paying to rent right now. SoCal real estate increases in value pretty quickly as well, so I'm wondering, despite the obvious negative CoC, would this be advisable? My thinking is that there are no other options for buying/renting in SoCal and I'm fine with paying 2000/month to cover the remaining expenses while renting out to a tenant to cover a portion.

Thoughts? 

Thanks!

Hey All - 

Currently working in Cal and looking into putting some money into Georgia and/or Florida markets - South ATL (originally from North suburbs of ATL) , Tampa/St. Pete., and Jacksonville area. Debating between Land (since I can't be actively managing hands on, or living on the property right now), Multi Fam, and Single Fam.  I'm sure tons of folks here are involved in similar strategies - any suggestions or recommendations? 

Thanks!

@Andrew DeWeerd @Joshua Rountree thanks both for the good insight, much appreciated.  I'm looking to network with people in the area...thinking long term I think I'll be out of LA and in SW FL, and I've got a good bit of access to investors out here looking for similar strategies, so if you're finding any really great opportunities and trying to pull capital together, feel free to send a note in the future. Hard for me to do it on my own not being on the ground full time. 

Thanks again

Hi Everyone,

I'm currently working in Los Angeles but originally from the South and looking to get a foothold back in the market (previously owned and rented out a single family - just sold it in ATL).  I know that Tampa down through Sarasota is developing quite a bit, and diversifying from purely snowbirds and retirees.  I'm looking to meet some different folks that are based in that market with similar interests for investing:

1. Rental properties

2. Buying land and building

Really open to different suggestions as to which areas are the best starting points to look into - I'll be heading to the area mid July to do some scouting.  Any advice or suggestions for those already based or looking in that area would be great.  

Thanks! -Jack