All Forum Posts by: Joe Patera

Hi Edgar,

Check out BAILEY JORDAN at NAVY TO NAVY HOMES

Update,

I found a lender that will let me pull $30,000 from prop #1 for a closing fee of $3500

I haven't done it yet so I'm not sure of any additional closing fees.

Now I see it. Thanks everyone.

I'm not quite following. You're saying closing costs would be upwards of $20,000 for a cash out refi. Maybe a HELOC is a better option.

They are investment properties and I can't be sure of the accuracy of what sites like Realtor.com or Trulia have them at but this is probably close. 

Prop #1 - $110,000 with $76,000 owed

Prop #2 - $155,000 with $110,00 owed

It appears I don't quite have $60,000 in equity

I have two townhouses in Jacksonville FL with a combined equity of around $60,000

They were purchased last August and September so I can't pull anything yet but I want to be ready in case this year is still a good time to buy. If I wait until the next year or two the values may drop but if I pull the equity in August then I'll have a new contract with a cash out refi or HELOC, I'm not sure which is best for me yet. It may even be better to just pull the cash then wait for a downturn, I'm just not sure. Any thoughts?

Here is a 3 month rent history.

March, short $125.00

April, short $1050.00

May, short $525.00

Total - $1700.00

I have her deposit of $1050.00

Good morning BP

I have a deadbeat renter in Jacksonville FL. Does anyone know of an eviction specialist in that area.

I was considering Candyce King but I' not sure. 

Thanks everyone.

I approached that lender on a recommendation. I'll take your advice and try local.

Thanks Chris

Hello BP Community,

I'm trying to pull equity out of my Jacksonville FL properties to purchase more props and today a lender turned me down without giving a reason. Would anyone be interested in taking a shot at this or maybe offer some advice. Here is some info please let me know if you need more.

Credit score 795

Property #1

Purchased 8/16 

Monthly rent $1050

Purchase Price $95,101

Current Mortgage Balance $75,206

Property #2

Purchased 9/16

Monthly rent $1400

Purchase Price $147,000

Current Mortgage Balance $109,330

Thank you

Joe