All Forum Posts by: Clayton Plank

@Jose Pomales, I agree with those above. Most that I have found will not lend more than 80 %. I just refinanced a few with Ameris Bank and they only offer up to 80%.

Clayton

Billy,

Congrats on your decision to join the real estate world. Jacksonville has a good Reia if you are interested in connecting with some like minded people. they also have some free classes every Tuesday. (Jaxreia.org) Check them out. They have a few networking meets as well every month.

Clayton

I just refinanced three with Ameris Bank. Was a smooth process and really worked well. This was a portfolio refi.

Clayton

@William Givens Welcome back to the area. We do have a local Reia here (Jaxreia.org). They have all kinds of events and classes that can help. Also they are great for networking. If I can answer any questions give me a shout.

Hope this helps, Clayton

@Kevin Mcnair, That is a hard question as we may need a little more information. Do you currently have the $213k to pay your house off now or you talking about waiting until you pay your house off over time.

If I had the money to pay off my house now I would do that and go with a HELOC. This gives me some wiggle room and eliminates some debt but still allows me to invest with the HELOC money. Also this way you are not making any payments if you have not used any of the HELOC. The HELOC would be like having cash when you were buying another property as that loan is associated with your primary house and not based on the property you are buying. Then I would use the BRRR method and draw my money back out to pay the HELOC off and repeat the process.

I am in no way a CPA or attorney.

I am simply stating how I would work things if it was me. I know some people have a huge fear when it comes to involving your primary house into your investments. I know my experience and I'm comfortable knowing that the houses I buy as investment have enough equity to makes things work if I need a quick exit strategy.

Hope this helps, Clayton

Here in Jacksonville we have a lot of craftsman style houses. I really like these houses in the historic areas as they seem to give more of a challenge. You never know what you are going to find when you start opening up walls. Also they seem to have a lot of history and style that come with them that you don't find in newer homes. These homes were built back in the day when tradesmen took pride in their work and felt that their work was a reflection of themselves. That is something that is hard to find in people this day and age. HAHA.

@Account Closed some of those types of insurance will be property specific. I have learned that some things in real estate are best left up to the professionals that specialize in those areas. The insurance broker I use is very good at working with me on insurance estimates for when I have found a new property I am interested in. After I run some basic numbers and see if the property even comes close to being worth my time I then shoot her an email asking for a ruff estimate of insurance. It normally only takes her a hour or so to give me some good solid number.

As far as umbrella and landlord insurance everyone's insurance needs are different. Insurance is cheap and if you need it and don't have it you will realize just how cheap it was. I didn't seek an umbrella policy until I had a few properties and I felt my risk of not have one out weighted my cost. 

Hope this helps. Clayton

Welcome to BP. That's kind of a broad question. Is there a certain area you are looking for

due diligence steps in? I do a lot of due diligence in real estate. Everything from buying, to partnering, to even evaluating what items are worth my time and what items it would benefit for me to delegate out to someone else.

This is a Jacksonville Real Estate Investors Association networking event. We are not selling anything and you do no have to be a member. It is not formal, just a group of like minded people having dinner and discussions. Come see what we are about. Thanks Clayton

With using the First time home buying I assume you are talking about House Hacking. This is a great way to get into the real estate world with lower money out of pocket. Most FHA requirements require you to live in the property for a year or so before you would be able to move onto another one in similar fashion and you would not qualify for the first time home buyer for your next purchase.