All Forum Posts by: Maite Narciso

@Maite Narciso

Jacksonville is a cash flow market where many properties can hit the 1% rule but appreciation lacks. I work and invest in Tampa and we do not have the best appreciation relatively speaking but our appreciation is one of the highest. Most of my properties that I personally own have doubled in value since 2018.

As far as HELOC's, I would avoid the major banks, yes they are more convenient but you pay for the convenience with higher rates. Look for local credit unions that invest in the communities that you want to buy in. They almost always have more favorable rates, terms and MOST importantly draw and payback periods.

Regarding acquiring probate properties, you are essentially signing yourself up for (2) jobs - finding the property and then fixing and flipping it. Probate properties are an excellent deal but the marketing energy needed to find and close them is tremendous. You would have to check the probate court's website. Search "probate court" with the name of the county. And then you have to market to these homeowners using cold calling or direct mail…following up for months on end. I would recommend interviewing a good wholesaler or real estate agent to handle the acquisition of the property.

Best of Luck!

You've been here longer than I have. Bank One moved me to Florida in January of 1996 and I've been here ever since. I was in commercial banking and mortgage financing all kinds of deals for people. I was always envious of them. They would come to me and I would figure out the financial part...then they would make all the money. It wasn't until I married someone with a degree in architectural Interior design...someone that actually managed flips...that we dipped our toe in the water along with a partner. It was scary. We made mistakes in our first few deals, but years later we're still going strong. I would worry less about the Florida community and, instead, where in that community you invest. Look at how quickly the homes are selling in the neighborhood and how long they are staying on the market. Personally, I would make sure that either you or a partner are able to look in on the work that's going on regularly. We go outside of Tampa, where we live, but only if we have good "boots on the ground" to watch what's going on. Expect what you inspect. As far as the HELOC is concerned, we've owned our home for 22 years and put a pretty sizable HELOC in place. We'll use it when we need to move quickly on a place. I'm sure you'll do very well!

Quote from @Maite Narciso:

Hi all!

Im new to BP and would like to become an investor. I'm thinking a HELOC and Fix and Flip. Could someone help me with how to access probate properties and if I do drive for dollars how do I research the info of the owners please?

Also I've been living in Florida since 1991, 30 years in Miami and now I'm in Orlando.  Not sure what area of Florida would be best for me to start? With the Heloc I should have $100K to invest, I was thinking single family.  I heard Jacksonville was promising but heard several investors are not doing well? 

Appreciate any advice :)

If with the HELOC, you will have $100K to invest you could fund the rest of the purchase with a DSCR loan which will allow you to use the amount of rental income vs expenses as proof of income, not your personal income, which is a great way to start.

For HELOCs, I would recommend you shop around a few lenders before you decide to proceed. 

Also, you will want to get the HELOC approved and ready for you to tap into before you get a purchase under contract. Best of luck to you!

Quote from @Maite Narciso:

Quote from @Minna Reid:

Quote from @Maite Narciso:

Hi all!

Im new to BP and would like to become an investor. I'm thinking a HELOC and Fix and Flip. Could someone help me with how to access probate properties and if I do drive for dollars how do I research the info of the owners please?

Also I've been living in Florida since 1991, 30 years in Miami and now I'm in Orlando.  Not sure what area of Florida would be best for me to start? With the Heloc I should have $100K to invest, I was thinking single family.  I heard Jacksonville was promising but heard several investors are not doing well? 

Appreciate any advice :)

We have a lot of investor competition here in Jacksonville. $100 K will leave you with extremely limited options. 

 Thanks for the reply Minna, I didn't make myself clear, I meant 100K down payment.  I prefer to be closer to where I live but If there are better areas in Florida to invest at the moment I would like to explore them.

Oh lol. Then you are good to go. I wouldn't focus on probate exclusively. There are lots of other properties available. 
North Florida in general has the best values in Florida. Jacksonville is steadily growing, but you can still find decent cash flowing SFH for 150ish. Most of our housing stock here is SFH anyway. If you have specific questions about Jacksonville feel free to reach out.

Quote from @Maite Narciso:

Hi all!

Im new to BP and would like to become an investor. I'm thinking a HELOC and Fix and Flip. Could someone help me with how to access probate properties and if I do drive for dollars how do I research the info of the owners please?

Also I've been living in Florida since 1991, 30 years in Miami and now I'm in Orlando.  Not sure what area of Florida would be best for me to start? With the Heloc I should have $100K to invest, I was thinking single family.  I heard Jacksonville was promising but heard several investors are not doing well? 

Appreciate any advice :)

We have a lot of investor competition here in Jacksonville. $100 K will leave you with extremely limited options. 

@Maite Narciso

Are you looking to use the HELOC monies to use as a down payment or an entire purchase. You will not find anything near that in Orlando, so hoping you mean down payment. You could also consider hard or private money if you are planning to fix and flip and use wholesalers to find the properties for you. As far as probate, you can buy lists from large data companies or locals who go to the courthouse everyweek for 'fresher' data.

You can come to CFRI dot.net and find local companies that will sell you probate leads and also network with other local investors.

Hope this helps, best of luck!