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All Forum Posts by: Jim Bob

Jim Bob has started 3 posts and replied 44 times.

Quote from @Yash Gupta:

@Jorge Vazquez Hey Jorge, I appreciate your assessment of Tampa Bay area. I am looking to buy my first rental property (first ever property tbh) with cash flow. I can afford upto $100k down payment at 20%. Can you please share the zip codes or areas in Tampa Bay with cash flow with low risk?


 Are you seeking a $500k property with a $100k down payment?

Quote from @Jorge Vazquez:

 Just avoid the condo traps and don’t let fear of storms make you miss out on a strong market like Tampa Bay. Happy to share zip codes or areas that cash flow well with low risk if you’re ever interested. 

My homes for sale are in zip 34683 and 34698. Do you like these for low risk cash flow? However no one gets 1% for sfh in these.

Expenses have exceeded the security deposit, plus many hours of work by me. Is a collection agency able to work my claim?

The prospect has not one, not two, but three dogs, for a $1,700 per month house where new carpet was installed last week. How much extra security deposit and rent increase is appropriate? Which renter's insurance company is suggested?

Post: HELOC on Investment Property

Jim BobPosted
  • Posts 46
  • Votes 8
Quote from @John McKee:

Try TD bank

I had a TD account for years. After discussions with the branch rep., I had phone discussions with the mortgage guy. One reason for declining was unavailability of insurance on the home, even though the loan limit was covered four or five times by the land value on a 1st position heloc.

Jesse, I have properties in FL and SC, all with no liens or mortgages. I'm seeking revolving lines of credit, about 10% to 20% loan to value maximum. There's no insurance on the buildings, but the land value would cover the loans two to five times. Ownership entities are trusts, mostly Florida land trusts.

One lender wanted high interest, plus 20% closing costs, so I'm not encouraged. 

Quote from @Edward Pulido:

Check out UPC insurance. I got them to cover one of my rentals in Jacksonville that has a 1996 roof. A little higher premium but nothing too outrageous. 

UPC Insurance was declared insolvent in February, 2023. I'm still seeking a dp1 or dp2 policy in Pinellas County, FL.



was declared insolvent in February 2023

So the loss due to Clayton County malfeasance was about 15 times what you'd have suffered in a county not Clayton, Dekalb, Fulton, or maybe Cobb, correct?

Try to obtain the list of actual writ of possession executions for the prior week, and then lookup the initial filing date from the case numbers. Now you have a sample of actual timelines for your location. The case files have examples of all the forms you might need. Copying pages at the courthouse costs less than seeking legal guidance. County and law school libraries also have examples of forms and procedures.

Quote from @Nathan Gesner:
Quote from @Scott Forbes:

Excellent description of the problems caused by our judicial system. I feel it's important to understand the laws of an area before you choose to invest there.


It's not so much the laws, but the politics, and the relative amount of corruption among those elected to enforce the laws. Even in Sandy Springs, the original poster's location, investors have to deal with Fulton County injustice.