All Forum Posts by: Jim Blackburn

20 years experience

residential, commercial, private money, hard money, construction, rehab, fix n flip.

Description: Discover a serene retreat with this 10,000 square-foot lot in a tranquil neighborhood. Ideal for building a dream home or vacation hideaway, this property offers a peaceful setting close to local amenities. It represents more than just land; it's an opportunity for a tranquil lifestyle and a chance to create a secluded paradise. Don't miss out on experiencing this charming lot and the potential to turn dreams into reality. Contact us to schedule a viewing and start your journey in this idyllic location.Top of Form

Construction Plans Included: One-story, 3135 sq. ft. schematic design and development with all construction phases.

Construction Financing: Available through Jim Blackburn, Nexa Mortgage, 954.993.1625, [email protected]

Location: 11989 Casandra Ave, Port Charlotte, FL 33981

Map:

Utilities: Sewer/septic connected, electricity connected, water connected

Offered at: $30,000.

Local Attractions

• Beaches: Just a short drive from immaculate beaches, offering endless sun, sand, and surf.
• Shopping Centers: Comprehensive shopping options are nearby, perfect for daily needs and leisure shopping.
• Golf Courses: Multiple lush golf courses in the vicinity, ideal for golf enthusiasts.
• Restaurants: A variety of enticing dining options, from casual eateries to fine dining.

Outdoor Activities:

• Nature Trails: Explore local nature trails and parks for a refreshing outdoor experience.
• Water Sports: Enjoy activities like boating, fishing, and kayaking at nearby water bodies.

Contact for Purchase: Olga Blackburn, The Keyes Company, 786-Call Olg(a), [email protected]

Contact for Financing: Jim Blackburn, Nexa Mortgage, 954-993-1625, [email protected]

Description: Build your dream home in southwest Florida’s best kept secret. These adjacent lots provide a perfect setting for residential development, strategically located near key towns and attractions. Relax or adventure out to various amenities and natural sites in this serene and growing area.

Construction Plans Included: One-story, 3135 sq. ft. schematic design and development with all construction phases.

Construction Financing: Available through Jim Blackburn, Nexa Mortgage, 954.993.1625, [email protected]

Location: Lot 3 & Lot 4 Bignay Road, North Port, FL 34288 (Block 2332, 47th addition to Port Charlotte)

Map:

Utilities: Sewer/septic needed, electricity available, water source/well required

Offered at: $12,000 each or $22,000 for both.

Local Attractions

• Punta Gorda: Vibrant history, waterfront dining, live entertainment, Fisherman’s Village and Market Square.
• Port Charlotte: Easy access to shops, restaurants, and recreational activities.
• Englewood: 30 minute drive, quaint Old Florida charm, historic Dearborn Street dining, shopping, live music.
• Boca Grande: 20-minute drive, world-class Tarpon fishing, stunning beaches, picturesque lighthouses.
• Venice: Beautiful beaches, spectacular sunsets, delightful downtown dining and shopping.

Outdoor Activities

• Warm Mineral Springs: Located in North Port, providing a natural spa experience.
• Cool Today Water Park: Ideal for family outings with numerous water-based activities.
• Braves Stadium: Catch exciting baseball games and events.

Contact for Purchase: Olga Blackburn, The Keyes Company, 786-Call Olg(a), [email protected]

Contact for Financing: Jim Blackburn, Nexa Mortgage, 954-993-1625, [email protected]

@Scott Wolf - sent you all the info in a DM. Thanks!

Seeking 600k secured by 2nd lien on waterfront property in prestigious neighborhood. Offering 10% fixed rate.

Please send me DM with your name, email and phone # to receive a copy of the most recent appraisal, current comparative market analysis, and business plan for use of funds. Thank you for your consideration.

Location is Lighthouse Point between Fort Lauderdale and Boca Raton. Lighthouse Point is known as one of the safest, most stable appreciating quiet neighborhoods of all surrounding Fort Lauderdale cities. It has its own Police, Fire, Library and Council.
Waterfront home values range bw 2-5m. Last appraisal from 1 year ago was 1.8m. Most recent comp sales support 2-2.1m.

Market Facts the Support Continued Collateral Appreciation

• * S&P 500 returns appear to be dim in the coming years. Investors turning elsewhere for dependable double digit yields with strong collateral.
• * Massive housing shortage (just 2 months of inventory available in Florida) especially on unique waterfront homes in the best neighborhood.
• *High demand for Florida lifestyle from snowbirds, retirees and permanent relocators with remote work capability.

@Jonathan Klemm

A buyer CAN buy from a family member with 3.5% down, (that's actually the #1 of 3 exceptions on the list below).. If the buyer meets one of these 3 exceptions below, then they're ok with 3.5% down.

3 Exceptions to the rule include:

1. buying primary residence of family member, finance, spouse, or domestic partner
2. buying from a landlord where you lived and can show 6 monthly payments
3. buying from employer as part of a job relocation

If the buyer does NOT meet one of these 3 exceptions, then buyer can

1) Consider a conventional loan with 1-5% down depending on program (If buyer does not qualify for conventional due to (lower fico score or high debt income ratio), then another option could be...

2) Position the property as as 12 month flip project so we can get hard money & private capital investors involved. As long as there is enough meet on the bone meaning (After Repair Value minus rehab costs minus purchase price = meat left on the boat for investor), then it's possible to get 80% 1st lien for purchase and another 20% for rehab. But again, this is not for buy and hold (as primary) b/c investor expects a flip in 12 months or less to cash in on their profit and return of principle.

What is the timeframe on this project? 

Hi Robby, 

I would be interested in taking a look.

Jim

@Jonathan Klemm 

Yes, FHA is allowed if buying from family member.

We've all heard the expression "What goes up fast, comes down fast." Well, lenders are concerned about property flippers over inflating values in a short period of time, the lender lending at 96.5% of an over inflated value and being stuck with an asset that is worth less than the money that was lent.

This is the reason why when buying from family member, it establishes an "Identity Of Interest Relatinship," aka "Non-Arm’s Length Transaction."

When this is established, a 15% down payment is required instead of a 3.5%. This reduces the risk of loan default because a buyer with more "skin in the game" is less likely to default on the payment.

3 Exceptions to the rule include:

1. buying primary residence of family member, finance, spouse, or domestic partner
2. buying from a landlord where you lived and can show 6 monthly payments
3. buying from employer as part of a job relocation

In most cases, a conventional loan will be best as loan as the borrower's income (DTI) and credit score qualifies. Fortunately, there are 1% down conventional programs today. The only down side with conventional is 3% max seller credit vs 6%.

@Christopher Piazza

Build for $300k. 

Sell for $500k 

Pocket $200k

You need a loan for 75% of Land value + cost.  The difference is down payment.  If you don't have the down payment, then you get partners (other investors, friends, coworkers, family) to put money down and you give them a return on their investment. Plan on needing approx. 100k.  If you give the investor a 10% return over 12 months, you give them back $120k.

You profit $80k.

Then you pay capital gains tax 15-20% on that 80k unless you 1031 exchange it to another property project within 60 days