All Forum Posts by: Jerryian Francois

Hey guys hope all is well man I feel like I’m the only person on BiggerPockets in Miami lol 😭 let’s connect wholesalers looking for any wholesalers in the Miami or broward area ! Let’s connect!! Miami

2 Votes

Miami, Florida

congratulations on your journey I strongly agree with hands on training go out there and get your first deal education is a consistent variable in your journey it never goes away and your always going to have to keep learning I would say to focus on your resources on how your able to get into a deal now .. do you have funds ? What’s the exit strategy ? What niche you’re trying to attack that fits your current situation ? Does this niche align with the main goal ? What is the main goal ? Will you have to partner up ? These questions & answers should give you a sense of direction and hopefully get you to pull that move on your first purchase good luck out there !!!

0 Votes

I have successfully raised rents on 3 of my units they are duplex’s in the city for but for one of my unit it usually takes about 1 month to get it rented back out but we are now at 2 months since listing it and we have gone down on the listing price twice now we re now at 1550 for a beautiful 1/1 still filtering out looking for a tenant clear indication to me that people are realizing what’s about to happen starts to make you wonder am I price to high ? I’m located in Miami FL

1 Vote

Indianapolis, Indiana

Quote from @Katelynn Malivert:

Quote from @Tracy Ross:

I agree with @Chris Seveney. And potentially look into hiring a real estate attorney who can at first send a letter to the contractor threatening to file suit. If that doesn't get him moving then at least you have someone on retainer in case you need to follow through.

Yes, we actually did contact a lawyer and it would have costed us $2500 just to send out a demand letter. Because this was blatant fraud, we highly doubted the contractor would be spooked enough to pay up. We deemed it would’ve been a waste of resources. However, if we weren’t lucky enough to recoup our expenses from our CC company we were definitely prepared to follow through with litigation but that was our last resort as it would’ve been timely and costly. Luckily for us, our CC company paid us back every dollar that was paid to this contractor.

Wow that’s awesome glad you got your money back ! What awesome cc company allowed the refund just curious !?

0 Votes

Quote from @Jerryian Francois:

Quote from @Zachary Cain Humphrey:

Ive been considering a heloc options as well.

Are*

So are you going to go through ? And our you going to the credit unions to make it happen ?

0 Votes

Miami, Florida

Quote from @Zachary Cain Humphrey:

Ive been considering a heloc options as well.

So are you going to go through ? And our you going to the credit unions to make it happen ?

0 Votes

Miami, Florida

Quote from @Kristi K.:

Quote from @Jerryian Francois:

Quote from @Kristi K.:

Quote from @Jerryian Francois:

Just curious. Where are you going to buy a house and improve it enough to flip it for a profit with $50K?

I’m currently in the Miami Market and although I’m not looking for a 50k profit all in one deal which is possible in this market !

You can make $50,000 profit on a lot of deals, but not when you’re only using $50,000 to start with, you can hardly buy a mobile home in Miami for $50,000.

Trust me I know ! The plan was to use that 50k not all of it as a downpayment ! To a flip deal with a lender who will cover purchase and rehab cost

1 Vote

Miami, Florida

Quote from @Tracy Ross:

Quote from @John Karg:

Hi Jerryian,

2 years to repay for a Heloc is very short--most of the ones I originate come with 20 or 30 year payback terms, with 3-10 year draw periods where you can take out and put back money as many times as you'd like. I would recommend checking around to make sure it's the best you can get. Feel free to reach out with any questions!

i tried local credit union banks but they are saying me and my wife DTI ARE TO HIGH SO WE DIDNT GET APOROVED FOR A HELOC ! So we found a private money is that option to risky ? John

I agree with John here. I used a HELOC on my primary to buy and STR and I have 10 years to pay my HELOC back. I used a local credit union that is not even associated with the bank holding my mortgage. I would shop around.

0 Votes

Miami, Florida

Quote from @Dave Skow:

@Jerryian Francois- what are the terms for the HELOC ? rate / fees / payment amount ? Will 30-50K allow you to get your next deal completed ? Have you tried to get a standard HELOC ? Get pre approved for your next deal before you begin looking

So I tried going to a small credit union bank and they were saying our DTI IS HIGH so I kept looking around so my realtor just gave me a contact to a private lender who does heloc haven't had a chance to go over terms yet because he is on vacation he comes back tomorrow !

What do you think ?

0 Votes

Miami, Florida

All Forum Posts by: Jerryian Francois

Jerryian Francois has started 20 posts and replied 66 times.

Post: Looking to connect with some wholesalers in Miami !!

Post: Looking to connect with some wholesalers in Miami !!

Post: This might sound dumb but... What else can I be learning?

Post: 60 of the 100 largest U.S. cities now negative rent growth

Post: HELP! Contractor Woes on my first investment property!

Post: Should I use a heloc on my property for a flip !

Post: Should I use a heloc on my property for a flip !

Post: Should I use a heloc on my property for a flip !

Post: Should I use a heloc on my property for a flip !

Post: Should I use a heloc on my property for a flip !

Jerryian Francois has started 20 posts and replied 66 times.

Biggerpockets Logo Post: Looking to connect with some wholesalers in Miami !!

Biggerpockets Logo Post: Looking to connect with some wholesalers in Miami !!

Biggerpockets Logo Post: This might sound dumb but... What else can I be learning?

Biggerpockets Logo Post: 60 of the 100 largest U.S. cities now negative rent growth

Biggerpockets Logo Post: HELP! Contractor Woes on my first investment property!

Biggerpockets Logo Post: Should I use a heloc on my property for a flip !

Biggerpockets Logo Post: Should I use a heloc on my property for a flip !

Biggerpockets Logo Post: Should I use a heloc on my property for a flip !

Biggerpockets Logo Post: Should I use a heloc on my property for a flip !

Biggerpockets Logo Post: Should I use a heloc on my property for a flip !

Post: Looking to connect with some wholesalers in Miami !!

Post: Looking to connect with some wholesalers in Miami !!

Post: This might sound dumb but... What else can I be learning?

Post: 60 of the 100 largest U.S. cities now negative rent growth

Post: HELP! Contractor Woes on my first investment property!

Post: Should I use a heloc on my property for a flip !

Post: Should I use a heloc on my property for a flip !

Post: Should I use a heloc on my property for a flip !

Post: Should I use a heloc on my property for a flip !

Post: Should I use a heloc on my property for a flip !